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What is the holdup with fixed-oddsbetting?

By Carolyn Greer November 26, 2021 1:28am

Photo: EclipseSportswire

The New Jersey Senate and General Assembly unanimously approvedfixed-odds wagering for the state in June. For some reason, Gov. Philip Murphywaited until Aug. 5 to sign it into law. In early November, the state’sDivision of Gaming Enforcement created and issued temporary regulations inearly November.

So what is the holdup in its implementation?

The focus now in New Jersey is fine-tuning the details, saythose involved in the initiative. They are confident that bettors will be ableto wager on the new-to-the-U.S. platform by the end of the year.

“We're good to go except for the fact that, right now fromMonmouth's perspective, our live meet is over,” Dennis Drazin, chairmanand CEO of Monmouth Park operator Darby Development LLC, told HorseRacing Nation this week. “We do intend through BetMakers to beginoffering fixed-odds wagering at some point before the end of the year.

"But the (regulations) require you, as the legislation did,to obtain the necessary consents through the Interstate Horse Racing Act. So ifwe offer signals, they'll be somebody else's signals, not ours, until our livemeet opens again.”

BetMakers is an Australian company that has a 10-year agreementto manage fixed-odds wagering in New Jersey.

Fixed-odds wagering can be conducted under the temporaryregulations for as long as 18 months, when permanent regulations will beimplemented.

The Division of Gaming Enforcement is “happy to do a permanent(regulation) sooner, but they want us to launch and see what issues arise,because this is the first jurisdiction in the country that's going to do this,”said Bill Pascrell, outside counsel and lobbyist for BetMakers, New Jerseyracetracks and the New Jersey Thoroughbred Horsemen’s Association.

“There's a lot of overlap” between sports betting and racebetting, he added, and that is what is being sorted out now.

“Let me give you an example. (Anti-money-laundering)requirements for sports are far different than requirements for horse racing.The Division of Gaming Enforcement is open to making sure we at least have agood, robust (anti-money laundering) compliance package,” said Pascrell, who isa partner with Princeton Public Affairs Group.

Here is another matter the regulations will have to clarify:

“You can bet on the horses at 18 (years old) in America and inNew Jersey,” Pascrell said. “You can't bet on sports until you're 21. So theymay take a customer in that does a sports bet and then wants to move to a horsebet – that’s fine. But if you take your customer in that's 18 to do a horse betand they want to move over to a sports bet, you’d better have goodage-verification software.”

Pascrell said “the DGE has already approved the technology, theintegration's already rolling out and being integrated, and also the requirementsfor the license holders.”

One of the next steps is for the New Jersey Sports andExposition Authority to appoint a manager for fixed-odds wagering, a movePascrell expects to happen in the next week to 10 days.

“That manager will be responsible for getting the three (NewJersey) tracks licensed, answering questions, dealing with enforcement measuresand turning them over to either the Racing Commission or the DGE.”

Licensing for Monmouth Park, the Meadowlands and Freehold willbe “easy” Pascrell said, because they already are licensed for both sportsbetting and racing.

“And then the operators who are already licensed, they will bedoing deals – many of them have – with BetMakers to deal with the Monmouth Parksignal, to deal with Thoroughbred racing. We'll be off and running soonthereafter.”

Once the New Jersey tracks are licensed, “then we put the footdown with integrating the bookmakers,” said Dallas Baker, head of BetMaker’sinternational operation. “That gets the bookmakers ready to be able to acceptthe bets. And once once they start accepting the bets, then all the othercontent – not just those tracks from the U.S., but all the other tracks fromaround the world – start rolling into it. That'll be that'll be a gradualprocess. We'll have a lot more a lot more content in 12 months’ time than we doin the first 12 days. But that's all part of the intentional buildup.”

Expect the first bet to be made in person to be greeted withplenty of fanfare.

“Dennis Drazin and Monmouth have been our close partnerthroughout,” Baker said, “so it's only natural we'd like to be striking thefirst bet at Monmouth Park. That's always been the plan, to open it up atMonmouth Park, and then roll out the online bookmakers following that.”