Rainy afternoon on Cape Cod and I had a few minutes to kill, so flipped the channel to TVG for a quick flutter. I selected the filly Just Like Magic, approaching the gate at 7-5 as the recipient of a $10 win wager in the 3rd race Oaklawn (3/28).

She charged up the rail and won. Final odds were 3-5. WTF. Sorry for the crudeness.

Racing will never engage the next generation of punters with 15-27% takeout and NO fixed odds, when they can bet on sports with a 4% vig and wagers that are fixed.

In the UK, an extremely sophisticated betting market, exchange wagering in its 20-year history now handles 85% of wagers, plus or minus.

Further exacerbating the industry's vulnerability is the contents of this article. My takeaway from this article is that Stronach and his friends:

• Own racetracks
• Own offshore betting hubs for friends
• From these hubs, friends receive substantial discounts to wager into onshore pools
• And we can assume the friends are getting late, direct access to track pools… and perhaps entering the pool after the start

Now the late betting is speculation on my part. It feels like it happens. And from the first four bullets, it seems suspiciously like that might be happening.

This insider activity stinks to high heaven, not just regular heaven.

This beautiful sport is bucking these horrific headwinds of scandal and a less-than-competitive product. Yet racing will always have tremendous potential.

But what is the point of one laboring all night on PPs to arrive at a horse that one feels should be 6-5 or 7-5, only to see that selection drop to 3-5 at the quarter pole?

My introduction to racing was with Win Elliot, the Schaefer Circle of Sports, and Fred Capossella. Old timers can place an era on those names. My first Racing Form cost me 50 cents; what are they now, $10? I can make an informed wager on the Red Sox without that surcharge.

Sadly I am not sure that I'm going to ever see the industry make any real progress making horse racing as competitive and accessible as other wagering products.

Thanks for reading.

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The approval of horse racing fixed-odds wagering on Colorado sportsbooks is intended to attract a wider range of casual bettors, who will be offered the same type of betting as all other sports.

SIS offers a horse racing vast portfolio of international and domestic events, including the upcoming Saudi Cup Day Feb. 24 and Dubai World Cup meeting Mar. 30. Additionally, year-round racing is available from 14 countries, including Ireland, Australia, Chile, Argentina, Uruguay, and the United States.

“This is a great first step in expanding the horse racing audience and I commend the Colorado horse racing stakeholders, Colorado Division of Gaming and bet365 for their vision and support,” said Michele Fischer, Vice President, SIS Content Services. “Horse racing provides sportsbooks with exciting year-round 24/7 content throughout the world. It will take time in the US, but I expect that more sports wagering operators and states will include horse racing on their sports catalogs.”

The SIS platform also includes live-streamed video with betting triggers, race day data, and an extensive range of markets and odds prices.

Shannon Ruston, Executive Director of Operations & Racing at Bally's Arapahoe Park, said: “We are thrilled to be able to put horse racing on Colorado sportsbooks for fixed-odds wagering. Working with SIS, we crafted a commercial framework that benefits local racing, while giving sportsbooks access to thousands of races. Our belief is that this development will secure a better future not only for Arapahoe Park, but also for the racing ecosystem as a whole in Colorado.”

For more information, click here.

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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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Yet, officials with the Australian firm BetMakers Technology Group Ltd., which facilitates fixed odds bets for Monmouth, expressed optimism about the future of the new form of betting at Tuesday's kickoff luncheon for the 2023 Monmouth meet, which begins Saturday. At the very least, some progress has been made, particularly when it comes to the content available to bettors. In addition to the Monmouth races, fixed odds bets on Delaware Park, Hawthorne, Emerald Downs, Century Downs, Canterbury Park and FanDuel Racing will be available this year and an agreement that would make bets on Parx available could be wrapped up shortly.

In addition, there's now an app that players can use to play fixed odds and the bets will be available at some self-service betting machines. Last year, bets had to be made with a teller and only a handful of windows were open for fixed odds.

