New Jersey Governor Phil Murphy took action on legislation Thursday, August 5th signing four bills into law, one of which will officially (legally) make Fixed Odds wagering a reality.
Bill A-4909/S-3090 (Dancer, Caputo/Gopal, Sarlo) was signed, which "authorizes fixed odds wagering on horse races through fixed odds wagering system." (Read more here).
The new wagering system is expected to be available at Monmouth Park "in the coming weeks" per Monmouth Park. Regulatory approval from the New Jersey Racing Commission and Division of Gaming Enforcement is still pending.
"We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, in advancing Fixed Odds wagering," said Dennis Drazin, Chairman and CEO of Darby Development LLC, the operator of Monmouth Park.
"It provides our patrons with another wagering option that we firmly believe will be a popular one."
Recall that the aim of Monmouth Park introducing Fixed Odds wagering was in major part to reach younger generations of horse players and widen their audience in the market. We published an article on this topic here. In it, we also explain the difference between Fixed Odds and Pari-mutuel wagering for the unfamiliar reader.
Monmouth Park is working with BetMakers Technology Group and will be the first racetrack in the U.S. to offer Fixed Odds wagering, which is actually common in Europe and Australia.
The decision to be first in innovation is characteristic of Monmouth Park's evolving attitude toward tradition (and the breaking of it). To this day, Monmouth Park continues to conduct horse racing without the use of whips, a radically different policy from the normal customs of the sport of Horse Racing. The policy has not yet been imitated by any other U.S. track.
As soon as Monmouth Park's Fixed Odds system is available, only win, place and show betting will be available at the outset, with a minimum wager of $1.
Designated Fixed Odds windows will be located throughout the Grandstand and Clubhouse, with televisions displaying the current fixed odds.
Read Monmouth Park's announcement in full here.