New Jersey is now the first state to legalize fixed odds betting after a bill is signed by the Governor

New Jersey is the first country in the United States that where fixed-odds wagering is officially legalized after Governor Phil Murphy signed the bill.

The bill to authorize fixed odds betting passed unanimously in the Senate and General Assembly in June 2021. The governor signed the bill to become law, and that made New Jersey the first country in the US where this type of bet is legalized.

History was made

The signing of AB 4909 by the governor brings an enormous change. Before the bill, parimutual bets were the only option available to those who wanted to wager. In other words, until the sportsbook closes the wagering, the player is not familiar with the final odds.

The situation is now entirely different. The residents of New Jersey can lock their odds in a time when placing the bet. Now, the players can place fixed-odds wagers through official licensees. The license holders will pay a revenue share to the permit holder.

The bill signing will have a great effect on the industry of horse racing as a whole. The industry has been struggling for a very long time.

Earlier this year, Bill Pascrell III, a lobbyist representing BetMakers and Monmouth Park, said that fixed odds could save the industry. Otherwise, it will die on the vine.

In a recent interview with Meadowlands Racing & Entertainment, New Jersey Governor Phil Murphy explained the importance of horse racing. He said it is a substantial economic driver as it could bring many jobs and a billion dollars to GDP.

Boosted figures are what’s everyone is expecting in the industry now that New Jersey took the lead. Racetracks managed to generate positive numbers in various countries, including Australia, where fixed-odds wagering is legal. Racetracks have some impressive figures as they take around $25bn in betting every year.

BetMakers to manage fixed-odds horse race betting

BetMakers, a wagering company from Australia, signed a 10-year agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development, last year.

BetMakers will manage fixed-odds horse race wagering across the entire State through this exclusive deal as it allows the company to make agreements with sport betting offices and other license holders.

BetMakers board and management strongly believe the fixed-odds legalization in New Jersey will accelerate its expansion across the U.S. The move to legalize fixed-odds is of extreme importance to the entire industry.

Nick Chan, BetMakers chairman, said the New Jersey fixed-odds wagering approval on horse racing represents a critical green light that points toward planned expansion at a much faster pace.

New Jersey horse wagers – Who can bet? Where to bet?

The new law that legalized fixed-odds horse race wagering in New Jersey allows every individual inside the borders of the Garden State who is 18 or above to place a bet.

The bets can be placed on Freehold, Monmouth, and Meadowlands races. The residents interested in placing fixed-odds horse racing wagers can do it in person, online, or by phone. The minimum bet amount is $1.