Jake Henson, the chief executive officer at Betmakers Technology Group Ltd., sees these developments as an important step in the right direction and hasn't given up on the goal of making fixed odds betting a major part of how U.S. horse players wager.

“Last year was a big learning event for everyone, our staff on track, our technology team and for everybody involved in regulatory and with compliance,” he said. “We got together at the end of the season to look at what we needed to get better at and what we needed to improve upon.  We're confident we're making progress.”

But before fixed odds betting can get to the next level, two things have to happen. BetMakers must be able to offer wagers on the top tracks in the sport, like Saratoga, Santa Anita, Keeneland, Churchill and Gulfstream, and it has to be available to a far bigger audience than just New Jersey residents. Henson believes that day will come.

“Last year helped a lot with that process because now you have something tangible that you can show regulators and horsemen,” he said when asked about expanding to other states. “How it works, how the economics work. Ultimately, the whole thing is about getting return back to the industry and now that we have a sample set we are more confident going forward. We're in discussions with a number of states, some discussions more advanced than others.”

And when it comes to adding the top tier tracks to the betting menu?

“The more you can show them so far as tangible evidence goes, how it works, how the economics work, that makes it easier to get them to come to table,” Henson said. “For now, we will support the tracks we're involved with and put our attention and focus on them. We are in discussions with some of the major tracks and are keeping them updated on the economics.”

A more long-range goal is to get racing product onto sports betting websites. The belief is that that will be easier to do if fixed odds wagers are offered to traditional sports bettors, who are mostly unfamiliar with pari-mutuel wagering.

“We did some surveys last season and found that two out of three sports bettors would bet on racing if fixed odds was a product option for them,” Henson said. “And there are a lot of sports bettors in this country that are not betting on racing but could be. It's a big opportunity to capture that segment of the market and we will continue to invest and chip away to make that happen.”

Dennis Drazin, the head of the management team at Monmouth, also said he remains optimistic about fixed odds and believes it will eventually become a significant part of the sport.

“When we first talked with the people from BetMakers, they said that in Australia, where they have fixed odds, they have 30 million people,” Drazin said. “Those 30 million people bet the equivalent of $20 billion U.S. and fixed odds has a lot to do with that. We have 350 million people here and we only bet $12 billion. We think one of the things that can help turn things around and grow revenue for the sport is fixed odds wagering. BetMakers has been a great partner. They came here and got this thing rolling for us. Last year was the infancy of what we're going to do. But what's going to happen from here is we are going to grow the handle throughout the United States as this spreads around the country. I think it can get to $400-$500 million a year in handle. As each state comes on, the results will be proven. I think fixed odds wagering will spread to other states once we get rolling.”

This will be the 78^th season of racing at Monmouth Park and the meet will run for 51 days, nine fewer than last year. Closing day is September 10, which will be followed by a 10-day meet at the Meadowlands, which will be all turf racing.

Paco Lopez will be back in search of his tenth riding title. Joe Bravo is the track's all-time leader with 13 titles, but he now rides in California. There are 48 stakes on the schedule, highlighted by the GI Haskell S. The $1 million race will be run on July 22 on a card that will include four other graded stakes. Four stakes top the June 17 card, which has been dubbed Haskell Preview Day.

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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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Starting Saturday, bettors on-track at Monmouth will have the choice of making traditional pari-mutuel bets or placing fixed odds wagers. Two areas of the track will be designated for fixed odds and the bets can only be made through tellers. The minimum bet will be $1. Any wager calculated to return a profit of $5,000 or more on a win bet or $2,000 or more on a place or show bet will be subject to approval. At the start, the only track available to patrons will be Monmouth Park.

It's a bit disappointing that the bets will be limited to on-track patrons at first. Without having an on-line outlet, the handle will likely be very small at first. According to Dallas Baker, who is the head of international operations for BetMakers, the Australian firm that will deliver and manage fixed odds wagering at Monmouth Park, it won't be long until New Jersey residents can bet on-line. Some regulatory hurdles need to be cleared and when they are, the on-line bookmakers in the state licensed to accept sports bets will begin to take fixed odds racing bets. There are no current plans to have traditional ADWs like TVG, Twin Spires and Xpressbet accept fixed odds bets.

