The Board of BetMakers Technology Group has welcomed a vote in New Jersey’s Senate and General Assembly this week that unanimously approved the passing of the Fixed Odds Bill, authorizing fixed odds betting on horse races in the state via a fixed odds wagering system.
The Senate voted 40-0 in favor of the bill after amendments were made to accommodate horsemen groups and stakeholders. The legislation was then declared passed after a unanimous vote 71-0 in favor by the General Assembly.
Under the formal legislative process, the bill now passes to the Governor of New Jersey for final approval to become law.
As previously announced, BetMakers has secured an exclusive 10-year agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development – the operator of Monmouth Park racetrack – to deliver and manage fixed odds thoroughbred horse racing into the Garden State.
CEO Todd Buckingham stated: “We are pleased that the bill, after minor amendments, has now passed full votes on the floor of the Senate and General Assembly in New Jersey. The legislative process has been thorough and exhaustive in terms of our consultative approach with lawmakers and stakeholders in the New Jersey racing industry.
“We have done this with a view to setting the right legal and commercial framework for introducing fixed odds betting into the US through New Jersey.
“We feel the support for fixed odds as a solution to facilitate growth in the horse racing industry in the US gaining momentum throughout the industry. We are excited about what this opportunity means for the racing industry in New Jersey and more broadly in the US. We are also excited about what it enables for BetMakers as a company, and our shareholders.”