Horse Betting: In the United States, fixed odds betting on horse racing is not legal. However, New Jersey is considering becoming the first state to allow that to happen. Bills have been introduced in the New Jersey State Senate and the New Jersey State Assembly authorizing that type of betting. Members of both political parties support the bill, as does Governor Phil Murphy, and so all parties anticipate passage into law before the 2021 meet at Monmouth Park.
Before we continue with the news, make sure you take a look below at some of the latest horse betting futures on the 2021 Triple Crown race cycle thanks to JazzSports.ag:
Horse Futures*
| Odds to Win – 2021 Kentucky Derby | Odds |
| Essential Quality | +1250 |
| Keepmeinmind | +2500 |
| Hot Rod Charlie | +3000 |
| Jackies Warrior / Reinvestment Risk | +4000 |
| Whiskey Double / Golden Pal / Highly Motivated | +4500 |
*Odds are subject to change.
New Jersey Considering Try Fixed Odds in 2021
In February 2020, Monmouth Park signed a ten-year contract with BetMakers, an Australian firm, to administer fixed odds horse betting for the meet starting this year. However, the state Attorney General took longer than anticipated to review the contract and the process. Going through the legislature means that no such review would be necessary for fixed odds horse betting to go on at Monmouth Park going forward.
In a statement, Dallas Baker, the Head of International Operations for BetMakers, said that the fixed odds betting takeout remains to be calculated but should rival what the track currently sees for the tote, if not more.
After the bill passes, initially the fixed odds wagers would only be available to New Jersey residents, and only for wagers on New Jersey tracks. Going forward, though, BetMakers will work to grow and add tracks outside the state. That will require that they follow the Interstate Horseracing Act, which would mandate agreement by the operators of those racetracks, as well as a local group of horsemen.
This type of wagering has been very popular for about a decade since its introduction in Australia, primarily because it will avoid the large drops in odds that often take place after a race begins in parimutuel pools. It is not uncommon, for example, for a horse to drop by two or three times in odds part of the way into a race, and winnings plummet as a result. The apparent lack of fairness in this approach is one reason why horse racing wagers are lower than they could be; in Australia, the total handle has more than doubled since the introduction of fixed odds wagering.
Give an EDGE to your horse-betting with the help of JAZZ Horse Racing’s expert racing advice.
Keep coming back for more special content on the upcoming Pegasus World Cup 2021.