Saturday, will mark an exciting development. For years, the sport has been debating the importance of fixed odds bets and whether or not it should be part of racing's future. Now, finally, it will be offered by a U.S. track on U.S. wagers and we can start to see how it all plays out and whether or not players will gravitate to the new form of wagering. Fixed odds betting has been particularly successful in Australia, where it has led to a sizeable increase in total handle, which has boosted purses, and has been the most popular form of wagering in the U.K. for decades.

Should fixed-odds betting catch on, it will go a long way toward solving what is a huge and growing problem for the sport. With the computer-assisted players dominating the pari-mutuel pools, the everyday bettor has no idea what price his or her horse is going to go off at. You might bet a horse who is 4-1 going into the gate and it gets pounded down to 2-1 at the last second. Win or lose, that leaves a very bad taste in the bettors' mouths.

Recognizing that, Monmouth had adopted a marketing slogan for the fixed odds bets, “the odds that you bet are the odds that you get.”

While fixed odds can help with the massive problem of shifting odds, that's only one small part of the picture. Will it help to grow the sport? That's the great unknown.

To work, fixed odds wagering will have to lure some sports bettors over to racing. As things stand now, the pari-mutuel form of wagering doesn't fit into the model of on-line sports betting, but fixed odds do. If a sports bettor could place a fixed-odds wager on Mo Donegal (Uncle Mo) at +900 in the GI Kentucky Derby, that might be something they'd be inclined to do. The sports bettor is always looking for action and even obscure sports such as ping pong have attracted a surprisingly large amount of handle. Sports betting is a huge business and if racing could tap into just a sliver of the market that would mean significant gains.

“There are opportunities in front of us, specifically in sports betting, that offer us what I would term probably a once-in-a-generation opportunity,” NYRA CEO and President David O'Rourke said at last year's University of Arizona's Race Track Industry Program's Global Symposium on Racing. “Our content isn't on those platforms yet and we have the opportunity to actually do that. There's a lot of hurdles to get there. I know there's a panel on fixed odds and that's a debate, but in the end I believe, and I think our company believes, you have to give the customers what they want. We do have a great product–pari-mutuel is excellent, it's great specifically in the exotics, but there is room, I believe, for proposition bets and for this content to live side by side. And I think as these sportsbooks grow and acquire customers, that's just a huge distribution channel for us.”

O'Rourke isn't wrong, but this won't work if the product is not a good one. A different form of fixed odds betting was already tried in New Jersey, and it was a bust. Betfair, which offers exchange wagering and is wildly popular in the U.K., began in 2016. Four years later, the plug was pulled. Betfair was handling so little money that it no longer made economic sense to keep the platform operating. Betfair failed for a number of reasons, but the main problem may have been the content it offered. All of the top tracks, including the Stronach and Churchill tracks and NYRA, did not offer their signals to Betfair. What was left were tracks like Turf Paradise and Penn National. There just wasn't an appetite to bet on those smaller tracks.

So far, fixed-odds betting is saddled with the same issues. Baker said that about 15 tracks have signed up and that within a few weeks on-track players at Monmouth can also make fixed-odds bets on those signals. But BetMakers has not signed up any of the same premier tracks that Betfair never landed. That is a problem.

Baker is hoping that fixed odds will eventually prove to be so successful that tracks will come to the realization that it is something they need to be a part of.

“I'd like to think that once we start to show the model, we will prove that the sky isn't going to fall down because of fixed-odds wagering,” Baker said. “We're not expecting a miracle solution day one, to flip the switch and everything has changed. This is something that is going to take at least six to 12 months before it starts capturing the attention to the extent it needs to do before we see any great results. We hope this will speak for itself, that this is a really good solution for the racing industry. We hope the results speak for themselves and make it a no-brainer for other tracks to become involved once we can get rid of the fear factor. Once it starts speaking for itself, it will become an obvious decision for other tracks to be involved.”

