It’s been talked about for months, but the time is here. Fixed-odds racing in the U.S. kicks off May 7 at Monmouth Park in Oceanport, New Jersey. Unlike parimutuel betting, the odds established are the same through post time. You bet a horse to win at 5-1 odds several hours in advance, the odds remain 5-1.
It’s all the rage elsewhere. “In both Europe and Australia, fixed odds wagering has a proven track record of success, and we’re confident it will be just as popular in the United States,” Monmouth operator Dennis Drazin said.
For those who prefer the traditional parimutuel form of wagers, fear not. The track offers that too.
Australian-based BetMakers Technology Group will oversee fixed odds wagers at Monmouth Park. Two areas specifically designated for fixed odds wagering will be available initially:
The track will feature two locations with tellers handling fixed odds: the first-floor grandstand paddock side and the first-floor clubhouse paddock side. Self-service will be arriving soon.
“We firmly believe the launch of fixed odds marks the start of a model which will be a huge success for all the participants of the racing industry who eventually come on board,” said Todd Buckingham, CEO, managing director and founder of BetMakers.
With the start of the 62-date calendar underway Drazin hopes the sports betting industry insists horse racing odds at the track become a part of gambling apps on customers’ cellphones.
The meet runs through September 18 and will feature 52 stakes worth $8.3 million. The highlight, as always, is the Grade 1, $1 million TVG.com Haskell Stakes, which takes place on Saturday, July 23.
Drazin previously told NJ Online Gambling that the New Jersey Division of Alcohol Beverage Control began cracking down in 2018 after a number of reports of underage drinking at the Oceanport track. And with security needing to focus on monitoring all arriving visitors during the COVID-19 pandemic, the cooler ban was put in place.
Fixed odds are another in a series of steps that turned an ailing track around.
“Eleven years ago, we were on the precipice of disaster,” Drazin said. “The racetrack was about to be privatized or closed. And everyone bet against us to survive more than a year.”
The state’s thoroughbred horsemen took the reins of the track from the state and hired Drazin’s Darby Development company to manage it.
The launch of legal sports betting in mid-2018 and the revival of a state purse subsidy program provides $10 million in additional prize money has further improved the track’s bottom line. Fixed odds could entice younger bettors to stop by.
“Now we not only can break even, but we can make a few bucks,” Drazin said.
