On Monday (June 21) the New Jersey legislature passed NJ S3090 implementing fixed-odds wagering in the Garden State. The system will be implemented on July 17 for the Grade I TVG Haskell Stakes at Monmouth Park. The Oceanport oval will be the first in the U.S. to offer this type of wagering which is the standard in Europe and Australia. "It would bring benefits to the sports-wagering operators," said Judith Nason, executive director for the New Jersey Horse Racing Commission in a VSiN.com article. "To a certain extent the revenue can be shared, and some of it can be directed for purse money." Any revenue stream to bolster purses, increase available cash for promoting harness racing and improve facilities for the horsemen and horses, is beyond welcome. But what exactly is fixed-odds wagering? Are U.S. bettors and those especially that plunk their dollars down on harness racing familiar with the system? What is it? Fixed-odds wagering is when a bettor knows exactly what odds he or she will receive the moment their bet is made. Unlike pari-mutuel wagering where the odds are determined by pools right up until the starter sends the horses off the gate, a bettor is guaranteed to receive the odds listed at the moment they wager. For example, if I bet on a horse that is 10-1 on the morning-line which is eventually hammered down to 1-5, if my selection scores, I cash out on the 10-1 and not the 1-5. Sounds pretty great, right? But there are other sides to the story. Fixed-odds wagering is extremely popular in Australia, and according to Bill Finley in a June 21 article in the Thoroughbred Daily News, $25 billion is wagered annually there each year, which is $15 billion more than the U.S., despite operating with a fraction of the population. While I do not discount Finley's statistics or the promotion of fixed-odds wagering by organizations in the U.S., such as the Thoroughbred Idea Foundation, and their analysis of what must transpire to enhance the landscape for our nation's bettors, horsemen and racetracks, I would like to see more accurate statistics before I can fully embrace the institution. "I'm all for new ideas in the sport [harness racing]," said Robert Boni, former president and a long-time member of the board of directors for the Standardbred Breeders and Owners Association of New Jersey said. "However, I think we must monitor the data and then apply it accordingly." Jason Settlemoir, COO and General Manager of The Meadowlands, also is positive regarding the implementation of fixed-odds wagering in New Jersey, but concurs with Boni, who is also the owner and president of Northwood Bloodstock, on the fixed-odds wagering topic. "I like the concept of fixed-odds wagering as long as it is done correctly," Settlemoir said. "By saying correctly, the splits make sense for the track operators and horsemen, and the marketing is done correctly. We have decided to take a wait and see approach. We will see how Monmouth Park does at first and make some decisions from there regarding fixed-odds wagering at the Meadowlands Racetrack. We want to see if it cannibalizes the pari-mutuel business and if it does by how much. I am sure we will see at least some." Will fixed-odds wagering attract a younger audience? Possibly. It would only apply for win, place or show wagering and exotic wagers would still be conducted pari-mutually. There are definitely many positives to that type of betting. I hit big on Funny Cide in the 2003 Kentucky Derby when I bet on him at 99-1 in the future wager pool. But working in this industry also raises many questions about how fixed-odds wagering would be instituted and promoted. "This bill authorizes fixed odds wagering on horse races and provides that the New Jersey Division of Gaming Enforcement may issue a license to the New Jersey Sports and Exposition Authority to establish a system," NJ S3090 states. "Under the bill, fixed odds wagering may be conducted through a fixed-odds wagering system by fixed odds wagering account holders. "Under the bill, "fixed-odds wagering" is defined as a form of horse racing wagering against odds offered by a bookmaker in which account holders may lock in their odds when the bet is first placed and no fluctuation in potential payout may occur. Once the outcome of the race or races is determined, funds would be transferred from the fixed odds wagering licensee to the bettor or bettors that won wagers, and applicable transaction or other fees would be levied by the fixed odds wagering licensee for use and distribution as provided by the division's rules and regulations." Monmouth's Park, which has been a long-time proponent of fixed-odds wagering, will partner with the Australian firm BetMakers for a 12-month trial. There has, however, been little reported in both Thoroughbred and harness racing media on how commissions and racetracks could adjust its systems to incorporate this type of betting. Already stretched thin prior to the pandemic, can these entities offer this wagering option, no matter how enticing it may be, with sports betting now taking center stage? I would hope so. As I always believe in the future and promoting anything that strengthens racing, including engaging new fans and bettors. But the sport has remained largely silent on this issue and deservedly so, as the demographics and marketing in the U.S. are much different than in Europe and Asia. This also includes how racing operations are conducted. With the Horse Racing Integrity and Safety Act launching within the next 24 months it is certainly a time for change, especially to construct new frameworks for bettors that encourage and spur growth. Before diving headlong to develop an infrastructure we need to know more. The jury remains out for me on if fixed-odds wagering will boost pools, wagers and amass fans for harness racing.