Baker said that NYRA has expressed interest in selling its signal to BetMakers for fixed odds betting.

That would help, but it's going to take a lot more than that. It's understandable that tracks want to proceed slowly and let a place like Monmouth be the guinea pig. There is a possibility that fixed odds will do nothing more than siphon money out of the pari-mutuel pools and not grow the pie. That wouldn't do anyone any good.

A future sport without fixed odds and ties with on-line bookmakers is not a pretty picture, not with the way sports betting is dominating the landscape. This needs to be given a chance. And that means the top tier tracks coming on board. It means working behind the scenes to legalize fixed-odds bets throughout the country. It means looking at ways to involve the ADWs. It means taking these steps sooner rather than later.

Yes, it's still early in the game and, yes, having fixed odds betting at Monmouth is one small step in the right direction. But it's just one racetrack in one state taking bets on only one track and offering them only to those who are at the track. One would have hoped this could have hit the groung running. That hasn't happened. Hopefully, the best is yet to come.

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I am excited to update you about the introduction of fixed odds betting on thoroughbred racing in New Jersey, which we now plan to start rolling out in March.

Importantly, I also want to share insights into the commercial model and agreements we have in place with the purpose to maximize the intended success of this new venture.

It is under this model that I believe fixed odds betting can be transformative for the Thoroughbred industry by unlocking new revenue that can flow back to stakeholders and participants and grow the sport we all love.

The go-to-market roll-out of fixed odds betting on racing in New Jersey: Fixed odds bets on Thoroughbred racing meetings are scheduled to be offered on track at Monmouth Park from March 2022. Shortly thereafter, and prior to Monmouth's live racing start on May 7, 2022, fixed odds will be available online thru NJ licensed sportbooks.

Fixed Odds is available now to licensed Sportsbooks thru BetMakers. Thanks to our partners, BetMakers Technology Group, who have assisted us to officially open the door for major Sportsbooks across New Jersey to participate.

BetMakers, under a fixed odds management and distribution agreement with Monmouth and the New Jersey Thoroughbred Horsemen's Association, has a 15-year exclusivity on fixed odds in New Jersey.

In effect, this means that any Sportsbook wanting to offer their New Jersey customers fixed odds bets on win, place and show on approved Thoroughbred racing (in state or out of state) must have an approved agreement in place with BetMakers. This is still subject to Interstate
Horseracing Act (IHA) approvals regarding out of state signals. We have endeavored to ensure that horse racing participants are protected under the IHA through the Fixed Odds Wagering Act (FOWA) and regulations.

BetMakers has minimum guarantees with Monmouth and the NJ horsemen. These payments protect the current revenue streams of the racing industry currently generated by pari-mutuel wagering. This underscores the vital importance for Sportsbooks to have commercial agreements in place with BetMakers before they can offer fixed odds betting, which assists to cover these guarantees.

BetMakers has started the process of engaging with online sports and casino operators with the aim to onboard five Sportsbooks for fixed odds betting in the first half of this year. Once approved, Sportsbooks can bet fixed odds on all relevant racing through online sites and in addition to brick-and-mortar casinos, OTBs and at other track venues.

Our model for fixed odds racing is built on fairness and returns to the industry:

• It's time for the Thoroughbred racing industry to share in the fixed odds betting boom that has seen more than $10 billion annually wagered on sports in New Jersey alone.
• Up until now, Thoroughbred racing has not been able to offer those sports bettors a similar product in horse racing. Through the model we have developed, and under our agreement with BetMakers, this is set to change.
• The model has been developed after much consultation with industry stakeholders and is established through the proper legislative and regulatory channels to ensure both integrity and sustainability and deliver the intended prosperity back to the Thoroughbred industry in New Jersey.

