WHY NJ HORSE RACING INDUSTRY HAS A LOT TO GAINGural said he had...

WHY NJ HORSE RACING INDUSTRY HAS A LOT TO GAIN

Gural said he had some concern that the bill would benefit a select few, such as BetMakers.

BetMakers does not accept bets, and does share in all revenue under the current model. It would be hired to take tracks’ feed and send it worldwide and have sports-betting operations take those bets. BetMakers draws on those bets and distributes a portion of those pools to horseman and tracks based on the commercial terms reached by BetMakers and the tracks; 87.5 percent of the pool is returned to bettors.

In a gesture that Pascrell said showed that BetMakers is supporting the horse racing industry in total, it recently purchased U.S.-based Sportech. The company provides bet-processing services to major racetracks and account-wagering companies in the United States. It’s one of three tote systems operating.

“This is Exhibit A proof that fixed-odds betting will not cannibalize the tote system,” Pascrell said. “Otherwise, why would they have made this deal? BetMakers is not here to put the pari-mutuel betting system out of business. It’s here to prevent it from dying and to bring it stability by enabling an additional way to wager.”

source: https://www.playnj.com/news/fixed-odds-horse-betting-in-new-jersey/56414/