New Jersey fixed-odds wagering bill advances

A bill making its way through New Jersey’s state senate would legalize fixed-odds wagering on horse racing at state racetracks, including Monmouth Park.

The bill originates from state Senator Vin Gopal, a Democrat who represents Monmouth County, and a version in the New Jersey Assembly is sponsored by Representatives Ralph Caputo and Ronald Dancer.

Fixed-odds wagering has been offered in the state before on a limited basis since 2018, notably on the Haskell Stakes at Monmouth, but the bill would expand it. The fixed-odds wagering was handled by Betfair, an online betting exchange, but the company ended the practice in September, citing low handles.

The New Jersey Senate’s Budget and Appropriations Committee unanimously voted to approve the bill on Monday. It now moves forward to be voted upon by the state Senate and Assembly. If it passes those chambers, it will move to New Jersey Gov. Phil Murphy for signing.

The bill, which has been publicly supported by politicians from both parties, comes after Darby Development, which operates Monmouth Park, entered an agreement with an Australian company, BetMakers, to handle fixed-odds wagering for the track’s races.

BetMakers will distribute the fixed-odds wagering for Monmouth Park “throughout other parts of the United States and internationally,” according to a February press release from the company.

The ability to lock in odds for a race is expected to appeal to gamblers who are not fans of the pari-mutuel systems currently in place.

“We believe that U.S. horse racing has the potential to be the largest betting sport in the U.S., including Basketball, American Football and Baseball,” Betmakers CEO Todd Buckingham said in the press release. “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."