- BetMakers Technology Group (BET) extends its fixed odds betting agreement in New Jersey by five years
- The company signed an amended and restated fixed odds and data distribution agreement with Darby Development, the operator of Monmouth Park racetrack, and the New Jersey Thoroughbred Horseman Association
- The parties agreed to extend the term for BetMakers to be the exclusive provider of fixed odds betting on thoroughbred horse racing in New Jersey from 10 years to 15 years
- Monmouth Park is on track to launch fixed-odds betting in March 2022
- BetMakers dips 3.05 per cent, trading at 63.5 cents at 12:10 pm AEDT
BetMakers Technology Group (BET) has agreed to extend its fixed-odds betting agreement in New Jersey by five years.
Through its wholly-owned subsidiary, BetMakers DNA, trading as the Global Racing Network (GRN), the ASX-listed company has signed an amended and restated fixed odds and data distribution agreement with Darby Development — the operator of Monmouth Park racetrack — and the New Jersey Thoroughbred Horseman Association.
The parties have agreed to extend the term for BetMakers to be the exclusive provider of fixed-odds betting on thoroughbred horse racing in New Jersey from 10 years to 15 years.
“We are very excited to be able to deliver a new product to one of the most important stakeholders in racing — the punters — who will be able to have the choice to fix the price of their runner when placing a win, place or show bet,” BetMakers CEO Todd Buckingham said.
“We believe this choice of option will open up horse racing to a sizeable new audience, and we look forward to fixed-odds wagering on racing being rolled out into other states and jurisdictions.”
Under the agreement, GRN will pay Monmouth a fee based on a percentage of the turnover of approved wagering operators using the Monmouth Data, as well as a fee based on a percentage of monthly turnover from fixed-odds wagering on the thoroughbred content by wagering operators in New Jersey.
“I am excited about the introduction of fixed-odds betting on thoroughbred racing in New Jersey, which we now plan to start rolling out from March 2022,” Darby Development Chairman and CEO Dennis Drazin said.
“We have also scheduled the start of fixed-odds betting on racing being offered online before the Monmouth Park season of racing begins on May 7, 2022.
“I understand it has taken some time to progress and reach the stage of launching fixed odds. However, it was important to ensure stakeholders in thoroughbred racing in New Jersey were not only protected but given the best opportunity to capitalise on fixed-odds betting on thoroughbred content within New Jersey.”
BetMakers dipped 3.05 per cent on the ASX today, trading at 63.5 cents at 12:10 pm AEDT.