New Jersey’s Monmouth Park is on track to become the first course in America to offer fixed-odds horse race wagering.
The only hurdle remaining for this customer-centric horse betting option is gaining authorization by the New Jersey Racing Commission, a decision those involved say is imminent.
“It’s not a question of if, but of when,” said Bill Pascrell III, a trustee at GVC Foundation US and a partner at Princeton Public Affairs Group. “We are so close. It’s about dotting the ‘i’s and crossing the ‘t’s.” Pascrell is a leading expert on online gaming, lottery and sports betting who was directly involved with BetMakers‘ deal with Monmouth Park.
The New Jersey Office of the Attorney General, under which the New Jersey Racing Commission falls, said Friday morning it had “no immediate comment” about the timetable for rendering a decision.
Difference between horse racing bet types
Pascrell serves as legal counsel, advisor, and the main go-between for BetMakers and the state of New Jersey. This includes Gov. Phil Murphy and Attorney General Gurbir S. Grewal, and the racing commissions.
Fixed-odds horse wagering is modeled after the betting style for most other sporting events. Bettors retain the odds that stand the moment they bet, rather than the pari-mutuel method usually used in horse racing. In pari-mutuel, the actual odds are finalized the moment the race begins, as the last bet has been placed.
Fixed-odds betting is popular in Australia and Europe, and in fact, connections there are what brought this to the United States. On