- New Jersey horse racing has favorable odds of seeing fixed-odds legislation pass.
- Currently, horse racing in the Garden State does not offer fixed odds for their races.
- A bill proposed to allow this is two positive votes away from landing on Governor Phil Murphy’s desk to be approved as law.
TRENTON, N.J. – New Jersey horse race bettors are getting closer to fixed-odds horse betting as legislation passed in the General Assembly this week that would allow it. The legislation received unanimous favorability for passage on Tuesday with the Assembly Appropriations Committee and its vote of 10 YEAS and 0 NAYS.
New Jersey Assembly Bill 4909 was first introduced in November. It would allow for fixed odds to be used for horse racing. Currently, New Jersey does not have a fixed-odds system in place for gambling on horses.
The Outlook For The Measure
New Jersey sports betting is one of the most lucrative industries in the nation. This stands to become even more true if A4909 passes as it’s expected to do. The famous Monmouth Park and its CEO Dennis Drazin spearheaded an agreement back in July with BetMakers and PointsBet. These Australian operators would head up fixed odds betting for the track as they intend to do nationwide.
Fixed-odds betting lets gamblers place wagers on the horses using the odds posted at the time the wager is placed. This allows the odds to change up until the last second before a race begins based on new information received. The regulated sports betting market in New Jersey does not currently offer this to its players. But they soon will if A4909 continues on its positive trajectory.
An identical proposal in S3090, passed in November in the Senate Budget and Appropriations Committee with a vote of 11 YEAS and 0 NAYS.
What Happens Now?
New Jersey Assembly Bill 4909 will be put to a vote on the Assembly and Senate floors next. Both chambers are expected to pass the measure to give New Jersey a new way to participate in horse racing betting. Once the bill passes, it will move to Governor Phil Murphy’s desk for his signature before it can be enacted into law.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.