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New Jersey Governor Signs Fixed Odds Wagering Bill, Awaiting Regulatory Approval

Fixed odds wagering will be available at Monmouth Park in the coming weeks after New Jersey Gov. Philip Murphy on Thursday signed legislation approving the new bet, with implementation awaiting regulatory approval from the New Jersey Racing Commission and the Division of Gaming Enforcement.

Monmouth Park, working in conjunction with BetMakers Technology Group, will be the first racetrack in the country to offer fixed odds wagering, a popular bet in Europe and Australia.

“We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, in advancing fixed odds wagering,” said Dennis Drazin, chairman and CEO of Darby Development LLC, the operator of Monmouth Park. “It provides our patrons with another wagering option that we firmly believe will be a popular one.”

The bill was co-sponsored by state Assemblymen Ronald S. Dancer and Ralph R. Caputo and state Senators Vin Gopal and Paul A. Sarlo.

Fixed odds wagering allows bettors to retain the odds at the time of their bet, as opposed to pari-mutuel wagering, where odds are not finalized until betting is completed.

When it is available at Monmouth Park, fixed odds will be offered on win, place and show betting at the outset, with a minimum wager of $1. There will be designated fixed odds windows throughout the grandstand and clubhouse, with televisions displaying the current fixed odds.

Monmouth Park will also show the fixed odds for each race during the track's in-house televised feed of races.

Fixed odds wagering will begin with Monmouth Park races, with the expectation that it will expand to other tracks that enter into an agreement to permit fixed odds wagering on their races.

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Gov. Murphy Signs Bill Approving Fixed Odds at Monmouth

Fixed Odds wagering will be available at Monmouth Park in the coming weeks after Gov. Philip Murphy signed legislation Thursday approving the new bet, with implementation awaiting regulatory approval from the New Jersey Racing Commission and the Division of Gaming Enforcement.

Monmouth Park, working in conjunction with BetMakers Technology Group, will be the first racetrack in the country to offer Fixed Odds wagering, a popular bet in Europe and Australia.

“We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, in advancing Fixed Odds wagering,” said Dennis Drazin, Chairman and CEO of Darby Development LLC, the operator of Monmouth Park. “It provides our patrons with another wagering option that we firmly believe will be a popular one.”

The bill was co-sponsored by state assemblymen Ronald S. Dancer and Ralph R. Caputo and state senators Vin Gopal and Paul A. Sarlo.

Fixed Odds wagering allows bettors to retain the odds at the time of their bet, as opposed to pari-mutuel wagering, where odds are not finalized until betting is completed.

When it is available at Monmouth Park, Fixed Odds will be offered on win, place and show betting at the outset, with a minimum wager of $1. There will be designated Fixed Odds windows throughout the Grandstand and Clubhouse, with televisions displaying the current Fixed Odds.

Monmouth Park will also show the Fixed Odds for each race during the track's in-house televised feed of races.

Fixed Odds wagering will begin with Monmouth Park races, with the expectation that it will expand to other tracks that enter into an agreement to permit Fixed Odds wagering on their races.

The post Gov. Murphy Signs Bill Approving Fixed Odds at Monmouth appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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BetMakers, Monmouth Offer $1-Million Bonus to Haskell Winner

BetMakers Technology Group, in partnership with Monmouth Park, will sponsor a $1-million bonus to a horse that sweeps this year's GI TVG.com Haskell S., GI Runhappy Travers S. and the GI Breeders' Cup Classic. Authentic (Into Mischief) earned the inaugural bonus, which, due to the pandemic, included the Haskell, GI Kentucky Derby and Breeders' Cup Classic.

“We're thrilled to sponsor the BetMakers Bonanza again after the enormous effort by Authentic last year,” said Dallas Baker, BetMakers' New Jersey-based Head of International Operations. “We're fully committed to supporting the U.S. racing industry and we see the Bonanza as a fantastic initiative from Dennis Drazin [CEO and Chairman of Darby Development, LLC, operator of Monmouth Park] and the Monmouth Park team. We are fully behind this.”

The $1-million Haskell will be run this Saturday at Monmouth Park and is a “Win and You're In” race offering the winner an automatic berth to the Breeders' Cup Classic.

The Travers will be held Aug. 28 and the Breeders' Cup Classic will be held at Del Mar Nov. 6.

The post BetMakers, Monmouth Offer $1-Million Bonus to Haskell Winner appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Fixed Odds One Step Closer for Monmouth

Fixed Odds wagering moved a step closer to becoming a reality during the upcoming Monmouth Park meet after the New Jersey State Assembly approved a bill on Thursday by a 74-0-1 vote that would permit the new betting platform.

The bill now moves onto to the State Senate and if successful would then go to Gov. Phil Murphy for a signature.

Monmouth Park's 76th season gets underway Friday, May 28.

“This is an exciting new wagering opportunity for our fans and we're grateful for the support from our legislators and Governor Murphy, who continue to ensure the success of Thoroughbred racing in the state,” said Dennis Drazin, CEO and Chairman of Darby Development, LLC, the operators of Monmouth Park. “Our hope is that we can be up and running with Fixed Odds wagering in time for the TVG.com Haskell S. July 17–or sooner if possible.”

The bill was sponsored by Assemblymen Ralph Caputo and Ronald Dancer. The Senate version of the bill is sponsored by State Senators Vin Gopal and Paul Sarlo and is co-sponsored by State Senators Steven Oroho and Declan O'Scanlon, Jr. The bill has also been supported throughout the legislative process by Assembly Speaker Craig Coughlin and Senate President Stephen M. Sweeney.

Fixed Odds wagering allows bettors to retain the odds at the time of their bet, as opposed to pari-mutuel wagering, where odds are not finalized until betting is completed. Monmouth Park would become the first track in the United States to offer the wager.

Australia-based BetMakers Technology Group would deliver and manage Fixed Odds wagering at Monmouth Park after entering into an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen's Association and Darby Development, LLC, last year.

The post Fixed Odds One Step Closer for Monmouth appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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