Monmouth Eyes Fixed-Odds Wagering by January

There could be a Christmas-time present for bettors in New Jersey as Monmouth Park CEO and chairman Dennis Drazin says he expects to launch fixed-odds wagering at the Oceanport, N.J., racetrack in the next few weeks.

With the New Jersey racing season shut down until May, Drazin said the initial offering of fixed-odds wagering would take place onsite at Monmouth Park through simulcast wagering. After that, an online component will be added, bringing in sportsbooks, online casinos, and iGaming.

"The regulations for fixed-odds have been distributed by the New Jersey Division of Gaming Enforcement," said Drazin, whose track is working in partnership with Betmaster to introduce the wager to an American audience. "I believe we can have all the documents signed and be ready for it hopefully by Christmas or at the latest in January. We're going to start with brick-and-mortar at Monmouth Park and it could take a little longer to get agreements in place with online operators. We want to focus on getting this right. I think it's going to be a big success. It will grow slowly. I don't expect big numbers overnight, but it will grow."

Fixed-odds wagering, which is quite popular among gamblers in Europe and Australia, allows bettors to lock in win, place, and show prices on their bets, unlike pari-mutuel betting in which odds can fluctuate and rise or fall after the bet is placed and final odds are not determined until wagering stops.

According to Dallas Baker, head of international operations for BetMakers, there are about 14 North American tracks and a large number of international venues that have signed agreements allowing Monmouth to accept fixed-odds wagers on their races. 

Among the American tracks on the list that are now conducting racing are Hawthorne, Lone Star Park, and Tampa Bay Downs.

"Additionally, we have many other tracks that have agreed in principle with most of those just at the 'finish the paperwork' stage and we look forward to formally announcing them and welcoming them on board," Baker said. "By January is a good timeline for starting. The regulations are a 57-page document and you have to review it carefully. We're getting ready to go with it."

Aside from Monmouth, among the other tracks that have agreed to allow Monmouth and BetMakers to provide simulcast fixed-odds wagering on their races are Canterbury Park, Colonial Downs, Emerald Downs, Fairmount Park, Grants Pass, Assiniboia Downs, Century Downs, and Century Mile.

New York Racing Association CEO and president Dave O'Rourke has said in the past that he likes the concept of locking in odds and would be willing to allow Monmouth to offer fixed-odds wagering on NYRA races, but an agreement has not been signed.