The home of fixed-odds betting on horse races in the United States just made it easier to access those odds in one of those states. MonmouthBets is now the home of fixed-odds wagering both on the ground in New Jersey and on mobile devices.
On Thursday, BetMakers Technology Group announced that a mobile application is now available for MonmouthBets. In concert with the app launch, BetMakers is introducing fixed-odds markets on a wider array of events.
MonmouthBets app increases availability of fixed-odds markets
For now, fixed-odds betting markets on horse races remain a unique component of New Jersey’s Monmouth Park. However, bettors no longer have to physically be at the park to access those markets.
The MonmouthBets app is available for both Android and iOS devices. Previously, bettors seeking such odds had to visit one of two windows dedicated to fixed-odds betting at the track. Those who prefer can also visit the MonmouthBets website, too.
When Monmouth Park added fixed-odds-wagering windows just over a year ago, it was the first US track to offer fixed-odds betting on horse races. New Jersey remains the only state that allows such gambling.
The app and the track’s other windows still offer pari-mutuel wagering, too. Fixed-odds betting might attract more people to betting on horse races, though.
Why fixed-odds betting is a big deal for betting on horse races
The potential for fixed-odds betting on horse races is that it increases the chances that people who normally bet on human sports might check out gambling on horse races. Most betting markets on sports use fixed odds.
The difference between fixed odds and pari-mutuel goes beyond just the presentation of the odds. However, sports bettors opening pari-mutuel markets and not recognizing what they are seeing has been a significant barrier to entry.
With pari-mutuel markets, the odds are more based on how much money is coming in on a race and which horses that money is backing. For that reason, the odds can change significantly until post time.
In fixed-odds markets, the book sets the odds more based on how their handicapping predicts the race will go. While it’s still possible that the book could move the lines based on how the money comes in, the book has a vested interest in how the race plays out.
As a result, bettors have a better idea of their chances of winning their bets. The trade-off, though, for that confidence is that the bettor has to accept the book’s interest in the market. With pari-mutuel odds, the book is less interested in how the race ends and more in simply getting the pot of money as large as it can be.
Which format bettors prefer is therefore mostly a personal preference. MonmouthBets makes the option available. It also does that from anywhere in New Jersey with its new app. The action is no longer limited to Monmouth Park races, either.
MonmouthBets adds fixed-odds markets for several race tracks
Until now, the availability of fixed-odds markets for MonmouthBets has focused on just live events taking place at Monmouth Park. That’s no longer the case. A Thursday press release from BetMakers states that:
“New Jersey horseplayers can place fixed-odds wagers on races at other North American tracks, initially including Tampa Bay Downs, Canterbury Park, Delaware Park, Hawthorne Race Course, Emerald Downs, and Century Mile.”
It’s also important to note that while New Jersey requires people to be at least 21 years of age to participate in most gambling forms, the minimum age for betting on horses in New Jersey is just 18. At this point, expansion of MonmouthBets is currently limited by state laws in other states.
In all other states, the only legal way to bet on horse races is via pari-mutuel markets. It’s unclear whether BetMakers has any interest in expanding its app and restricting it to such markets. Other mobile applications like DK Horse, FanDuel Racing, and TVG are available to people outside of New Jersey.
To date, there has been no public discussion regarding those apps making fixed-odds markets available in New Jersey. For now, MonmouthBets is running an exclusive. The app makes that exclusive feeling available to more New Jerseyans.