The New Jersey Sports & Exposition Authority recently signed an agreement with NYRA Bets to replace FanDuel as Monmouth Park’s managing vendor and allow other platform providers to offer Monmouth races.
Let’s take a closer look at the details behind this new agreement and how it might impact top-rated sportsbooks.
New Era
Monmouth is New Jersey’s only full-time horse track and has had an agreement with FanDuel since 2007 to operate its mobile pari-mutuel account wagering system. However, that is about to change, as NYRA Bets has reached a deal with Monmouth Park and the New Jersey Sports & Exposition Authority, which will allow other platform providers access to its daily horse racing card, expanding the universe of bettors throughout the online horse betting community.
Third-party platform providers must reach agreements with NYRA Bets, Monmouth, and the New Jersey Racing Commission to gain access, but once that happens customers will no longer be restricted to using FanDuel to make an online bet at Monmouth.
Tony Allevato, president of NYRA Bets, said, “We are pleased to usher in a new era for horseplayers in New Jersey. As the sports betting market continues its rapid evolution, the expansion of NYRA Bets into New Jersey will benefit consumers by increasing competition.
“It’s a win for New Jersey, for horse racing, and for NYRA Bets.”
Wagering Upgrade
NYRA Bets is the advance deposit wagering (ADW) arm of the New York Racing Association (NYRA) and its network extends to 36 states. FanDuel’s 4NJBets platform will continue without interruption until the transition is complete, which is expected to occur within the next several months once the New Jersey Racing Commission gives its blessing.
“NYRA Bets will coordinate with online/mobile sportsbook operators to establish a launch date later this year,” the companies said in a joint release.
Growing the Market
Approximately $270 million is wagered on New Jersey’s ADW platform currently operated by FanDuel, but those who are not FanDuel customers are unable to gain access to Monmouth’s online betting menu. The Garden State is also one of the few that has fixed odds wagering, which allows customers to lock in the odds at the time of their wager.
Traditional parimutuel wagering continuously calculates the total pool, which changes the odds right up until the race begins. Once the horses are off and running, final odds are posted but the customer will not know what odds they are truly getting until that time.
“This is a win for the patrons of New Jersey, allowing them to have choices for the first time as to which site they prefer to wager with,” said Dennis Drazin, chairman and CEO of Darby Development. “It’s another step in our ongoing effort to make the racing experience in New Jersey as fan-friendly as we possibly can.”
The NYRA recently became the sponsor of the Haskell, Monmouth Park’s biggest race of the year and one that acts as a showcase for the Travers Stakes at NYRA’s Saratoga Race Course. Monmouth’s spring and early summer racing cards will now be featured on “America’s Day at the Races,” a television broadcast co-produced by the NYRA and the FOX network.
