Monmouth Targets March Start for Fixed Odds

In a Jan. 24 open letter to the Thoroughbred racing industry, Monmouth Park CEO and chairman Dennis Drazin said the long-awaited start of fixed-odds wagering at the New Jersey racetrack will take place in March.

Drazin had previously targeted 2021 dates and early January 2022 for the launch of the new wagering system, but stated in the letter that fixed-odds wagering will begin onsite at Monmouth on a yet to be determined March date and then, prior to the Oceanport, N.J., track's May opening day, will expand to become available online through New Jersey's licensed sportsbooks.

"It is under this model that I believe fixed-odds betting can be transformative for the Thoroughbred industry by unlocking new revenue that can flow back to stakeholders and participants and grow the sport we all love," Drazin wrote. "It's time for the Thoroughbred racing industry to share in the fixed-odds betting boom that has seen more than $10 billion annually wagered on sports in New Jersey alone."

Drazin also said that BetMakers Technology Group, which has exclusivity on fixed-odds wagering in New Jersey, has established minimum guarantees with Monmouth and the New Jersey horsemen.

One is a hold harmless agreement of up to $1 million for any reductions in purse money due to a drop in win, place, and show pari-mutuel bets caused by fixed-odds bets.

There is also a minimum commitment of $1 million to purses for the next 15 years from BetMakers, and Drazin said BetMakers has committed to Monmouth revenues of $1 million, which will help to cover the cost of a new, big-screen infield monitor that will be unveiled at the upcoming Monmouth meet.

"While we expect and are hopeful that Fixed Odds will deliver much higher returns and benefits within New Jersey, these minimum guarantees give us some certainty around the success of rolling out Fixed Odds on Thoroughbreds in the state," Drazin wrote.  

Drazin added that the agreements in place only pertain to Thoroughbred racing, not Standardbred racing.

"All indications are that there will be a similarly positive response from bettors/handicappers to fixed-odds betting on horse racing," Drazin said while mentioning how fixed-odds wagering on sports has been a huge success in states where it has become legal. "The certainty of price setting for the person placing the bet has attracted a new audience of people betting on sports, and we expect this will be the case for horse racing. We believe we can reach a whole new audience—many times bigger than currently exists—through fixed odds."