New Jersey has taken a significant step closer to introducing fixed odds betting for horse racing, with the passage of Bill A4909 this week in the General Assembly.
The move will be welcomed by Australian interests BetMakers and PointsBet who joined forces last July to bring fixed odds betting on horse racing to the US via a deal led by Monmouth Park CEO Dennis Drazin.
Bill A4909, which allows fixed odds wagering on horse races through a fixed odds wagering system, was passed with a unanimous vote on Tuesday this week by the Assembly Tourism, Gaming and Arts Committee as part of the legislative process in the General Assembly, .
Sponsored by Assembly Gaming Committee Chairman Ralph Caputo and Deputy Republican Leader Assemblyman Ronald S Dancer, the enabling legislation was passed with a yes vote of 7-0.
Immediately after the hearing was held, the Assembly Appropriations Committee met to debate the Bill. Following a lengthy hearing it was passed unanimously with a vote of 11-0.
Bill A4909’s passage in the General Assembly follows the green light given to an identical Bill – S3090 – in the Senate Budget and Appropriations Committee in New Jersey last September. That was also passed unanimously 11-0.
The next stage of the legislative process will see the Bill presented on the floor of the General Assembly and the Senate for a full vote by members. Should it pass muster, it will then proceed to the Governor’s desk for his consideration. His approval would ultimately see it signed into law.