NJ General Assembly votes 75-0 to pass Fixed Odds Bill
Sydney, May 21, 2021 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (
ASX:BET) (T07:FRA) is pleased to announce that the full floor of the General Assembly in New Jersey has unanimously passed Bill A4909 ("authorises fixed odds wagering on horse races through fixed odds wagering system").
The vote was 75-0 in favour of the Fixed Odds Bill. The unanimous vote, which is a final passage in the Assembly, took place yesterday in New Jersey (in the early hours of this morning AEDT).
The next step in the legislative process is for identical Bill S3090, which was passed unanimously in the Senate Budget and Appropriations Committee in New Jersey on 9 November 2020, to be voted on by the full floor of the Senate.
If approved in the Senate, the Bill will go to the Governor of New Jersey for approval to become law.
As previously announced to the market, BetMakers has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator of Monmouth Park racetrack, to deliver and manage Fixed Odds horse racing into New Jersey. Please see the Company's announcements dated 5 February 2020 and 3 July 2020 for further information regarding this agreement.
BetMakers' 10-year agreement to distribute and manage Fixed Odds horse racing in New Jersey is conditional on regulatory approvals, including the legislative process. The Company believes that the unanimous vote (overnight) in the New Jersey General Assembly is a significant milestone toward attaining that approval.
BetMakers Chief Executive Officer Todd Buckingham said:
"We can feel the support for Fixed Odds as a solution to facilitate growth in the horse racing industry in the United States gaining momentum throughout the industry"
"The Company is working closely with various industry stakeholders including; racetracks, wagering operators and regulators, to ensure we implement a sustainable growth model for horse racing in the North American market. We are pleased with the progress and the consideration that has been given to the Bill (to authorise fixed odds wagering on horse races through fixed odds wagering system) since it was introduced to the New Jersey Legislature in November last year and look forward to it progressing through the final stages of approval."
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) 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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