A key element of this announcement, for me, was the...

A key element of this announcement, for me, was the acknowledgement and comfort from the horsemen/clubs that BET's model provides for a sustainable parimutuel product. They know they have to embrace fixed odds but they're terrified it will cannibalise their existing revenue streams. Not an issue if, or when, fixed odds racing is dwarfing their current parimutuel business but enough to make you pause when you're staring into the chasm. BET's expertise and experience in continuing to navigate these critical sticking points has shone through again, and this endorsement in NJ will be heard around the US. With an agreement that now goes out to 2050, the rest have 'missed the kick'.