BetMakers not first with fixed ddds in USA?

As an avid punter I have been reading with interest the buzz around Fixed Odds in USA and how this is a once in a lifetime bonanza. But I think people have short memories regarding Betfairs experience.

Betfair received exchange license in New Jersey 4 years ago in partnership with Golden Nugget Casino in Atlantic City. (I suppose technically not a fixed odd operator, but Betfair does offer the ability to bet fixed odds)

Betfair to Launch New Jersey Exchange Wagering New To US, Platform Allows Fixed-Odds, Pari-Mutuel Wagering; Launch To Coincide With Monmouth Park Summer Meet
"We are excited to be launching exchange wagering in New Jersey with our local horseracing stakeholders," said Kip Levin, CEO of Betfair US. "Our experience in the UK and other markets has proven that exchange wagering is an attractive prospect for consumers and that it can bring new customers, increased engagement and new revenue to horse racing." "We need to embrace technology for horse racing to attract new participants, new customers and new revenue streams and we are confident that exchange wagering can help us do that," said Dennis Drazin, the president of Darby Development, which manages Monmouth Park Racetrack. "We think this can be a net positive for our industry and that it can complement traditional wagering."
^{https://www.prnewswire.com/news-releases/betfair-to-launch-new-jersey-exchange-wagering-300255422.html}

I don’t think many would disagree that the result was not as great as expected.

Just because NJ issues a licence doesn’t mean all other states will follow (they didn’t with Betfair), also I understand California State Horsemens Assoc is actively lobbying against fixed odds compared to pari-mutuel because of fear of reduction in prizemoney.

Australia has always had bookmakers (fixed odds) and people in Australia bet more than most other countries. The US is a different market. So to assume that the USA market is 10-20x larger than Australia, I think is over estimating the market.

BM took the USA tournament model to Australia and that didn't work - I wonder if taking the Australian Bookmaker Model to the USA will work?

Second time around BM may be successful with fixed odds, but with little soft money in NJ the professionals will be the first to cash in.

BM riding the wave of publicity that this is a once in alifetime opportunity - but in reality a market cap $250m+ and at this point a unproven concept in the US, hope this doesnt end up another BM Global Tote scenario where they fail to get approvals/traction.

Got some upside, but at 46c seems way over the odds at the moment and a lot to prove that the US market is ripe for fixed odds picking, especially after the Betfair experience.

(I do not own stock but if I did, I wish I had bought them a few months ago)