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- Through its subsidiary, BetMakers DNA, BetMakers Technology (BET) has signed an agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development
- The agreement will see the parties deliver and manage Fixed Odds horse racing in New Jersey
- BetMakers will be the sole distributor of Monmouth Park race course’s content across other parts of the U.S. and internationally
- The company intends to begin discussions with global racing bodies for a chance to offer their racing into New Jersey through BetMakers
- BetMakers’ shares have soared 39.6 per cent today and are trading for 33.5 cents each
BetMakers Technology’s (BET) subsidiary, BetMakers DNA, has signed an agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development.
Darby Development is the operator of the Monmouth Park race track in Oceanport, New Jersey.
The agreement will see the parties deliver and manage Fixed Odds horse racing into New Jersey. They will also exclusively distribute Monmouth Park racing content across other parts of the U.S. and internationally.
Fixed-odds betting is a form of betting against odds offered by a bookmaker or an individual.
Under the agreement, BetMakers will be the official distributor of Fixed Odds horse racing content in New Jersey, providing a solution for racing bodies to access licensed bookmakers.
“We believe that U.S. horse racing has the potential to be the largest betting sport in the US, including basketball, American football and baseball,” BetMakers CEO Todd Buckingham said.
“There is a real opportunity for the U.S. horse racing market to grow like it has in Australia, which has seen prize money levels double over the past 7-10 years based on a funding model that is equitable to all participants,” he added.
The race tech company will distribute Monmouth Park racing into other U.S. and international regions.
Monmouth will make its tote pools available for international bookmakers. The parties believe this will assist in growing domestic tote pools and underpinning the sustainability of New Jersey horse racing.
Monmouth Park CEO Dennis Drazin is pleased to have BetMakers onboard.
“We selected BetMakers as our partner in delivering this concept due to their extensive knowledge and understanding of what is required to make this a success,” Dennis said.
“Our focus at Monmouth Park is ensuring we get the best return for our product and I believe this deal with the team at BetMakers, given their wagering, compliance and technology capabilities, provides us with a solution that can deliver a successful venture,” he added.
The company will commence discussions with relevant New Jersey-based bookmakers who would like to add Fixed Odds horse racing to their offerings.
This should go smoothly as New Jersey has been a long-time pioneer for Fixed Odds sports betting and the current sports betting annual turnover is over US$4.5 billion (approx A$6.6 billion).
Bookmakers who are interested in the offering, will need to agree to the terms under the New Jersey fixed odds model which pays a portion of its turnover back to the race track as ‘Rights Fees’.
To maintain a set of standard contions for racing bodies and bookmakers, the company has established a Global Racing Network.
BetMakers’ shares have soared 39.6 per cent today and are trading for 33.5 cents each at 11:36 am AEDT.
