BetMakers is the first betting operator that offers fixed odds wagering on horse racing events in the US. The achievement became official when the Governor of New Jersey signed the “Fixed Odds Bill” that legalizes fixed-odds wagering in the Garden State.
A 10-Year NJ Betting Deal
The Senate and General Assembly passed the historic Bill two months ago, but it needed to be signed by the Governor to become a law. That has now happened, and as soon as the Bill was signed, the Australian wagering provider BetMakers became the first bookmaker to offer fixed odds wagering on horse racing in the States.
That historic landmark was the cherry on the cake for BetMakers in a year that can only be described as hugely successful. The betting provider previously put pen to paper on a 10-year deal with its New Jersey betting partner – the New Jersey Thoroughbred Horsemen Association and Darby Development.
The operator of Monmouth Park racetrack, where the first legal bet in New Jersey was placed on June 14 2018 at 10:30 a.m. ET agreed to allow BetMakers to operate fixed odds betting on all thoroughbred horse racing events in the Garden State.
Well-Placed for a Rapid US Expansion
BetMakers’ fixed odds betting win was also preceded by another success. It recently acquired Sportech’s racing, tote, and digital business. That move, coupled with the fixed odds betting victory, and the 10-year New Jersey wagering deal, will definitely put the bookmaker in an excellent position to quickly expand in the US, something which has always been the primary goal of the Australian betting provider.
BetMakers CEO Todd Buckingham was delighted with the moves the company has been making. He said that legalized fixed odds betting on horse racing events in the US was “a pillar of BetMakers’ strategic vision”.
Buckingham added that the fixed odds betting achievement allowed the company to move forward with rolling out the new form of wagering in the US. It also put the bookmaker in a unique position to set a “precedent legal framework” that would be relevant when it discussed similar arrangements with other states in the US where fixed odds betting is still not legal.
BetMakers’ share price has been rising steadily throughout the last year, but it dropped slightly during June and July. However, after the fixed odds betting announcement was made, BetMakers’ share price bounced back up and rose by 8.6 percent to US$1.13 (AU$1.54).