Horse betting in New Jersey is not only getting a little bit of New York flavor. But the industry could also welcome more advanced deposit wagering (ADW) platforms in the very near future.
Darby Development, which runs Monmouth Park, entered into an agreement with NYRA Bets this week, allowing the latter to become the managing vendor of the parimutuel NJ horse betting industry.
What’s more, the deal opens the door for the Garden State to welcome more ADW operators to the scene, which currently features just one platform.
More NJ horse betting apps ‘a win for New Jersey’
For over a decade, 4NJBets – a product of TVG – has offered online parimutuel wagering as the only platform to do so in New Jersey. As the announcement noted, 4NJBets will continue operations “as usual without disruption of service.”
Now, 4NJBets can begin preparing for some competition, as this agreement between Darby Development and NYRA Bets – the ADW platform for the New York Racing Association – will also other ADW operators to open up shop in the Garden State with the approval of NYRA Bets, Darby Development and the New Jersey Horse Racing Commission.
“This is a win for the patrons in New Jersey, allowing them to have choices for the first time as to which site they prefer to wager with,” Dennis Drazin, chairman and CEO of Darby Development, said in a press release.
“It’s another step in our ongoing effort to make the racing experience in New Jersey as fan-friendly as we possibly can.”
The racing commission will still need to approve the deal. After that, NYRA Bets will begin establishing launch dates for other online operators later this year.
“We are pleased to usher in a new era for horseplayers in New Jersey,” Tony Allevato, president of NYRA Bets, said in a statement.
“As the sports betting market continues its rapid evolution, the expansion of NYRA Bets into New Jersey will benefit consumers by increasing competition. It’s a win for New Jersey, for horse racing and for NYRA Bets.”
More clarity on NJ horse betting industry
For those who may not know already, in addition to 4NJBets, New Jersey does feature another online horse betting app. Last year, Monmouth Park launched the state’s first and only fixed-odds platform known as MonmouthBets.
However, fixed-odds and parimutuel betting differ. With the former, when you place a bet, those odds lock in until the event is settled. With ADW or parimutuel betting, however, the odds can fluctuate until the race begins; essentially, you won’t know exactly what odds you will get until the actual event.
So while New Jersey may technically feature two horse betting apps, only 4NJBets stands as an ADW platform. At least, it did.
With this NYRA Bets deal, pending approval, expect more operators to charge through the gates. Brand names like FanDuel Racing and DK Horse (from DraftKings) already operate in other states, for example.
The likes of Caesars and BetMGM also have their own horse betting platforms that New Jersey could usher in thanks to this deal.
