Fix-odds Horse Racing Could Become a Reality

Fixed-odds betting on horses in New Jersey could spark changesBetMakers, headquartered in Australia, cut a 10-year deal with Monmouth Park in early 2020 to provide the infrastructure to deploy fixed-odds wagering, just as soon as it is made legal. The company also has agreements with Colonial Downs, Emerald Downs, Grants Pass Downs, Lone Star Park and the FanDuel site at Fairmount Park, plus three tracks in Canada.

Conspicuous by their absence, though, are the big boys and girls. The Stronach Group (its 1/ST Bet is a VSiN sponsor), the New York Racing Association and Churchill Downs Inc. are not yet on board. Their economic models are based on pari-mutuel wagering, and they no doubt would want a big piece of the action from the likes of BetMakers before allowing their races to be part of the fixed-odds menu.

Read O’Crunk’s take on the NJ Fixed-odds prospects

Eventually, however, they will fall in line. The public will demand it. This is not like the simulcast nickels and dimes that CDI and Nevada have been fighting over for close to two years. These are big bucks at a time when per-race betting has actually grown, in part because the sport never stopped during the pandemic. Anyone invested in the business of thoroughbred wagering will not want to lose out…

Fixed-Odds Horse Racing Is Coming to This State

Las Vegas sportsbook contestAll signs indicate that New Jersey will become the first state to offer fixed-odds betting in horse racing. More importantly, next month N.J. Gov. Phil Murphy will be placing the first such bet July 17 at the Grade 1 Haskell at Monmouth Park.

This is the same location where Murphy made the first legal wager in NJ sports betting history.

On Monday, the Senate voted 40-0 in favor of the “Fixed Odds Bill” after amendments were made to accommodate the horsemen groups and stakeholders. The bill was then declared passed after a unanimous 71-0 vote in favor by the General Assembly.

The bill went to Murphy’s desk earlier this week, according to Bill Pascrell III, a partner at Princeton Public Affairs Group. He has been a leading advocate for the legislation for the past two years.

“Governor Murphy reviewed the legislation leading up to [Monday’s] vote, there aren’t any issues, it’s now just a matter of dotting the i’s and crossing the t’s,” Pascrell said.

Pascrell said Murphy’s general counsel has already instructed the regulators to draft rules, and that the governor looks forward to being the first one to place a fixed-odds horse racing bet in the country…

In responding to national interest about bringing fixed-odds betting to other states, Pascrell has been traveling the country the past two weeks meeting with officials.

“We’ve had a good long call with Colorado … and there are multiple other states that are moving in this direction – I just don’t want to name them so that I don’t upset the apple cart – but I anticipate fixed-odds horse race betting will be in other states by the end of 2021,” said Pascrell…

More on Fixed-Odds Horse Racing

The Economic Impact of the Horse Racing Industry in Just One State

According to information published in the Equibase program at Monmouth Park in 2019:

The total economic impact of the equine industry is $1.1 billion annually.

The industry pays over $160 million in federal, state and local taxes.

176,000 total acres of real estate are in use in New Jersey alone for equine operations.  An additional 46,000 acres produce hay and grain for horses.  An estimated 13,000 jobs are generated just in New Jersey.

The original Monmouth Park racetrack opened in 1870.  The current structure opened on June 19, 2946 and with its desirable location close to the Jersey beaches, it has attracted tens of thousands of visitors each year.

Here is a look at the impact of the horse racing industry in the great state of  Florida.

Thanks to Sports Betting, New Jersey Horse Racing Is Looking Up

Monmouth Park by Rich Nilsen

copyright 2016 AGameofSkill.com

OCEANPORT, N.J. – Last Friday, the New Jersey State Bar Association (NJSBA) hosted its annual Day at the Races event. The meeting, designed to focus on legal issues in the state horse racing industry, was held at Monmouth Park.

Last year, Monmouth Park made headlines by taking the first legal sports bet in New Jersey, when Gov. Phil Murphy put $20 on Germany to win the FIFA World Cup.

The NJSBA event was moderated by Monmouth Park CEO Dennis Drazin, who was recently inducted into the Sports Betting Hall of Fame for his role in bringing the industry to New Jersey.

Along with Drazin, former New Jersey senator Ray Lesniak was on hand to discuss the status of horse racing in the Garden State.