This approach has been taken to protect and reward our industry, and it has taken time to reach a point of rolling out fixed odds betting on racing because we needed to create a sustainable growth strategy benefitting the stakeholders of Thoroughbred racing.

This new incremental revenue I believe will flow from fixed odds betting on horse racing to:

• the respective stakeholders who put on the show in a sustainable and equitable way;
• offer a competitive betting product alongside other sports offerings, since racing can offer this product every day and night all year long;
• bolster all aspects of human and equine welfare through better industry returns.

What does this mean?

A few years ago, after witnessing the incredible success that horse racing had experienced in Australia – and a wagering market in that country that doubled in size thanks to the introduction of fixed odds alongside a Pari-Mutuel tote operation – we sought innovation from a partnership with BetMakers that could attempt to replicate this success.

One of the major factors in pursuing fixed odds betting on Thoroughbred racing in New Jersey was the potential to grow the “eyeballs” on our existing racing product and extend the attraction of racing as a betting option alongside other sports events where fixed odds betting has been hugely popular.

Some of the leading questions that are being asked about this new fixed odds model are answered below.

What is the commercial model for the racing industry?

Sportsbook operators who sign and are approved through our exclusive partnership with BetMakers will pay a fee of 4% of turnover on any bets that are placed on thoroughbred racing within New Jersey .

This fee, collected by BetMakers, will then be distributed in majority to the following participants:

• NJTHA – The horsemens group within New Jersey – which can distribute these funds back to participants through purses, which is also then shared with the breeding industry.
• Monmouth Park – New Jersey's only Thoroughbred racetrack – which will assist in funding improved track facilities for trainers, jockeys, valets, grooms, hot walkers and improved on-course experiences for patrons and bettors.
• Host Track – The track where the race is being conducted, which allows for the expansion into new audiences to drive returns for horsemens groups within other states and territories.

Can you guarantee this will benefit the Horsemens group in New Jersey?

Our deal with BetMakers has certain guarantees associated:

1. A hold harmless guarantee up to $1mil for any reduction in 'Purses' that are derived from Pari Mutuel betting for the Win, Place, Show markets
2. A minimum commitment to the 'Purses' of $1mil per year for the next 15 years from the introduction of Fixed Odds wagering

While we expect and are hopeful that Fixed Odds will deliver much higher returns and benefits within New Jersey, these minimum guarantees give us some certainty around the success of rolling out Fixed Odds on Thoroughbreds in the state.

As part of the original agreement and in addition to the above guarantees, BetMakers has also committed to Monmouth Park minimum revenues of $1mil which will allow us to commit to continue to improve facilities at the track for Horsemen and Patrons. We are excited to be unveiling our brand new 'Big Screen TV' in the infield for the first meet this year, that will be substantially bigger than the current display and we believe will bring the excitement of our racing to life.

Does this include In-state and out of state races?

Yes, all races that are bet through a licensed operator (Track, Casino, OTB, Sportsbook) in New Jersey on Thoroughbred races will pay the fee that is distributed to the participants. Out of state tracks will benefit through the 'Host Track fee.'

Are operators required to be licensed to bet fixed odds on racing in New Jersey?

Yes, Sportsbooks, Racetracks, online operators and casinos will need to be licensed and also have an agreement in place with NJTHA and BetMakers as their representative.

How will operators report on their betting handle?

All bets will be required to be recorded in the “betting and reporting engine” that has been developed for New Jersey Thoroughbred Horsemen Association.

Full transparency for regulators and rights holders will be available through the betting and reporting engine.

As a Thoroughbred Rights Holder for fixed odds, can I sell directly to an operator?

No, any rights holders and racetrack must deal directly with NJTHA through its representative BetMakers.

It is important under the model for horse racing in New Jersey that all operators betting on fixed odds within New Jersey are using the NJTHA model for reporting and integrity purposes. This model also assists to ensure the commercial benefits flow back to the industry participants in New Jersey.

Will licensed and approved operators be able to bet fixed odds on Standardbred racing?

