TPBTF - Betmakers Technology Group Ltd (TPBTF) New Jersey Fixed Odds Update
Sydney, Australia (ABN Newswire) - BetMakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) would like to provide an update on the roll out of Fixed Odds betting on Thoroughbred racing in New Jersey.
The initial roll-out at Monmouth Park has been "softly" staged and controlled, with a maximum 8 teller windows operational, out of more than 300 in operation for tote betting. Initial turnover on course of US$370,000 which has been ~10% of the total betting handle on track.
Monmouth Park continues to expand the on course offering with BetMakers' new Self Service Betting Terminals, expected to be live on course during this current quarter. MounmouthBet.com website and mobile applications are also expected to launch soon with Fixed Odds.
The Company would like to address an online media article in the US with regards to betting by New Jersey residents on "Out of State" races or races conducted outside of New Jersey.
As previously announced, BetMakers has an exclusive agreement with the New Jersey Thoroughbred Horsemen Association ("NJTHA") to manage Fixed Odds betting conducted on Thoroughbred racing in New Jersey on its behalf.
It is the position of BetMakers, the NJTHA and Monmouth Park that, under the Fixed Odds Wagering Act, it is a requirement that any fixed odds wagering licensee in New Jersey has an agreement in place with the Permit Holder of each code of racing to offer fixed odds wagering in New Jersey on races within that code, regardless of whether the race is conducted in or outside of New Jersey.
The "Permit Holder" for Thoroughbred racing in New Jersey is the NJTHA.
It is understood that, for the avoidance of doubt, the NJTHA and Monmouth Park have requested confirmation of this position from the Division of Gaming Enforcement in New Jersey.
It is expected that BetMakers, as the exclusive representative for the NJTHA in respect of fixed odds wagering on Thoroughbred racing in New Jersey, will require any fixed odds wagering license holder to ensure it has all the agreements in place, including with the NJTHA/BetMakers and any rights holder of content for "Out of State" signals, to offer fixed odds wagering within New Jersey on Thoroughbred Racing.
BetMakers will continue to work with Rights Holders and racetracks, to be granted rights on mutually beneficial terms to be granted access to their Thoroughbred Racing content for fixed odds betting to be conducted within New Jersey by those wagering license holders that have agreements in place with NJTHA/BetMakers.
BetMakers $1mil Bonanza
BetMakers and Monmouth Park will again launch the BetMakers Million Dollar bonanza for any horse that can complete the "Bonanza Triple" kicking off with winning the Grade 1 "The Haskell" on the 23rd July 2022.
To complete this year's Bonanza and emulate the great Authentic who collected the Bonanza in 2020, the Haskell winner will need to head to Saratoga five weeks after to take out the Travers Stakes and then finish it off at Keeneland with the Breeders Cup Classic in the first week of November.
Fixed Odds Betting on the Haskell will officially kick off on the Wednesday prior to the race.
The initial roll-out at Monmouth Park has been "softly" staged and controlled, with a maximum 8 teller windows operational, out of more than 300 in operation for tote betting. Initial turnover on course of US$370,000 which has been ~10% of the total betting handle on track.
Monmouth Park continues to expand the on course offering with BetMakers' new Self Service Betting Terminals, expected to be live on course during this current quarter. MounmouthBet.com website and mobile applications are also expected to launch soon with Fixed Odds.
The Company would like to address an online media article in the US with regards to betting by New Jersey residents on "Out of State" races or races conducted outside of New Jersey.
As previously announced, BetMakers has an exclusive agreement with the New Jersey Thoroughbred Horsemen Association ("NJTHA") to manage Fixed Odds betting conducted on Thoroughbred racing in New Jersey on its behalf.
It is the position of BetMakers, the NJTHA and Monmouth Park that, under the Fixed Odds Wagering Act, it is a requirement that any fixed odds wagering licensee in New Jersey has an agreement in place with the Permit Holder of each code of racing to offer fixed odds wagering in New Jersey on races within that code, regardless of whether the race is conducted in or outside of New Jersey.
The "Permit Holder" for Thoroughbred racing in New Jersey is the NJTHA.
It is understood that, for the avoidance of doubt, the NJTHA and Monmouth Park have requested confirmation of this position from the Division of Gaming Enforcement in New Jersey.
It is expected that BetMakers, as the exclusive representative for the NJTHA in respect of fixed odds wagering on Thoroughbred racing in New Jersey, will require any fixed odds wagering license holder to ensure it has all the agreements in place, including with the NJTHA/BetMakers and any rights holder of content for "Out of State" signals, to offer fixed odds wagering within New Jersey on Thoroughbred Racing.
BetMakers will continue to work with Rights Holders and racetracks, to be granted rights on mutually beneficial terms to be granted access to their Thoroughbred Racing content for fixed odds betting to be conducted within New Jersey by those wagering license holders that have agreements in place with NJTHA/BetMakers.
BetMakers $1mil Bonanza
BetMakers and Monmouth Park will again launch the BetMakers Million Dollar bonanza for any horse that can complete the "Bonanza Triple" kicking off with winning the Grade 1 "The Haskell" on the 23rd July 2022.
To complete this year's Bonanza and emulate the great Authentic who collected the Bonanza in 2020, the Haskell winner will need to head to Saratoga five weeks after to take out the Travers Stakes and then finish it off at Keeneland with the Breeders Cup Classic in the first week of November.
Fixed Odds Betting on the Haskell will officially kick off on the Wednesday prior to the race.
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.
Source:
Betmakers Technology Group Ltd
Contact:
Charly Duffy
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780
Jane Morgan
Investor and Media Relations
E: investors@thebetmakers.com
M: +61-405-555-618