DANCER’S FIRST-IN-THE-NATION FIXED ODDS WAGERING ACT SIGNED INTO LAW
Thu Aug 12 2021 19:30:00 GMT+0000 (Coordinated Universal Time)
Assemblyman Ron Dancer’s bill allowing fixed odds wagering on in-state horse races was signed by Gov. Phil Murphy last week.
Under the new law (A4909/S3090), New Jersey’s racetracks are permitted to expand the type of bets they accept from pari-mutuel to fixed odds to attract more business. New Jersey is the first state in the nation to legalize fixed odds betting on horse racing.
“Fixed odds wagering in horse racing is similar to betting on other sports events, which younger bettors are more accustomed to,” Dancer (R-Ocean) said. “Opening this option could stimulate horse race betting.”
In fixed odds wagering, which is popular throughout Australia and Europe, the betting operator advertises the odds at the time a bet is placed. In pari-mutuel wagering, the total amount bet is paid out to winners in proportion to their wagers. Although payout is typically higher in pari-mutuel betting, fixed odds wagering is easier for bettors to understand.
The regulatory framework will be established by the Division of Gaming Enforcement in consultation with the New Jersey Racing Commission.