BetMakers Technology Group subsidiary BetMakers DNA (BDNA) has signed an agreement with PointsBet USA to begin fixed odds betting on horse racing in the state of New Jersey. The deal, which is subject to regulatory approvals, follows last month’s announcement that BetMakers will provide on-course management of fixed odds on behalf of New Jersey’s Monmouth Park racetrack.
This latest announcement formalizes commercial terms for PointsBet USA, under BDNA’s agreement to offer fixed odds betting in the Garden State.
Seth Young, Chief Innovation Officer at PointsBet USA commented: “Securing an agreement with Betmakers is a major step in what we believe to be an important strategy for our US plans. We understand horse racing and we intend to capitalize on this expertise as we roll out racing products into the US market, starting with New Jersey.”
Dennis Drazin, Monmouth Park CEO, said: “As a business, Monmouth Park is foremost looking forward to revenue opportunities immediately presented by PointsBet USA signing as the first operator to offer fixed odds betting in New Jersey through our exclusive partnership with BetMakers.
“More broadly, through the BetMakers agreement, we see the fixed odds betting type as having great potential for horse racing to be a preferred wagering choice across the US, which can increase both the profile of Monmouth Park and horse racing in general.”
Under the terms of the deal with PointsBet USA, BDNA will also provide its wagering technologies for the former’s racing solution. This includes BetMakers’ data and pricing solutions through Global Betting Services, which allows PointsBet to offer US customers a similar offering to its Australian customers.
PointsBet CEO Sam Swanell said: “We look forward to working with BetMakers for our entry into the US horse racing market, which we believe is a big opportunity. BetMakers have been great product and technology services suppliers as well as being overall supporters of our Australian operation, and we see them as an important solution for our US progression.”
Todd Buckingham, CEO of BetMakers, added: “The deal with PointsBet completes an approved and regulated end-to-end supply chain model to launch fixed odds betting in the US market for the first time. The stage is now set for the first fixed odds bets to be taken on horse racing in the US and there are two reasons we believe this can be successful.
“Firstly, we have seen that US punters have shown an appetite for fixed odds on other sports through their $4.5bn annual turnover in New Jersey, and secondly because we have seen the strong trend in Australia that has seen fixed odds betting become the dominant type of betting option preferred by punters.”
