The board announced that the company, through its wholly-owned subsidiary BetMakers DNA Pty Ltd - trading as the Global Racing Network (GRN) - has extended the term from the initial period of 10 years to a new contracted term of 15 years.
“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,” said Darby Development LLC Chairman/CEO Dennis Drazin. “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.
“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.”
Under the new agreement, Monmouth Park has appointed GRN as the exclusive licensee of Monmouth Park’s Thoroughbred Content for the provision of fixed odds wagering within the state of New Jersey, while NJTHA has appointed GRN as the exclusive licensee for the provision of fixed odds wagering within New Jersey on live New Jersey Thoroughbred Content.
NJTHA has also 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.
BetMakers CEO Todd Buckingham commented: “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.
“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.”
