Monmouth Park Introduces Fixed Odds Wagering for Horseplayers
Monmouth Park, the largest track in New Jersey, will be offering a new betting format for horseplayers when it opens its 2022 season on May 7. Bettors will now have the opportunity to make fixed-odds wagers on races, making Monmouth Park the first track in the US to offer this type of betting.
The introduction of fixed odds means that bettors can lock in their odds at the time of placing their wagers. Unlike traditional pari-mutuel betting, where odds can fluctuate as more bets are placed, fixed odds ensure that the odds remain constant. This allows bettors to shop for the best odds and eliminates the risk of odds being significantly reduced due to a surge in wagers on a particular horse.
Dennis Drazin, the CEO and Chairman of Monmouth Park’s operators, Darby Development LLC, expressed excitement about the new wagering opportunity. He stated, “For the first time, bettors can shop for the best odds and aren’t subjected to fluctuations that can occur in the tote pool. In both Europe and Australia, fixed odds wagering has a proven track record of success, and we’re confident it will be just as popular in the United States.”
A Groundbreaking Move
Monmouth Park’s decision to introduce fixed odds is nothing short of groundbreaking in the US horse racing industry. While the legalization of fixed odds occurred in New Jersey when Governor Phil Murphy signed it into law on August 5, 2021, Monmouth Park had to wait for the approval of regulations by the state’s Division of Gaming Enforcement.
The approval process involved ensuring that the regulations complied with legal requirements, and once they passed muster, the fixed odds wagering format could finally be implemented at the track. Now, after nearly nine months, bettors can reap the benefits of this innovative betting option.
Management by BetMakers Technology Group
Monmouth Park has partnered with Australian company BetMakers Technology Group to manage and oversee the fixed-odds wagering. This collaboration ensures that the implementation and operation of the betting format are handled by experts with extensive experience in the field.
The track has adopted the slogan, “The odds that you bet are the odds that you will get,” to emphasize the transparency and reliability of fixed odds wagering at Monmouth Park.
Accessible Wagering Options
Monmouth Park has taken steps to make the fixed odds wagering experience easily accessible to bettors both at the track and through Advance Deposit Wagering (ADW) platforms. At the track, fixed odds will be displayed above the two designated betting windows where the wager will be offered.
Simulcast viewers, whether at the track or remotely, can view the fixed odds on the left side of the screen, while the traditional pari-mutuel odds will be shown on the right side. This dual display ensures that bettors have all the necessary information to make informed wagering decisions.
Furthermore, Monmouth Park’s infield video board will also display fixed odds, enabling bettors to access this information from various vantage points within the track.
ADW bettors will also benefit from fixed odds wagering as they will be able to access the odds on their platforms within hours of the day’s race card being finalized.
The Details of Fixed Odds Wagering
Currently, the fixed odds wagering option is available for Win, Place, and Show bets. The minimum bet amount is $1, providing accessibility to bettors of all budgets. While there is no maximum limit for the wager amount, any Win bet that carries a potential profit of more than $5,000 or any Place and Show bet with a potential profit of more than $2,000 will require approval from BetMakers’ Trading Department.
Monmouth Park’s Exciting Meet
Monmouth Park’s 62-day meet, taking place from May 7 to September 18, promises to offer an exhilarating experience for horse racing enthusiasts. The meet features a total of 52 stakes races, with 18 of them being graded races. These stakes races have a combined purse of $8.305 million, attracting top horses and talented jockeys.
The highlight of the meet is undoubtedly the Grade 1 Haskell Stakes, scheduled for Saturday, July 23. This prestigious race draws national attention and showcases some of the industry’s most promising young thoroughbred talents.
Conclusion
The introduction of fixed odds wagering at Monmouth Park marks a significant milestone in the US horse racing landscape. This innovative format provides bettors with the ability to lock in their odds and eliminates the fluctuations that can occur in the traditional pari-mutuel system.
Frequently Asked Questions
1. What is fixed odds wagering?
Fixed odds wagering is a betting format that allows bettors to lock in their odds at the time of placing a wager. Unlike traditional pari-mutuel betting, where odds can change as more bets are placed, fixed odds remain constant.
2. How does Monmouth Park’s fixed odds wagering differ from traditional betting?
Monmouth Park’s fixed odds wagering allows bettors to shop for the best odds and be confident that the odds they see when placing a wager will not change. This provides a level of predictability and control that is not present in traditional pari-mutuel betting.
3. Can I access fixed odds wagering at Monmouth Park online?
Yes, fixed odds wagering is available through the track’s Advance Deposit Wagering (ADW) platforms. Bettors can access the odds within hours of the race card being finalized and place their wagers online.
4. What types of bets can I make using fixed odds at Monmouth Park?
Currently, fixed odds wagering is available for Win, Place, and Show bets. This provides a wide range of options for bettors to choose from while enjoying the benefits of fixed odds.
5. Are there any limitations on the bet amounts for fixed odds wagering?
The minimum bet amount for fixed odds wagering at Monmouth Park is $1, allowing all bettors to participate. While there is no maximum limit for the wager amount, bets with significant profit potential may require approval from BetMakers’ Trading Department.
