Signs Exclusive Deal for Horseracing in NJ
- Exclusive agreement allows BetMakers to distribute and manage Fixed Odds betting on horse racing in New Jersey
- BetMakers to integrate its Fixed Odds technology into wagering operators in New Jersey
- Provides global racing bodies the opportunity to offer their racing into New Jersey via BetMakers
- BetMakers will launch the Global Racing Network in New Jersey
Under terms of the agreement (which is the first of its kind for Fixed Odds betting on horse racing in the United States), BetMakers will be the only approved official distributor of Fixed Odds horse racing content in New Jersey, providing a solution for racing bodies from both the U.S. and internationally to access licensed wagering operators (bookmakers) operating in New Jersey. The material terms of the agreement are annexed to this announcement and may be subject to further regulatory approval and operating within the Interstate Horseracing Act.
The agreement allows bookmakers to offer Fixed Odds betting on horse racing events where the racing body or rights holder allows Fixed Odds betting to occur.
BetMakers now intends to form agreements with other U.S.-based and international race tracks that would like to access the New Jersey Fixed Odds market by offering their content to bookmakers licensed in New Jersey.
Bookmakers will need to agree to the terms under the New Jersey fixed odds model which pays a portion of its 'Handle' (turnover) back to the race track as 'Rights Fees'.
BetMakers has established the 'Global Racing Network' which will initially launch in New Jersey and provide a uniformed set of standard conditions for both racing bodies and bookmakers to allow clarity of reporting and distribution of data and content.
BetMakers will be working with Monmouth and relevant parties to provide data and integrity reporting solutions to ensure racing integrity on all Fixed Odds betting on racing in New Jersey.
Monmouth will make its tote pools available for international bookmakers, which the parties believe will assist the growth of the domestic tote pools and underpin the sustainability and growth of New Jersey Horse Racing and the sustainability and growth of New Jersey Horse Racing.
BetMakers will now start discussions with relevant bookmakers operating in New Jersey (and those looking to operate in the region) who would like to add Fixed Odds horse racing to their offerings.
New Jersey has been one of the pioneers for Fixed Odds sports betting in US and the current sports betting annual turnover is more than $US4.5bn.
BetMakers Chief Executive Officer, Todd Buckingham, said:
"We have been working with racing bodies and bookmakers from all parts of the world to develop the best solution that fits into the horse racing ecosystem. We believe that U.S. horse racing has the potential to be the largest betting sport in the US, including basketball, American football and baseball. There is a real opportunity for the U.S. horse racing market to grow like it has in Australia, which has seen prizemoney levels double over the past 7-10 years based on a funding model that is equitable to all participants."
Monmouth Park Chief Executive Officer, Dennis Drazin, said:
"We have been instrumental in the roll out of sports betting into the US and now we will be the driver of Fixed Odds horse racing in New Jersey and hopefully throughout the U.S. We selected BetMakers as our partner in delivering this concept due to their extensive knowledge and understanding of what is required to make this a success."
"Our focus at Monmouth Park is ensuring we get the best return for our product and I believe this eal with the team at BetMakers, given their wagering, compliance and technology capabilities, provides us with a solution that can deliver a successful venture."
Mr Drazin and representatives of Monmouth Park intends to visit Australia prior to the 2020 season to meet with Racing officials to better appreciate how fixed odds has impacted the Australian industry.
Mr Drazin commented: "We are excited to come to Australia as part of an education piece to understand how we can maximise the return on our racing for our participants including owners, breeders, trainers, horse handlers and operational staff at Monmouth Park."
About Monmouth Park:
Monmouth Park is a thoroughbred horse racing track in New Jersey in the United States. It is owned by the New Jersey Sports and Exposition Authority and is operated under a five-year lease from New Jersey Thoroughbred Horseman Authority in a management rights deal with Darby Development, LLC. Monmouth Park's racing season runs from early May to early September and its premier event is the Haskell Invitational.
About New Jersey Thoroughbred Horsemen Association:
The New Jersey Thoroughbred Horsemen's Association was incorporated in 1988 to represent owners and trainers in the state, specifically to improve racing conditions in the Thoroughbred industry and promote the common business interests of members in matters before government agencies, racetrack management, and other industry organizations.
The NJTHA board has nine members who represent owners and trainers. In February 2012 the New Jersey Sports and Exposition Authority entered into a ground lease with the NJTHA in connection with operations at Monmouth Park. The NJTHA has an agreement with Darby Development, which manages the track on behalf of the organization. The Horsemen's group also facilitates an all-turf meet in the fall at Meadowlands.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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