Betting on Horse Racing: “Game-Changing” New Jersey Legislation Triggering Transformational Growth Phase
In New Jersey, BetMakers COO Jake Henson said that there had been an introduction of fixed-odds betting for horse racing. This inception shows a “Game-Changing opportunity” for the betting industry. Henson also believes in the strategy of more states eventually following in the Garden State’s footprints.
Henson spoke with SBC Americas and outlined the benefits. His offers revolve around both fixed odds and pari-mutuel betting. He also added new ways of engaging with bettors.
“For New Jersey, fixed odds betting have now already been locked in. How was this even possible?” asked SBC Americas. In reply to this question, Jake Henson talked about BetMakers’ interest in the US market. Their interest anticipates the victorious repeal of PASPA. But, the recent sports betting wave legalization in the US and the apparent appetite for fixed-odds sports betting have gone across non-gaming states. To aggressively pursue fixed odds betting on horseracing, the wave has also offered an opportune moment.
Jake Henson added that they at BetMakers’ know about fixed odds betting and pari-mutuel (or tote) betting. Both betting are complementary products. These are products of the markets across Australia. However, positive revenue outcomes are now in the generation process by introducing fixed odds betting on racing and pari-mutuel.
People at BetMakers’ also believe in the legalization of fixed-odds betting on horse racing in New Jersey. Since New Jersey is well-known for gaming innovation, the state shall ultimately trigger fixed-odds legalization in other states. Moreover, with the presentation of the first truly “Game-Changing opportunity,” the industry has seen something innovative for many years.
Another question of SBC Americas involves outlining some of the main benefits that fixed odds betting acknowledgment will bring for the industry.
To the question’s reply, Henson said that the introduction of fixed odds betting is a complementary product. The opening allows the racing industry to initiate a new revenue system to get their product in front of a large audience. We know that other forms of gaming have no organic connection to the sport. Therefore, in the racing industry, fixed odds betting leverage significant investments. Consequently, most industry stakeholders, for instance, horsemen, operators, regulators, and consumers, will benefit from the increased interest in sports and the driving positive revenue outcomes.
Tote and fixed-odds betting provide new options and alternative pricing models to racing fans. This betting will also allow them to have diversified betting within the racing sport.
The US is now having a strong consumer interest in sports that allows attracting new fans. This interest combines the broad worldwide availability of racing and its everyday event schedules. To other betting sports, positions racing is now a compelling alternative.
Both racing authorities and betting operators have access to monitoring and reporting tools in fixed odds markets. Such access will help to ensure transparency and integrity. If they bring these tools to the tote betting market, from regulators to stakeholders, consumers will get offers to build and sustain trustworthiness in the industry products.
“Do you think it can co-exist with pari-mutuel betting?” asked SBC Americas while talking to Henson.
He provided positive notions saying absolutely. According to Henson, BetMakers sight fixed odds and tote betting products a complementary innovation. Their recent acquisition is a testament to that belief. That means one of the world’s leading pari-mutuel technology providers is now on BetMakers’ side.
Through integrated systems, licensed operators would be able to offer both tote betting and fixed odds betting. Operators can implement effective programs by drawing upon BetMakers’ fixed odds and tote betting, entrenched operations, and extensive coverage.
With the creation of both rich and engaging experiences in handicapping, betting on, and watching races, consumers will enjoy a seamless presentation. Products from betting terminals and digital platforms will be there too.
It also caters to a massive audience of bettors on exotics where tote provides a choice for consumers in win and place/show betting. Bettors on exotics involve trifectas, a bet where smaller outlays can turn into big payouts. In the US, it is an estimation that clarifies for about 70% of tote betting. That is why bettors can mix in alternatives of fixed-odds with both options for winning and place/show bets. However, they can mix while betting on favored exotic pari-mutuel pools.
Australia, among all fixed odds punters, plays the exotics on the tote. Australia even makes popular bet types- trifectas, quinella, quadrellas, trios, exactas.
Operators will find new marketplaces for their racing products in the rapidly evolving global wagering market. They can even offer new betting products to their customers.
Fixed-odds betting can have a sit-in company with a tote within the current oversight framework. It happens from a regulatory perspective with the support of integrity and reporting tools from BetMakers.
During the session of SBC Americas with Henson, there was a question about how BetMakers’ technology can assist both operators and regulators in the successfully fixed odds betting rollout.
Henson replied by saying that BetMakers’ has already completed the acquisition of the new Global Tote division. Currently, BetMakers’ is qualified distinctively in a way to bring the unification of model to racing.
Being the leading technology provider, BetMakers can deliver everything that a licensed operator needs to provide. Usually, a licensed operator offers a flexible, seamless, integrated experience of horse racing betting. Such offers include tote services, retail terminals, race day controls, digital platforms, fixed odds systems, integrity and reporting systems, and data and trading solutions.
BetMakers find the lead in transforming the US racing landscape with their data, technology, and trading solutions. Henson added that they are integrating new Global Tote platforms into existing enterprises, offering US clients a broad range of data, content, and betting feeds. Currently, these offers are available to provide to BetMakers’ customers.
They are also investing a lot in new technologies, for example, a new bespoke terminal line and new web and mobile betting platforms for the US market.
They are about to bring extensive experience with the implementation of turn-key fixed odds betting solutions. These experiences are only applicable to clients across the globe. Apart from all these, they work with partners to educate staff and consumers, commission the new services, deploy terminals, and implement integrity reporting and monitoring tools.