BetMakers Receives Extension to Fixed Odds and Data Distribution Agreement with NJTHA
puntersthrough its wholly owned subsidiary BetMakers DNA Pty Ltdtrader under the name of Global Racing Network (GRN)signed an Amended and Restated Fixed Odds and Data Distribution Agreement with Development Darby LLCthe operator of Monmouth Park the racecourse, and the New Jersey Thoroughbred Riders Association (NJTHA).
The NJTHA has assigned rights under the fixed-odds betting law to BetMakers, whose mandate as the exclusive provider to provide and manage fixed-odds betting on thoroughbred horse racing in New Jersey has been extended from the initial period of 10 years to a new contractual term of 15 years.
The new arrangement allows BetMakers to sub-license Garden State sports betting operators, as well as award limited sub-licenses during the initial rollout of NJ Fixed Odds. Monmouth Park is also expected to launch fixed odds betting on track in March 2022.
The new agreement provides for the appointment of GRN as the exclusive representative of the NJTHA to enter into any written agreement, thereby approving, disclaiming or otherwise conditioning the conduct and acceptance in New Jersey of fixed odds betting (win, place and show) in thoroughbred racing.
This includes Thoroughbred New Jersey Content or any Thoroughbred Content sourced outside of New Jersey (subject to IHA requirements) by online betting operators, casinos and sportsbooks under the conditions determined by GRN, and to administer such agreement with such operators in a manner determined by GRN.
The NJTHA has also authorized GRN to license and distribute any Thoroughbred Content to third parties for the provision of fixed odds betting on win, place and present bets.
Meanwhile, Monmouth Park (Darby) has appointed GRN as the exclusive licensee of its thoroughbred content for the provision of fixed odds betting in New Jersey.
GRN has been appointed by the NJTHA as the exclusive licensee to provide fixed odds betting in New Jersey on live New Jersey Thoroughbred content.
Darby Development LLC President/CEO, Denis Drazincommented: “I am delighted with the introduction of fixed odds betting on Thoroughbred racing in New Jersey, which we now plan to begin rolling out from March 2022. We have also scheduled the start of betting at fixed odds on races offered online ahead of Monmouth Park’s racing season begins May 7, 2022.”
“I understand that it has taken some time to progress and get to the fixed odds launch stage, however, it was important to ensure that the stakeholders of Thoroughbred racing in New Jersey were not only protected , but had the best opportunity to capitalize on fixed odds betting on Thoroughbreds. content in New Jersey. As part of the deal, BetMakers has included a provision to ensure that existing pari-mutuel betting revenue is preserved with the introduction of fixed odds.
“I would like to thank the BetMakers team for their patience and guidance throughout this process and I look forward to having a great partnership in the years to come.”
“BetMakers has already contributed significantly to Monmouth Park and the New Jersey Horsemen and we view BetMakers as a strong long-term partner to assist us in our efforts to make horse racing the best it can be.”
“I would also like to thank the New Jersey CEO, State Legislature and Governor for their assistance and guidance throughout this process and again, like sports betting, this progressive thinking from a regulator we helped grasp the requirements to give horse racing the best opportunity to thrive.
BetMakers CEO, Todd Buckinghamsaid: “Dennis Drazin and his team at Monmouth Park have delivered a model designed to give horse racing and its participants every opportunity to reap the benefits of the growing fixed odds sports betting market.”
“We are excited to get started and thank the Monmouth Park team, the NJ Thoroughbred Horsemen’s Association, the NJ Racing Commission and the NJ DGE for their commitment to this process. We are confident this will be a great success for Monmouth Park and the New Jersey Cavaliers. »
“I believe that the model that has been agreed upon for fixed odds betting on horse racing in New Jersey is the best model in the world for horse racing sustainability and the fairest model for all participants, including including racing bodies, rights holders and sports betting operators. ”
“We look forward to updating the market on the sublicense agreements we plan to award to operators over the coming months.”
“Finally, we are very pleased to be able to deliver a new product to one of the most important players in racing – punters (punters/handicappers) – who will be able to have the choice of pricing their runner at placement. a win, place or show bet.We believe this choice of option will open up horse racing to a significant new audience and we look forward to seeing fixed odds racing betting rolled out in other states and jurisdictions.
CEO of BetMakers North America, Christian Stuartsaid: “There has been an overwhelmingly positive response to the introduction of fixed odds sports betting in the United States, and I expect there will be a similar response to fixed odds betting on horse racing.
“Fixed odds – and the certainty of the price being fixed for the person placing the bet – have attracted a new audience of people betting on sports, and I expect this to be the case for horse racing. .
“Having recently joined BetMakers in a key role in the US – and understanding the model that was created for fixed odds betting on horse racing in New Jersey – I think this presents a good opportunity for Sportsbooks to add races to their fixed odds offerings for customers.
“Racing as a product that sports betting operators offer their customers is positioned to be a very important betting vertical due to the frequency of events and the margins that can be achieved. I’ve seen the fixed odds sports betting boom in New Jersey, and the size of the fixed odds market is large and growing.
“While fixed-odds betting on racing should attract bettors and provide attractive margins for sports betting, I believe BetMakers’ approach with industry stakeholders and New Jersey regulators has been viewed as first-class to ensure a sustainable and equitable model, which should become the model for other States.
SBC Americas recently spoke with Jake Henson, COO of BetMakers, who said the rollout of fixed-odds betting can act as a “growth catalyst” for horse racing in the United States.