The way people in New Jersey bet on horse racing is changing. Bookmakers will be able to offer both fixed odds and pari-mutuel betting. It’s a move that has been described by BetMakers COO Jake Henson as a ‘game-changing opportunity’ for the gambling industry.
It’s a kind of betting that has been available in many parts of the world for decades. However, the gambling scene in the USA is a little bit behind other nations. Only in recent years have individual states being able to make the decision on whether or not to legalize betting, especially on sports.
New Jersey played a key role in the campaign that has now seen an increasing number of US states legalize betting. Jake Henson believes that the fixed odds and pari-mutuel betting will eventually be adopted in other states too.
He spoke more about the changes in an interview with SBC Americas. The changes that have taken place in the US gambling industry has shown that there is a “clear appetite” for fixed odds sports betting.” Now is the time for this to be put into action and it can hopefully be as successful as seen in other countries such as Australia.
What are the benefits of introducing fixed odds betting? The BetMakers COO believes that it will give the racing industry the chance “to tap a new revenue stream and get their product in front of a broader audience.” Giving gamblers fixed odds in addition to those from the tote, they will have “new options and alternative pricing models” and be able to diversify their horse racing bets.
The hope is that there will be new gamblers attracted to the sport. There is already growing interest in betting and horse racing takes place all over the world. With so many betting opportunities on a daily basis, many may now decide to bet on horse racing rather than just the NFL, NBA and NHL.
Trust being built can help increase revenue
One worry that often exists around gambling is transparency and integrity. For years, the NFL for example battled against the legalization of sports betting fearing the damage it may cause to the integrity of their sport. Now they sign massive partnership deals with gambling companies. With more monitoring and reporting tools being able to be accessed, there is more transparency. s
The future certainly looks bright for the gambling industry in the US. It seems strange that they are offering facilities that have been available elsewhere for so long. There are still many changes that need to be made and more states to legalize betting. The days of having to open overseas accounts without protection are on their way out. All they need to do now is work out who’s going to win at Churchill Downs in the next big race.
