BetMakers extends NJ exclusive agreement to 15 year term
Sydney, Jan 24, 2022 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (ASX:BET) (TPBTF:OTCMKTS) is pleased to announce that the Company, through its wholly owned subsidiary BetMakers DNA Pty Ltd, trading as the Global Racing Network ("GRN"), has signed an Amended and Restated Fixed Odds & Data Distribution Agreement ("Agreement") with Darby Development LLC, the operator of Monmouth Park racetrack ("Monmouth"), and the New Jersey Thoroughbred Horseman Association ("NJTHA").
The parties have agreed to extend the term for BetMakers to be the exclusive provider to deliver and manage fixed odds betting on thoroughbred horse racing into New Jersey from the initial period of 10 years to a new contracted term of 15 years.
Under the Amended and Restated Agreement, further additions include:
- NJTHA has appointed GRN as its exclusive representative to enter into any written agreement thereby approving, denying, or conditioning the conduct and acceptance within New Jersey of fixed odds wagering (win, place and show) on Thoroughbred racing, including: New Jersey Thoroughbred Content or any Thoroughbred Content originating outside of New Jersey (subject to requirements under the IHA) by online Wagering Operators, Casinos and Sportsbooks on such terms determined by GRN, and to manage any such agreement with those operators in a manner determined by GRN.
- NJTHA has authorised GRN to license and distribute any Thoroughbred Content to third parties for the provision of fixed odds wagering on win, place, and show bets.
- Monmouth Park (Darby) has appointed GRN as the exclusive licensee of Monmouth Park's Thoroughbred Content for the provision of fixed odds wagering within New Jersey.
- NJTHA has appointed GRN as the exclusive licensee for the provision of fixed odds wagering within New Jersey on live New Jersey Thoroughbred Content.
Darby Development LLC Chairman/CEO, Dennis Drazin, said:
"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. We have also scheduled the start of fixed odds betting on racing being offered online before the Monmouth Park's season of racing begins on 7th May 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. As a part of the agreement, BetMakers included a provision to ensure existing Pari-Mutuel revenues are preserved with the introduction of Fixed Odds."
"I would like to thank the team at BetMakers for their patience and guidance through this process and I look forward to having a great partnership in the years ahead."
"BetMakers has already contributed significantly to Monmouth Park and to the Horsemen in New Jersey and we see BetMakers as a strong long-term partner to assist us in our endeavours to make horse racing the best it can be."
"I would also like to thank the New Jersey DGE, State legislature and Governor for their assistance and guidance throughout this process and again, like sports betting, this progressive thinking from a regulator has allowed us to capture the requirements to give horse racing the best opportunity to thrive."
BetMakers CEO Todd Buckingham said:
"Dennis Drazin and his team at Monmouth Park have delivered a model that is designed to give horse racing and its participants every chance to capture the benefits of the fast-growing fixed odds sports betting market."
"We are excited to get started and thank the team at Monmouth Park, the NJ Thoroughbred Horsemens Association, the NJ Racing Commission and NJ DGE for their commitment to this process. We are confident this is going to be a major success for Monmouth Park and the Horsemen of New Jersey."
"I believe the model that has been agreed for fixed odds betting on horse racing in New Jersey is the best model globally for the sustainability of horse racing and the fairest model for all participants, including racing bodies, rights holders, and operators of Sportsbooks."
"We look forward to updating the market on the sub licenses deals which we expect to award to operators over the coming months."
"Lastly, we are very excited to be able to deliver a new product to one of the most important stakeholders in racing - the punters (bettors/handicappers) - who will be able to have the choice to fix the price of their runner when placing a win, place or show bet. 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."
BetMakers' newly-appointed North America CEO Christian Stuart said:
"There has been an overwhelmingly positive response to the introduction of fixed odds betting on sports in the US, and I believe there will be a similar response to fixed odds betting on horse racing.
"Fixed odds - and the certainty of price setting for the person placing the bet - has attracted a new audience of people betting on sport, and I expect this will be the case for horse racing.
"Having recently joined BetMakers in a key role in the US - and understanding the model that has been created for fixed odds betting on horse racing in New Jersey - I believe it presents a good opportunity for Sportsbooks to add racing to their fixed odds offerings to customers.
"Racing as a product for Sportsbook operators to offer their customers is placed to be a very important wagering vertical because of the frequency of events and the margins that can be delivered.
"I have seen the fixed odds betting boom on sports events in New Jersey, and the size of the fixed odds market is significant, and growing.
"While fixed odds betting on racing is set to appeal to punters and deliver attractive margins to Sportsbooks, I think the approach from BetMakers with the industry stakeholders and regulators in New Jersey has been regarded as first class to ensure a sustainable and fair model, which should become the blueprint for other states."
Please see the Company's announcements dated 5 February 2020, 3 July 2020 and 21 May 2021 for previous information regarding the agreement between BetMakers, the NJTHA and Darby Development LLC.
As previously announced, New Jersey has officially legalised Fixed Odds betting on horse racing. Please see the Company's announcement dated 6 August 2021 for previous information regarding the Bill to "authorise fixed odds wagering on horse races" signed by the Governor of New Jersey after passing unanimously in both the Senate and General Assembly on 21 June 2021.
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.
Betmakers Technology Group Ltd