Posted: May 6, 2022, 5:10 a.m.
Last update: May 6, 2022, 8:10 a.m.
While the eyes of the horse racing world will be on Churchill Downs on Saturday for the Kentucky Derby, the sport’s biggest development could actually take place about 650 miles east of Louisville at Monmouth Park.
The New Jersey track will open its 2022 season on Saturday, and with that, it will be the first American track to offer fixed odds betting. It will be the culmination of more than two years of work between Monmouth Park and Australia-based BetMakers Technology Group. (UPDATE 11 PM ET – Monmouth Park announced by Twitter that he took his first fixed-odds bet on Friday afternoon after posting the odds on Saturday’s races)
BetMakers founder and CEO Todd Buckingham said Casino.org Friday that was “a huge undertaking to get to” at Saturday’s launch.
We truly believe this will be a game-changer for Thoroughbred racing, not just in New Jersey, but across the United States,” he said.
Unlike pari-mutuel betting, where the odds change depending on the amount of money wagered on a horse, when someone bets using fixed odds they get the odds that were displayed at the time they made the bet.
One of the most frustrating aspects of pari-mutuel betting has been seeing your horse enter the starting grid at certain odds, only to see them change – sometimes drastically – after the race has started due to the added late money. to chickens.
While BetMakers and Monmouth have been at it for a few years, it took a bill passed by the New Jersey legislature last year to establish a regulatory framework allowing tracks to take fixed-odds bets.
Basics for now, more to come
For now, fixed odds betting will only be available at Monmouth Park for its races. He will not be available for the Kentucky Derby on Saturday.
Buckingham said betting will start with standard bets only – win, place and show. However, he expects “same-race parlays” – which would likely be the equivalent of pari-mutuel exotics – to become available in the near future.
Over the next week, Buckingham said Monmouth will offer fixed-odds options for racing at out-of-state tracks. There are already about 10 tracks that have chords in place.
“We will also be introducing international races in the very near future,” he said.
Dennis Drazin, chief executive officer of Monmouth operator Darby Development, said Casino.org earlier this week that online fixed odds betting will be available in the near future.
We think this is just the start of what will be an extremely popular bet,” Drazin said in a statement. “For the first time, bettors can buy the best odds and are not subject to the fluctuations that can occur in the tote pool. In Europe and Australia, fixed odds betting has proven itself and we are confident that it will be just as popular in the United States.
Monmouth will have two designated betting areas to accept fixed odds bets. Mutual bets will also continue to be offered.
A fixed odds minimum bet will be $1. Technically, there will be no maximum bet amount. But any bet that would generate a profit of more than $5,000 for a win or $2,000 for a place or show bet may be subject to approval by BetMakers traders.
Monmouth makes history again
As fixed odds racing is about to become available, promoters hope the product will help racing attract a new group of bettors, especially people who bet on sports using online apps. line.
Monmouth Park helped usher in the new era of sports betting in the United States. Drazin was instrumental in legalizing sports betting in New Jersey. This action then led to the lawsuit that the NCAA and four major professional sports leagues filed against the state, and the United States Supreme Court ruled on May 14, 2018 that the Professional and Amateur Sports Protection Act of 1992 (PASPA), the federal law that restricted several states from offering sports betting, was unconstitutional.
Three years and 51 weeks later, Monmouth Park is ready to make history again.