The bill will “authorise fixed odds wagering on horse races through fixed-odds wagering system.” and will now become law after being signed by the Governor.
This makes New Jersey the first state in the US to legalise fixed odds betting on horse racing.
The BetMakers Group has an exclusive 10-year fixed-odds agreement on thoroughbred horseracing in New Jersey, thanks to a deal with the New Jersey Thoroughbred Horseman Association and Darby Development, the operator of Monmouth Park racetrack.
This means any wagering operator in New Jersey that wishes to bet fixed odds-on horseracing must first reach an agreement through BetMakers.
BetMakers CEO Todd Buckingham said: "The introduction of Fixed Odds betting on horseracing by law in New Jersey is a historic moment for wagering in the US and a landmark achievement for BetMakers."
"New Jersey becomes the first state in the US to offer Fixed Odds betting on horseracing, and opens the door for the thoroughbred industry to offer Fixed Odds betting markets on racing in the same way as sports."
Monmouth Park Chairman and CEO Dennis Drazin added: "Just like Sports Betting, New Jersey will become the first state to legalise Fixed Odds betting on Horse Racing and we are very excited about what this can do for the industry. Our partners BetMakers are ready to go and we are open for business."