No, the agreements are currently only in place under this model for Thoroughbred racing. I expect that standardbred racing executives will be closely monitoring the model.

What is the attraction for Sportsbooks, online operators and Casinos to sign up to fixed odds betting?

In the US, we have all witnessed the hugely successful introduction of fixed odds betting on sports in the United States. All indications are that there will be a similarly positive response from bettors/handicappers to fixed odds betting on horse racing.

The certainty of price setting for the person placing the bet has attracted a new audience of people betting on sport, and we expect this will be the case for horse racing. We believe we can reach a whole new audience – many times bigger than currently exists – through fixed odds.

With our strongly anticipated consumer-led willingness for the fixed odds product, the opportunity for Sportsbooks is to add horse racing alongside sports events to their fixed odds offerings to customers is obvious. Racing will be a new vertical of product for Sportsbook operators to offer their customers – and from a commercial point of view it is a high-frequency product that can deliver good margins.

The case study in Australia is compelling. Since the introduction of fixed odds betting alongside the Pari-Mutuel tote system, the overall racing wagering pie has grown – in fact more than doubled. We believe this can be the case in the US, too, and it will be in the interests of Sportsbooks to offer the racing product, especially if the margins generated by Australian wagering operators are seen in the US.

When will fixed odds betting be available in New Jersey?

Our expected launch date for fixed odds betting in New Jersey is March 2022, starting with on-track only, and then extended to online fixed odds betting ahead of Monmouth Park's new racing season in May 2022.

Does that mean only five licenses for fixed odds betting will be awarded by BetMakers?

No, it is only in the first phase of the online roll-out that licences will be restricted to the first 5 Sportsbooks signed up in New Jersey. After the first 5 have been announced, all other approved wagering operators that wish to offer this bet type to their customers will be able to offer fixed odds betting on Thoroughbred racing in New Jersey if they have agreements and approvals in place through BetMakers.

I suggest that any Sportsbooks interested in securing one of the first 5 licenses to offer fixed odds betting on thoroughbred racing in New Jersey to their customers don't hesitate to contact BetMakers' North American CEO Christian Stuart at christian.stuart@betmakers.com.

The post Monmouth Targets March Launch For Fixed-Odds Wagering On Racing appeared first on Horse Racing News | Paulick Report.

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In 2021, as part of the enacted budget, New York State authorized the Gaming Commission to license mobile sports wagering operators. Those
licenses have since been awarded to entities that are going to be tasked with offering gaming opportunities that will lead to the best financial opportunities for the state of New York. As the law is written, a wagerer would not be able to place a fixed odds bet through a mobile sports wagering operator on a horse race.

Senate Bill S7536 would enable mobile sports wagering providers to offer that opportunity, should they so choose, but only if they enter into an agreement with the horse racing content provider. Additionally, this legislation would create additional opportunities for affiliated organizations to offer opportunities to participate in this gaming activity

“It's ridiculous that our New Yorkers can't place a bet on mobile sports betting, and at the same time place a bet at the fifth race in Saratoga or what have you,” Addabbo told Casino.org. “It would be just a natural marriage. It would just be a rational thought, once again, to combine those two.”

The bill will not be considered until the legislative session resumes in January.

“The legislation [Sen. Addabbo] has introduced presents an enormous opportunity for horse racing to share in the benefits of mobile sports betting,” said Patrick McKenna, a spokesman for NYRA. “It would be a big win for New York and for the future of horse racing.”

Read more at casino.org.

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SIS has been active in the market's pari-mutuel pool betting for a number of years, and offers a comprehensive range of products and services for sportsbook operators and racetracks.

For sportsbooks, SIS Content Services offers a full turnkey solution of real-time data and video feeds, trading services, and liability management on its portfolio of over 30,000 horse races, 38,000 greyhound races, and more than 100,000 competitive gaming (eSports) events. This international portfolio can add high-quality proven content to sportsbooks quickly and easily.

