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BetMakers Technology Group (ASX:BET) - CEO, Todd Buckingham (second right)
CEO, Todd Buckingham (second right)
Source: Newcastle Herald
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  • BetMakers Technology Group (BET) has secured the rights to manage on-course Fixed Odds betting at the Monmouth Park race track in New Jersey
  • BetMakers’ subsidiary, BetMakers DNA, secured the rights through a five-year agreement with Darby Development, the operator of Monmouth Park, and the New Jersey Thoroughbred Horsemen Association
  • The company believes this marks the first time in the U.S. that on-course patrons will be able to bet Fixed Odds on horse racing through betting terminals and kiosk windows
  • This deal conveniently comes before Monmouth Park’s biggest race, the US$1 million (roughly A$1.4 million) Haskell Stakes, on July 18
  • Revenues for FY21 are uncertain however the company expects to generate over US$1 million per year from FY22
  • BetMakers is up a slight 3.49 per cent today and shares are trading for 44.5 cents each

BetMakers Technology Group (BET) has secured the rights to manage on-course Fixed Odds betting at New Jersey race track, Monmouth Park.

These rights were secured through BetMakers’ wholly-owned subsidiary, BetMakers DNA (BDNA), who signed an agreement with Darby Development LLC, the operator of Monmouth Park, and New Jersey Thoroughbred Horsemen Association.

The five-year deal is subject to BDNA obtaining regulatory approvals from the New Jersey Division of Gaming Enforcement and the New Jersey Racing Commission.

Under the agreement, BetMakers has the rights to manage on-course Fixed Odds betting on Monmouth Park’s race days, as well as all other non-race days that the venue is open year-round.

“We believe this will be the first time in the U.S. that on-course patrons will be able to bet Fixed Odds on horse racing via betting terminals and at kiosk windows,” BetMakers CEO Todd Buckingham said.

“This new agreement shows the full breadth of BetMakers’ services that we can offer to operators both online and in a retail environment,” he added.

This deal conveniently comes just after the State of New Jersey Governor announced horse racing would recommence post-COVID-19.

Monmouth Park is scheduled to begin racing again on July 3 and its biggest race, the US$1 million (roughly A$1.4 million) Haskell Stakes, is set for July 18.

BetMakers must supply and maintain Fixed Odds betting terminals and kiosks for cash betting that will be managed from its central risk management system. The company expects the initial fit-out infrastructure cost to be roughly $250,000 for the Monmouth Park venue.

“This new deal gives us the opportunity to build the perfect model at Monmouth Park to modernise the offering on horse racing through Fixed Odds betting, which we believe will be adopted throughout other racetracks in the U.S. market,” Todd concluded.

Revenues for FY21 are uncertain, however, the company expects to generate more than US$1 million per year from FY22 under the agreement.

BetMakers is up a slight 3.49 per cent today and shares are trading for 44.5 cents each at 11:11 am AEST.

BET by the numbers
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