Posted: July 15, 2022, 8:45 AM.
Last updated: July 15, 2022, 8:38 AM.
Steve Bittenbender Read more
Monmouth Park is about to take the next step in integrating fixed odds betting into American horse racing. New Jersey’s thoroughbred racetrack is launching an online betting app in time for its main race, the Haskell Stakes, on July 23.
Horses break the starting gate at Monmouth Park Racetrack in Oceanport, NJ. On Thursday, the track announced that fixed odds bets would be available online in time for the July 23 run of the Haskell Stakes. (Image: Monmouth Park)
That announcement for MonmouthBets.com came Thursday during a panel discussion on fixed odds racing at SBC Summit North America.
It’s huge to be online and also bring in the people who are typical Monmouth Park visitors who bet in our store books because not everyone can come all the time,” Dennis Drazin, Monmouth Park chairman and CEO, told Casino.org after the session. .
As the name implies, fixed odds betting means that the bettor gets the odds as they were at the time of the bet. For over a century, American racing has used the parimutuel system, where the odds fluctuate based on the money coming in.
So a bettor may place a bet on a horse with 5-1 odds 10 minutes before post time, but by the time the race starts, the odds can drop to 3-1 or lower.
“This way you can bet with confidence because you know what the odds are going to be, and I think people are getting used to betting online, especially with the sportsbooks and 4NJBets (an advanced deposit racing site) and online casino betting,” said Drazin . “So it’s really what the younger demographic is doing these days.”
With fixed odds, bettors can place their bets on the races in Monmouth up to a day in advance. However, the betting markets are limited to instant win, place and show bets only for now.
Mobile is where fixed opportunities ‘start’
After working on the launch of the new product in New Jersey for a few years, Monmouth Park was finally able to roll it out at the start of the current meeting in early May. Track officials have teamed up with Australia-based operator BetMakers to offer fixed odds on six betting windows.
While the new gambling product is only available in less than 2% of Monmouth Park’s windows, Bill Pascrell III, a lobbyist who helped drive support for fixed-odds legislation through the New Jersey legislature, said those windows are about 15% of the handle on the track.
Monmouth, which typically holds races Friday through Sunday, had $808,339 on the track last weekend, according to figures from Equibase.
That, Pascrell told Casino.org, is proof of a fixed odds betting market.
“We are going to bring to the mobile and PC market,” he said. “That’s where we think this thing is taking off.”
The Haskell is the first major race for 3-year-olds after the Triple Crown races and usually attracts a strong field of participants. This year’s race could feature Preakness winner Early Voting, undefeated Jack Christopher and possibly a pair of trainer Bob Baffert’s horses in what could serve as his return to top racing after a 90-day suspension for failed drug test of Medina Spirit. Kentucky Derby from last year.
Where will Fixed-Odds Racing be launched next?
Just as New Jersey opened the door for the rest of the US to offer sports betting, Drazin and Pascrell believe that fixed odds racing could also be adopted across the country. Drazin told the SBC crowd that he thinks it could control half of the gambling trade within five years.
Pascrell is already working to get more states on board. Colorado officials have already approved fixed-odds racing, and he said a pilot program could begin soon if a deal “threatens” to get there. Other states like Louisiana and Michigan could soon follow.
As more states get on board, there’s hope sportsbooks will soon follow suit. BetMakers, a business-to-business sports betting technology company, owns the rights to the Monmouth Park signal and provides the platform for MonmouthBets. Christian Stuart, the CEO of the company’s US division, said getting more operators on board is critical.
“They are the real marketers,” he said. “They have the brands. They have the range. We are going to launch mammoth betting, and it will be successful. But I think if you want to see the real power of it, it will be all fixed odds sportsbooks. ”
Fixed odds betting will be an attractive market for sportsbooks because as racing is an international sport that runs around the clock almost every day, it means there will be many betting opportunities.
This post Monmouth Park Launches Fixed-Odds Racing App For Haskell Stakes
was original published at “https://www.casino.org/news/monmouth-park-to-launch-online-fixed-odds-horse-racing-site-before-haskell-stakes/”