New Jersey has become the first US state to legalise fixed-odds horse race betting after the state’s Governor Phil Murphy signed the Fixed-Odds Wagering Act into law.
The legislation allows customers to place fixed odds horse racing bets through official licence-holders, whereas previous on pari-mutuel (peer to peer) bets were permitted.
Mr Murphy’s signature comes after the bill received unanimous approval in both the New Jersey Senate and assembly in June.
Licensees will be required to pay a share of their revenue from bets to the horse breeder permit holder.
The BetMakers Group has an exclusive 10-year fixed-odds agreement on thoroughbred horseracing in New Jersey, thanks to its deal with the New Jersey Thoroughbred Horseman Association and Darby Development, which operate Monmouth Park racetrack.
This means any aspiring operator of horse race betting in New Jersey that wants to allow fixed odds wagers on horseracing must negotiate with the company.
Commenting on the passing of the law, BetMakers CEO Todd Buckingham said: “The introduction of Fixed Odds betting on horseracing by law in New Jersey is a historic moment for wagering the US and a landmark achievement for BetMakers.
“New Jersey become the first state in the US to offer Fixed Odds betting on horseracing, and opens the door for the thoroughbred industry to offer Fixed Odds betting markets on racing in the same way as sports.”
He has held senior positions in a range of renowned iGaming companies, including Evolution Gaming, Tain, NYX, and SG Digital
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Andrew, an accountant by profession and a certified public accountant, has a wealth of experience in the accounting field within the financial services and construction sectors