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.