Fixed-odds bets could be ready for Monmouth meet

Fixed-odds bets are likely to be offered this year on races from Monmouth Park in New Jersey under an agreement the track’s operator has signed with an Australian bookmaking company, according to the parties involved.

The 10-year agreement will allow the Australian company, BetMakers, to offer fixed-odds bets on races at Monmouth in New Jersey and market fixed-odds betting on the Monmouth signal to other jurisdictions in the U.S. and worldwide. Fixed-odds betting became legal in New Jersey when the state authorized sports betting in 2018.

Dennis Drazin, the chief executive officer of the company that operates Monmouth, said that he was confident that fixed-odds betting would be available in New Jersey when the track opens its 2020 meet in May. Initial plans are to offer fixed-odds for win, place, and show betting, Drazin said, though the track may also explore parlays that could also include sporting events other than races.

“We still need to figure out some of the pieces,” Drazin said. “We’ll talk to the regulators and get it all worked out.”

Fixed-odds betting allows players to lock in a price on a horse at the time the bet is made, as opposed to pari-mutuel betting, where odds fluctuate until post time, at which point all players receive the same price on a horse.

Some horseplayers have urged the racing industry to adopt fixed-odds betting as an alternative to pari-mutuel betting. In many other countries, fixed-odds betting is offered alongside pari-mutuel betting, though most countries have more highly competitive fixed-odds marketplaces than in most U.S. jurisdictions.

Drazin said that BetMakers will market its fixed-odds platform to other sports book in New Jersey, but the company would be the only market-maker for the Monmouth signal. Monmouth will receive a portion of the revenue from the bets, but Drazin would not be specific about what that percentage will be.

“We’re still trying to iron that out,” Drazin said, noting that Monmouth would receive a “minimum guarantee” of the revenue in any case.

Drazin said he reached out to strike a deal with BetMakers after several sports books last year offered fixed-odds bets on New Jersey races without permission from the tracks or their horsemen.

“It became obvious to me that this was going to be an issue in the future, so it was best to get a deal done,” Drazin said.