For racetracks, SIS offers fixed odds distribution of their racing content both domestically and globally to maximize revenue and attract new customers to the racing product. SIS is the most successful distributor of racing on a worldwide basis partnering with 118 racecourses in 16 countries.

SIS brings its expertise to the U.S. horse racing market as regulators, sportsbooks, racetracks, and horsemen's groups examine how fixed odds should be implemented as a sports betting product and as a complement to the current pari-mutuel system to grow the sport.

Richard Ames, CEO of SIS and president of SIS Content Services, said the launch played a significant part in the increased internationalization of the SIS business and comes at a time when the U.S. racing market faces unprecedented change and opportunity.

“SIS will provide customers with access to the world's best horse racing content, 30 years of distribution experience, and turnkey technology with the capacity to generate new revenues both on and off-track,” Ames said. “Our offering comes with all the products and services required to satisfy stakeholders across the industry and will add significant value to their own proposition.

“When it comes to fixed odds wagering, there are obviously a number of regulatory hurdles to cross in the coming months,” Ames continued, “but there is a genuine opportunity for it to benefit both horseracing stakeholders and sportsbooks. The launch of SIS Content Services follows on the heels of a significant investment in Australia's RACELAB GLOBAL, and is further evidence of the commitment that SIS is making to racing as both a sport and a wagering offering.”

SIS Content Services will be led by Michele Fischer and will make a number of additional appointments in the coming months. Fischer brings a wealth of U.S. horse racing knowledge to the role and is a familiar face to many in the industry as an international racing consultant and former Sportech executive.

“We have seen an explosion in sports betting in regulated states in the last few years,” said Fischer. “The time is now for U.S. racing and all its stakeholders to be an active participant and reap the benefits of that growth as well.

“As SIS has demonstrated for decades in the UK and Ireland, and currently in Latin America, Africa, and Asia, it is extremely well-positioned to help operators and racetracks make the most of their racing content,” said Fischer. “I am excited to be leading SIS Content Services at a time when the opportunity for U.S. racing both domestically and internationally is greater than it has ever been”

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TIF believes that by improving outcomes for those groups, the entire ecosystem of the sport will be improved. TIF published a series of foundational white papers in its first year, outlining a series of ideas that could yield such outcomes. Among them: reduced bet pricing, modernized rules, increased transparency, improved access (and reduced cost) to data used to inform bettors and an introduction of fixed odds betting for racing to complement existing pari-mutuel offerings.

While some industry organizations have spent years focusing on other important issues – notably safety and welfare – the ball has otherwise been dropped as it relates to the sustainability of the sport through wagering.

Many racetrack operators have pivoted into multi-platform technology businesses as wagering has shifted largely from in-person, brick-and-mortar betting to online, mobile and computer-robotic wagering. Relative to racing-related purse generation, this has not benefitted horse owners. In 2020, TIF estimated mainstream horseplayers, those betting less than $1 million annually, reduced their share of total racing wagering by approximately 63 percent from 2003.

The future might be different.

NEW JERSEY AND THE WORLD

In February 2020, Monmouth Park operators Darby Development signed a 10-year deal with Australian firm The BetMakers to manage the fixed odds betting business. In early August, New Jersey Governor Phil Murphy signed a bill which enables such betting on the sport – for live and simulcast races – for the state's customers.

“We feel the support for fixed odds as a solution to facilitate growth in the horse racing industry in the U.S. gaining momentum throughout the industry,” said BetMakers CEO Todd Buckingham after the vote. “We are excited about what this opportunity means for the racing industry in New Jersey and more broadly in the U.S.”

One notable concern often raised about introducing fixed odds to racing is the loss of business from higher revenue-sharing bets in pari-mutuel pools, typically win betting, which shift to the new option where odds are locked-in, but revenue back to purses is often lower.

TIF supported the concept, publishing a white paper on the topic in February 2019, and is excited by the possibilities it brings for the industry.

“The American pari-mutuel monopoly has not been kind to the sport or horsemen in the internet era,” said TIF Executive Director Patrick Cummings.

