Betmakers Adds Penn To Fixed Odds Lineup

BetMakers Technology Group will add racing content from Hollywood Casino at Penn National Race Course to the growing slate available for fixed odds betting on MonmouthBets, the organization said in a release early on Wednesday morning.

Through an exclusive license, the agreement between Penn National's parent company PENN Entertainment and BetMakers facilitates the delivery of content for fixed odds betting from Hollywood Casino and anticipates the addition of other PENN Entertainment racetracks in the coming months pending required horsemen and racing commission approvals.

“We are very happy to work with BetMakers to offer New Jersey's racing fans an opportunity to bet fixed odds on Hollywood Casino at Penn National Race Course,” said Chris McErlean, Vice President of Racing for PENN Entertainment. “We are interested in the reaction to our product in the New Jersey fixed odds wagering marketplace and hope that it will provide positive returns for not only Penn National but the wider racing industry.”

With the addition of the Penn National content, New Jersey bettors now have the opportunity to place fixed odds wagers on racing from 16 racetracks across the USA, Canada, the Caribbean and South America.

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Monmouth And BetMakers Continue Partnership; Fixed Odds Sought According To Survey

Monmouth Park and BetMakers Technology Group will partner for the fourth straight year as sponsors for the $1 million “BetMakers Bonanza” bonus for the connections of any horse that sweeps a series of three designated races, the organizations said in a release Friday.

To earn the seven-figure bonus, a horse has to the win the GI TVG.com Haskell S. at Monmouth Park on July 22, the GI Travers S. at Saratoga on Aug. 26 and the GI Breeders' Cup Classic at Santa Anita on Nov. 4.

“As part of our ongoing partnership with BetMakers we're pleased to be able to offer the BetMakers Bonanza bonus for a fourth straight year,” said Dennis Drazin, the chairman and CEO of Darby Development, LLC, the operators of Monmouth Park. “The commitment that BetMakers has made to racing in New Jersey has had a significant impact.”

Australia-based BetMakers also released findings from a recent survey that said more than four out of five horseplayers in the U.S. want access to fixed odds betting options, which outside of New Jersey, has been legalized in Colorado, but is not live yet. Other states are working on legislation to do the same.

“BetMakers understands the drivers of a thriving horse wagering ecosystem, including giving horseplayers more options for betting,” said Jake Henson, CEO of BetMakers Technology Group. “That 83% of surveyed horseplayers would like fixed odds to be added to pari-mutuel betting on racing is a resounding figure that speaks to the opportunity racing has in the United States to tailor a product that speaks to a new generation of horse player.”

The survey drew responses from 1,500 participants, half of whom were self-described sports bettors and the other half self-described horseplayers.

 

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BetMakers Launches Fixed Odds Mobile App

MonmouthBets, the first legal and regulated mobile application for fixed odds betting on horse racing in the United States, has launched announced BetMakers Technology Group Friday. Approved by the New Jersey Division of Gaming Enforcement, the MonmouthBets app is now available for New Jersey residents to accept wagers on mobile devices ahead of Monmouth Park's 78th season beginning Saturday, May 13.

In addition to being able to place bets on Monmouth Park races, New Jersey horseplayers can now place fixed odds wagers on races from Tampa Bay Downs, Canterbury Park, Delaware Park, Hawthorne Race Course, Emerald Downs, and Century Mile.

“With last year's retail offering setting the foundation, we are excited and honored to bring fixed odds betting to horseplayers through our MonmouthBets digital platforms,” said BetMakers CEO Jake Henson. “Fixed odds betting will help to form a healthy betting ecosystem for horse racing in New Jersey and beyond, with the transformative potential to provide a massive benefit to the entire racing industry.”

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Fixed-Odds Era Begins at Monmouth

OCEANPORT, N.J.-With a steady stream of customers showing up at the fixed odds windows, Monmouth Park's bold experiment with a new form of wagering the track hopes will energize the sport began Sunday.

