SBC News Voice of the Sports Betting Industry
Australia-based betting technology firm BetMakers Technology Group has completed a major milestone in North America, supporting the launch of MonmouthBets.
MonmouthBets will accept wagers from New Jersey’s Monmouth Park from 13 May onward, building on BetMakers’ launch of retail fixed odds horse racing at the track in 2022.
The product, regulated by the New Jersey Division of Gaming Enforcement, marks the first legal and regulated mobile application for fixed odds betting on horse racing in the US.
BetMakers CEO, Jake Henson, said: “With last year’s retail offering setting the foundation, we are excited and honoured to bring fixed odds betting to horseplayers through our MonmouthBets digital platforms.
“Fixed odds betting will help to form a healthy betting ecosystem for horse racing in New Jersey and beyond, with the transformative potential to provide a massive benefit to the entire racing industry.”
An ASX-listed enterprise, BetMakers has been pursuing international growth from its headquarters in New South Wales in recent years, eyeing up opportunities in both Europe and North America.
Trading updates from the firm have shown continued progress, with the latest report covering 1H 2023 (1 July-31 December 2022) revenue of A$46.7m, up 7.5% on corresponding 1H22 income of A$43.5m.
In its home market of Australia the firm has secured a long-running contract with NTD to support the Betr sportsbook, whilst its Global Tote division has partnered with Norway’s Norsk Rikstoto.
Further international deals have seen the firm sign an agreement with UK and Africa ‘supercharged betting operator’ kwiff, whilst in the US the Global Tote secured terms with Caesars Entertainment, and BetMakers hopes to capitalise in the MonmouthBets partnership beyond New Jersey’s borders.
The group believes that there is substantial US demand for a fixed odds horse racing product, citing a survey it commissioned which showed 83% of US horse racing bettors wished to see this option sit alongside the existing parimutuel system.
Dennis Drazin, CEO and Chairman of Monmouth Park operator Darby Development LLC, remarked: “We’re excited about the prospect of being able to offer fans the ability to wager online, as easily and conveniently as they now do with sports betting, through this innovative app for fixed odds horse racing. We believe it will attract new customers, drive growth and increase handle significantly.”
