With the passage of Bill A4909 this week in the New Jersey General Assembly, the state is one step closer to introducing fixed odds betting for horse racing.
The switch will be welcomed by Australian companies BetMakers and PointsBet, which teamed up in July to introduce fixed odds horse racing betting to the United States through a deal spearheaded by Monmouth Park CEO Dennis Drazin.
The Assembly Tourism, Gaming, and Arts Committee passed Bill A4909 with a majority vote on Tuesday this week as part of the legislative process in the General Assembly, allowing fixed odds wagering on horse races through a fixed odds wagering scheme.
The enabling legislation, which was sponsored by Assembly Gaming Committee Chairman Ralph Caputo and Deputy Republican Leader Assemblyman Ronald S Dancer, received a 7-0 yes vote.
The Assembly Appropriations Committee met immediately after the hearing to discuss the Bill. It was passed overwhelmingly by a majority of 11-0 after a lengthy hearing.
Bill A4909 was approved by the General Assembly after a similar bill, S3090, was approved by the Senate Budget and Appropriations Committee in New Jersey last September. This was also overwhelmingly approved by a vote of 11-0.
The Bill will be introduced on the floor of the General Assembly and the Senate for a complete vote by representatives in the next step of the legislative process. It would then be sent to the Governor’s desk for his consideration if it passes muster. It will be signed into law after he gave his approval.