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BetMakers (ASX:BET) - CEO, Todd Buckingham - The Market Herald
CEO, Todd Buckingham
Source: SmartCompany
  • BetMakers Technology (BET) subsidiary, BetMakers DNA, has signed an agreement with PointsBet New Jersey for fixed-odds betting on U.S. horseracing
  • Under the deal, the companies will begin fixed-odds betting in New Jersey for the first time in the United States
  • Pointsbet will offer fixed odds betting on all Monmouth Park race meetings
  • BetMakers believes this deal is "first of its kind in the United States"
  • On the market this afternoon, BetMakers us up 6.58 per cent and is trading for 40.5 cents per share

BetMakers Technology (BET) subsidiary, BetMakers DNA, has signed an agreement with PointsBet New Jersey for U.S. horseracing.

The companies will begin a fixed-odds betting on horseracing in the New Jersey market. This deal follows BetMakers 10-year exclusive agreement to manage fixed odds in New Jersey.

Fixed-odds betting allows punters to secure the given price at the time of placing the bet.

Pointsbet is the first online bookmaker to sign up to the Global Racing Network, which BetMakers believes this deal is the "first of its kind in the United States."

Under the agreement, Pointsbet will offer fixed-odds betting on all Monmouth Park race meetings.

“As a business, Monmouth Park is foremost looking forward to revenue opportunities immediately presented by PointsBet USA signing as the first operator to offer fixed-odds betting in New Jersey through our exclusive partnership with BetMaker," Monmouth Park CEO Dennis Drazin said.

New Jersey has been big on fixed-odds sports betting in the U.S., with the latest annual sports betting turnover valued at more than US$4.5 billion (roughly A$6.4 million). Legal fixed-odds betting has not been offered previously in the U.S. market.

"We look forward to working with BetMakers for our entry into the U.S. horseracing market, which we believe is a big opportunity," PointsBet CEO Sam Swanell said.

BetMakers CEO Todd Buckingham is pleased with the new agreement and remains confident in the business.

"BetMakers sees PointsBet as a perfect partner to launch fixed-odds in the U.S," he said.

"We have a great working relationship with PointsBet and as one of the fastest-growing wagering companies in the Australian market, we don’t see any reason why this would be any different in the U.S.," he added.

On the market this afternoon, BetMakers us up 6.58 per cent and is trading for 40.5 cents per share at 1:37 pm AEST.


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