Regulatory Framework for Fixed Odds Betting on Horse Racing
Sydney, Nov 4, 2021 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (
ASX:BET) (T07:FRA) is pleased to announce that it has today (overnight in the United States) received notice outlining regulatory framework for Fixed Odds betting to commence on horse racing in New Jersey.
The Company will update the market shortly in regard to when it intends to begin, with its partners, the facilitation of Fixed Odds betting in New Jersey.
Chief Executive Officer of BetMakers, Mr Todd Buckingham said: "We are extremely pleased to have been notified of the regulatory framework that supports the recently approved legislation for Fixed Odds betting on thoroughbred horse racing and we now look forward to working with our partners to deliver and manage Fixed Odds betting on thoroughbred racing within this market."
"New Jersey will be the first state to approve Fixed Odds betting on horse racing and we believe this will create the framework that allows the sport of horse racing to capture a significant portion on the Sports Betting market that is taking off in the US"
"In line with BetMakers' agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the Company expects to start facilitating Fixed Odds betting on track at Monmouth Park before the end of this year, and that the roll-out of Fixed Odds to online wagering service providers will begin and continue throughout 2022."
BetMakers announced to the market on 6 August 2021 that a Bill to "authorise fixed odds wagering on horse races through fixed odds wagering system" was signed by the Governor of New Jersey to become law. As previously announced to the market, BetMakers has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator of Monmouth Park racetrack, to deliver and manage Fixed Odds thoroughbred horse racing into New Jersey. Please see the Company's announcements dated 5 February 2020, 3 July 2020, 21 May 2021 and 22 June 2021 for further information regarding this agreement.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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