Australian wagering technologies firm, BetMakers Technology Group Limited, has announced the signing of a deal that is to see New Jersey’s Monmouth Park Racetrack begin offering a range of fixed-odds horserace betting services.
The Sydney-listed innovator used an official Wednesday filing (pdf) to declare that the agreement represents ‘the first of its kind for fixed-odds betting on horseracing in the United States’ and is to see its BetMakers DNA Proprietary Limited subsidiary serve as ‘the only approved official distributor of fixed-odds horseracing content’ in New Jersey.
As such, BetMakers Technology Group Limited revealed that the alliance will allow its subordinate to exclusively supply sportsbetting operators from across the United States and the world with fixed-odds betting content tied to the New Jersey thoroughbred horseracing facility so long as these partners have agreed to abide by local regulations and the tenets of the recently-updated Interstate Horseracing Act.
Todd Buckingham, Chief Executive Officer for the Newcastle-based enterprise, revealed that the agreement inked with venue operators Darby Development LLC and the New Jersey Thoroughbred Horsemen Association is to also see his firm establish its Global Racing Network service. He detailed that this facility is to be tasked with supplying a uniform set of standards to partner bookmakers and racing bodies for the purposes of distribution and reporting data and content clarity.
Buckingham’s statement read…
“We have been working with racing bodies and bookmakers from all parts of the world to develop the best solution that fits into the horseracing ecosystem. We believe that United States horseracing has the potential to be the country’s largest betting sport. There is a real opportunity for the United States horseracing market to grow like it has in Australia, which has seen prize money levels double over the past seven to ten years based on a funding model that is equitable to all participants.”
For his part and Dennis Drazin, Chief Executive Officer for Monmouth Park Racetrack, explained that the alliance is to moreover allow his facility to offer fixed-odds wagering on events taking place at other racetracks around the world so as to help grow domestic tote pools and add to the sustainability and growth of the New Jersey horseracing market.
Read a pronouncement from Drazin…
“Our focus at Monmouth Park Racetrack is ensuring we get the best return for our product and I believe this deal with the team at BetMakers Technology Group Limited, given its wagering, compliance and technology capabilities, will provide us with a solution that can deliver a successful venture.”