The state of New Jersey has become the first state in the US to sign into law, legislation supporting legal fixed-odds horse racing betting after its Governor Phil Murphy signed the proposed new bill.
Commonly known as the Fixed-Odds Wagering Act, the new law allows customers to place fixed-odds horse racing bets with official license-holders, rather than only pari-mutual bets.
Offering the odds, the licensees will have to pay a share of the revenue from fixed-odds wagering to the horse's permit holder.
New Jersey has been a pioneer in all things gambling. Governor Murphy’s signature comes after the bill saw unanimous approval in both the New Jersey Senate and the Assembly in June.
Major licensee and online wagering solutions provider BetMakers holds an exclusive 10-year fixed-odds agreement on thoroughbred horse racing in the state, welcomed the announcement.
Embracing the Change
“The introduction of fixed-odds betting on horse racing by law in New Jersey is a historic moment for wagering in the US and a landmark achievement for BetMakers,” BetMakers’ CEO Todd Buckingham said.
“New Jersey has become the first state in the US to offer fixed-odds betting on horse racing and opens the door for the thoroughbred industry to offer fixed-odds betting markets on racing in the same way as sports.
“Legalized fixed-odds betting on horse racing in the US has been a pillar of BetMakers’ strategic vision and this announcement enables the company to press forward with the roll-out of fixed-odds betting in New Jersey, while also setting a precedent legal framework that is relevant for our discussion with other states in the US.”