Great news.
Same article from TobyCrew with a more expanded version below:-
FIXED-ODDS HORSE RACING WAGERING LEGISLATION SENT TO NJ
GOVERNOR’SDESK; APPROVAL IMMINENT
Online Gambling News
All signs indicatethat New Jersey will become the first state to offerfixed-odds betting in horse racing.
More importantly, next month N.J. Gov. Phil Murphy will be placing thefirst such bet July
17 at the Grade 1 Haskell at Monmouth Park.
This is the samelocation where Murphy made the first legal wager in NJ sports betting history.
Posted June 23, 2021
On Monday, the Senatevoted 40-0 in favor of the “Fixed Odds Bill” after amendments were made to accommodate the horsemen
groups and stakeholders.
The bill was then declared passed after aunanimous 71-0 vote in favor by the General Assembly.
The bill went toMurphy’s desk earlier this week, according to Bill Pascrell III, apartner at Princeton Public Affairs Group. He
has been aleading advocate for the legislation for the past two years.
“Governor Murphyreviewed the legislation leading up to [Monday’s] vote, therearen’t any issues, it’s now just a matter
of dotting the i’s and crossing thet’s,”Pascrell said.
Pascrell said Murphy’sgeneral counsel has already instructed the regulators to draft rules, and thatthe governor looks forward to
being the first one to place a fixed-odds horseracing bet in the country.
On Monday, the Senatevoted 40-0 in favor of the “Fixed Odds Bill” after amendmentswere made to
accommodate the horsemen groups and stakeholders. The bill wasthen declared passed after a
unanimous 71-0 vote in favor by the GeneralAssembly.
The bill went toMurphy’s desk earlier this week, according to Bill Pascrell III, apartner at Princeton Public Affairs Group. He
has been aleading advocate for the legislation for the past two years.
EXPLANATION OF FIXED-ODDS HORSE WAGERING
Pascrell said fixed-odds betting would revolutionizehorseplaying, bringing it toinclude the more common method of
wagering such as is with professional andcollege sports. This is where bettors place wagers at the odds posted and holdthose
odds for the race.
Pascrell said somedeals have been reached with the major NJsports betting apps to allow those to take fixed-odds horse racing
bets.
He said other deals will be completed by the endof June.
More details on thesebetting app agreements will be announced once Gov. Murphy signs the bill, Pascrellsaid.
Offering gimmick betscould attract younger players to horse racing.
The average MonmouthPark patron is age 66, Monmouth operator Dennis Drazin said. Meadowlands’ bettors’average age is
higher.
“Thiswill transform the horse racing industry and bring in a new crop of customers,” Pascrell said. “New Jersey has always beena thought leader on sports betting. This is a proud moment.”
As previouslyannounced to the market, BetMakers Technology Group hassecured an exclusive 10-year agreement with New
Jersey ThoroughbredHorsemen Association and Darby Development LLC., theoperator of Monmouth Park racetrack. The
company will handle delivering andmanaging NJ fixed-odds wagering.
Westfield’s JeffRembisz, 57, is a casual horse racing bettor.
“This is really cool,”he said. “You know what odds you’re getting when you make the bet, so you canbet earlier than post time
and steal some odds. I like this fixed-odds optionbetter.”
Fixed-oddsbetting would apply only to win, place, and show betting. However, exotic betssuch as exactas, trifectas, and Pick-4s
would remain on pari-mutuel platforms.
OTHER STATES INTERESTED INFIXED-ODDS BETTING
In responding tonational interest about bringing fixed-odds betting to other states, Pascrellhas been traveling the country the
past two weeks meeting with officials.
“We’ve had a good longcall with Colorado … and there are multiple other states that are moving inthis direction – I just don’t
want to name them so that I don’t upset the applecart – but I anticipate fixed-odds horse race betting will bein other states
by the end of 2021,” said Pascrell.
(20min delay)