“Pari-mutuel wagering has been allowed to stagnate – there has been little innovation in the space. Adjusted for inflation since 2000, overall pari-mutuel wagering on racing is down 50% in the U.S., and most of that occurred while racing had a veritable monopoly in online betting. Our customer base has changed, the market has changed, but racing's betting business stagnated. Fixed odds competition should be good for racing, introduce racing to legal sports betting customers across America and offer an additional option for existing customers.”

But BetMakers is not banking on fixed odds for racing in America alone.

The Australian company recently completed the acquisition of the racing, tote and digital assets from Sportech, one of three companies which had provided pari-mutuel betting services to North American racing.

In an interview with SBC Americas, BetMakers chief operating officer Jake Henson outlined the long-term vision for the firm.

“Our mission is to create the world's largest global racing network that rewards all industry stakeholders and provides a sustainable ongoing funding model for the sport,” said Henson.

The first fixed-odds service provider in U.S. racing is also a big pari-mutuel betting player too. The complement of fixed odds betting to existing pari-mutuel offerings is attractive to one of America's biggest operators.

OPTIMISM FROM NYRA, HORSEMEN

David O'Rourke, the New York Racing Association's chief executive officer, glowed about the possibilities of fixed odds bets for racing in his address at the Jockey Club's Round Table in mid-August.

“A marketplace where most sports books offer racing should be our goal. Fixed odds on simpler wagers alongside pari-mutuel exotics is a potential winning combination, offering the new player a familiar entry point while maintaining deep exotic pools for our more experienced players.

“There are a lot of risks, challenges, hesitations, and hurdles to realize a market where fixed odds and ADW offerings come together. But we here at NYRA believe the rollout of sports betting is a once-in-a-generation opportunity.”

Joe Applebaum, president of the New York Thoroughbred Horsemen's Association, embraced fixed odds as “inevitable” a day after O'Rourke at the Racing & Gaming Conference in Saratoga Springs in mid-August.

“Typically, horsemen sit on a panel like this and throw up all sorts of reasons why we shouldn't change and we should stick with pari-mutuel,” Appelbaum said. “But I would say that it's inevitable, maybe in six months or maybe in six years, there will be a mix of bookmaking and pari-mutuel wagering in this country, and in just about any jurisdiction. We should keep our eyes open, and we shouldn't be scared.”

FIXED ODDS ONLY NEW FOR U.S. CUSTOMERS

Cummings notes that American track operators, and a subsidiary of 1/ST (formerly The Stronach Group), have enjoyed revenue from fixed odds betting for years through contracts between tracks, the subsidiary (XB Net) and foreign bookmakers.

“Several European bookmakers have shared with TIF, separately, that total betting on U.S. racing at fixed odds from European customers exceeds 1 billion British pounds annually, the equivalent of nearly 13% of total U.S. pari-mutuel handle. It is beyond time for the American market to expand and offer such bets to American customers on American races.”

Upon the publishing of fixed odds regulations by New Jersey's Division of Gaming Enforcement, followed by the completion of agreements between New Jersey bookmakers, American tracks and their representative horsemen's groups, fixed odds bets can be offered by registered New Jersey betting operators to their customers. Pari-mutuel betting remains unchanged.

The New Jersey Thoroughbred Horsemen's Association (NJTHA) has been at the forefront of sports betting legalization in America. Their suit against the National Collegiate Athletic Association (NCAA) and professional sports leagues, later combined with one from then New Jersey Governor Chris Christie (and assumed by Governor Murphy) paved the way for legal sports betting to be adopted by states.

Through the end of July 2021, more than $17.3 billion has been bet, with over $1.2 billion in revenue to the state, through legal New Jersey bookmakers since June 2018.

When fixed odds bets for racing are first offered for New Jersey customers, the numbers will undoubtedly be small to start. More states are believed to be considering expanding offerings to include racing, but there is no doubt New Jersey is going first…again.

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