Fixed-odds betting was supposed to begin a day earlier, but the opening day of the 2022 meet was canceled due to bad weather.
Monmouth did not release figures regarding how much was wagered on the fixed-odds bets, which made it difficult to assess how successful it was on day one. Because the bets are only available at present to on-track customers and Monmouth is the only track, for now, that players can bet on, expectations are that the handle, at the outset, will be modest.

There were, however, some positive signs Sunday. Three windows on the first floor of the grandstand accepted only fixed-odds wagering and the lines to get bets in typically ran three or four deep.

“The holds have been building with every race,” said Dallas Baker, the head of international operations for BetMakers, the Australian firm coordinating the fixed odds bets for Monmouth. “It's an educating process for the customers and an educating process for us as well. We are learning a lot. We are up and writing bets, but there are still a couple of takeaways from today that we need to look at. Ths success for us this weekend was always going to be measured by whether we were up and running and writing bets. We're writing bets and everything is working.”

Some of the customers appeared to be confused by the prices posted by BetMakers, which used the same system in place with overseas bookmakers. The stake is not included in the price. Therefore, a $2 bet on a 4-1 show pays $8, the same as a 3-1 shot in the pari-mutuel pools.

Many of the players were shopping for bargains, hoping they could find a horse going off at 3-1 in the fixed odds that might be 8-5 with the tote.

“I think this will work,” said jockey agent Nick Fulco after betting on the first race. “It will work in big fields, 12-horse fields, the turf races. You'll get 20-1 on maybe an 8-1 or 9-1 shot. Another place it will work is with the first-time starters. In the fixed odds a first-time starter might open up at 10-1, 15-1 and then you'll see them getting bet down. You might get 15-1 on a horse that pays 3-1. I'm going to be shopping around today for the best odds.”

(Note: For the sake of simplicity we have converted the fixed-odds prices to include the stake so that they correspond with the pari-mutuel prices).

Bargains were to be had, starting with the first race. Race winner Rhumjar (Holy Boss) took a lot of late action with the tote and went off at 2-1, paying $6. He opened at 9-2 in the fixed odds and held steady at that price. In the same race, beaten favorite Mr. Extension (Malibu Moon) went off at odds of 9-10 on the tote but could be had 8-5 in the fixed-odds betting.

It happened again in the second race with winner Kingdom Queen (Exaggerator) opening at 20-1 in the fixed odds before drifting down to 15-1. The filly went off at 8-1 in the pari-mutuel pools, paying $18.20. In the fifth race, Hushion (The Lumber Guy) paid $17.20 in pari-mutuel wagering with a $2 fixed odds bet closing at $28.00.

“We've seen massive price differences on some of the winners already today,” Baker said midway through the card. “We've also had 20-1's that were 10-1 on tote. It will show what a great service this is for the customers. Hopefully, this is a nice and easy start to what's going to be a great thing here.”

Bob Filo was typical of the customers that gave the fixed odds a try. A small bettor, he was curious to see how the system worked and was willing to give it a chance.

“I think this is a good idea,” he said. “If you're betting on a horse that you know is going to be a hot favorite you can shop for the best odds. I just wanted to try it. I just bet $5. I'm not sure how much I'll be betting on the fixed odds. I have to get used to it, see if it is worth it. I have to get the feel of it. I'll probably bet some in both pools today. Paco [Lopez] is always on the hot favorite. Maybe his horses won't be so low in the fixed odds. Then again, you might get burned. You could take Paco at 4-5 in the fixed odds and then his horse drifts up and goes off at 8-5. You just don't know.”

Baker said that he had expected to see more big gamblers try to exploit differences in the odds in the two pools.

“I was a bit surprised that we haven't seen a lot of professional money come in,” he said. “I was ready to be here and taking on some more professional money. It's been more just the general patrons getting into it. When the holds get bigger the more professional money will start flowing in.”

Baker has said that fixed odds should be available with online bookmakers in the state within a month or two. Betting will also expand to other tracks shortly and Baker said that his company has signed up about 15 tracks. However, all of the major racetracks are still taking a wait-and-see attitude regarding fixed odds wagering.

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