“Less than one year [after the PASPA overturn], sports bettors wagered more in New Jersey than in Nevada which had a virtual monopoly on legal sports betting for more than 20 years. It took New Jersey less than a year to overcome that more than 20-year advantage,” said Lesniak.

Playing Saratoga – Get  this 9 Keys to Winning

N.J. Legalized Sports Betting. Will it Challenge Nevada? Help Horse Racing?

Exactly a year ago, Gov. Phil Murphy traveled to Monmouth Park racetrack in Oceanport and made history by placing the first legal sports bets in New Jersey.

He wagered $20 apiece on Germany winning the World Cup and the New Jersey Devils taking the Stanley Cup. Both bets were a bust.

But a year later, elected officials, industry leaders, and gaming experts say the Garden State’s years-long gamble to fight pro sports leagues — all the way to the U.S. Supreme Court — to legalize sports betting has paid off big time.

On a national level, New Jersey’s successful court case opened the door for sports betting to become legal across the country.

On a local level, leaders say, it has helped provide a jolt to the state’s casinos and horse-racing industries, created hundreds of new jobs, provided the state with a bit more in tax revenue, and given New Yorkers a new reason to cross the Hudson River.

“I would characterize New Jersey as a success story and model for the rest of the country,” said Daniel Wallach, founder of Wallach Legal LLC, the first law firm in the country with a focus on sports betting.

Murphy took it a …

2019 Kentucky Derby: New Jersey hopes rest with Vekoma, Tax

A year ago it was Firenze Fire that boasted local ownership, and this year it’s Vekoma and Tax that have ties to the Garden State.

Franklin Lakes resident Raymond Hill, III, who grew up attending Monmouth Park, who owns a piece of two starters in the Run for the Roses, part of partnerships in both Tax and Vekoma.

The versatile Vekoma, a son of Candy Ride who will be ridden by Javier Castellano, is coming off a 3 1/2 length win in the Grade 2 Blue Grass Stakes at Keeneland, having won three of four career starts for trainer George Weaver.

Hill owns Vekoma, a $130,000 yearling purchase, along with New Hampshire brothers Ted and Mike Gatsas.

Tax, ridden by Junior Alvarado and trained by Danny Gargan, ran second in the Grade 2 Wood Memorial at Aqueduct in his last start, finishing behind Tacitus, a closer who is expected to be one of the top choices in the Derby.

Monmouth Park waiting on multimillion-dollar subsidy for horse racing

New Jersey has brought in over $1 billion in revenue in sports betting since it was made legal last year.

Monmouth Park Racetrack in Oceanport alone made millions – but the owners say that they need more revenue to survive.

They are banking on a subsidy from the state to contribute to racing purses. The $20 million subsidy has been approved in the state Legislature. But now the horse racing industry is waiting for lawmakers to vote on it.

Monmouth Park officials say the subsidy is important for scheduling. A higher purse means better talent coming to race.

Officials say they are used to waiting. They are forced to make changes every year to benefit races, including the date of the Haskell Invitational – one of horse racing’s most well-known races.

$100M plan to subsidize New Jersey Horse racing gets closer

Former Gov. Chris Christie, a Republican, ended state support for the industry seven years ago, diverting the money to help struggling Atlantic City.

But under his Democratic successor, Phil Murphy, the state is advancing a $100 million plan to subsidize the racing industry.

A bill that passed the state Senate Monday by a 40-0 vote would appropriate $20 million a year for five years to help racing at Monmouth Park, Freehold Raceway and…

Sports betting ‘encouraging’ but don’t ignore Horse Racing, senator says

Sports betting ‘encouraging’ but don’t ignore horse racing, senator says

“It’s encouraging, but no one should assume that, ‘OK, we have sports betting now, we can ignore this industry going forward,'” O’Scanlon said.

He said that whether or not an individual person likes horse racing, there is no denying its importance to New Jersey. And there may be no more important single day than the annual Haskell Invitational, coming up on Sunday…”

 

New Jersey 101.5 FM Radio Full coverage

Source: Sports betting ‘encouraging’ but don’t ignore horse racing, senator says

NJ horse racing group sues major sports leagues over bet losses

The action filed by the New Jersey Thoroughbred Horsemen’s Association claims the leagues acted in bad faith when they sought a restraining order in 2014 to block Monmouth Park Racetrack from offering sports betting, because the pro leagues were actively promoting and endorsing businesses that made millions from fantasy sports games that rely on …

Source: NJ horse racing group sues major sports leagues over bet losses