For those that enjoy betting on horse racing in New Jersey, fixed odds betting has just been approved. Both houses approved the latest bill and it was sent to the Governor. Once signed, all state racetracks will be able to offer fixed odds betting. This is one of the more popular forms of sports betting on horse races and it was initially introduced in Australia 10 years ago.
Initial fixed odds betting will be offered at Monmouth Park in New Jersey and will be an option for pari-mutuel betting. When it is first offered, you will only have the option to enjoy fixed odds on win, place, and show bets. All exotics bets will remain pari-mutuel based.
The legalization of this form of betting in New Jersey will most likely cause a push for other states to pass similar betting laws. There will be many benefits from racetracks as well as punters and NJ residents will be able to enjoy a new way to wager and win, without worrying about fluctuating odds. This means you never have to guess your possible payout. You will know exactly what can be won the second you place your bet.
When you wager on horse races with fixed odds, the odds will not fluctuate as the race nears or takes place. This type of betting is one reason that many purses on thoroughbred races in other countries have seen a huge increase. This type of bet is more like a traditional sports bet instead of a pari-mutuel wager. While it is hugely popular in countries like the UK and Australia, US bettors may not be so eager to place wagers.
It could mean that you will bet on a horse with 10:1 odds and only have it pay at 5:1. Based on information from playnj.com, takeouts on fixed odds betting will only be 12.5%. This is much lower than the take you would find with pari-mutuel wins. Unlike pari-mutuel betting here wagers are used to determine final odds and possible payouts, fixed odds betting locks in a specific price when any ticket is purchased. If the line is later adjusted, the payoff for the ticket bought will not be adjusted.
There is an obvious advantage to placing fixed odds wagers on horse races. You will know without a doubt how much you will win from any winning bet. The plan that is being enacted in New Jersey has some other benefits as well. The basic takeout, which is the cost for a track to host the event, will be set at 12.5% instead of 15% to 18%.
The fixed odds betting will make use of American odds. These are easy to understand and are often used with other sports bets, so anyone with betting experience will have an easier time choosing the best possible wagers.
Introducing fixed odds betting will also eliminate last-second odds swings. These have become quite popular due to the use of computer programs that are used to add large amounts to betting pools in the very last seconds. The advantage of waiting to wager until the gates actually open will be removed and the goal when betting will shift to when you should lock in the best price.
With these great benefits, we expect the new fixed odds betting system in New Jersey to be a big hit. The state hopes to attract even more bettors by offering this new way of wagering, leading to the generation of additional revenue.