FIXED ODDS BILL PASSES NEW JERSEY SENATE AND GENERAL ASSEMBLY - BETMAKERS (ASX:BET)
NJ Senate today voted 40-0 in favour of Fixed Odds Bill after amendments
NJ General Assembly today voted 71-0 in favour of amended Fixed Odds Bill
Fixed Odds Bill has now passed both Senate and Assembly and will be sent to NJ Governor
BetMakers has exclusive 10-year Fixed Odds agreement on thoroughbred horse racing in New Jersey
The Board of BetMakers Technology Group Ltd (ASX:BET) (“BetMakers” or the “Company”) is delighted to announce that a Bill to “authorise fixed odds wagering on horse races through fixed odds wagering system” (“Fixed Odds Bill”) was passed unanimously in both the Senate and General Assembly in New Jersey on June 21, 2021 (in the early hours of this morning AEST).
The Senate today voted 40-0 in favour of the “Fixed Odds Bill” after amendments were made to accommodate the horsemen groups and stakeholders. The “Fixed Odds Bill” was then declared passed after a unanimous 71-0 vote in favour by the General Assembly.
As a part of the formal legislative process, the Bill will now go to the Governor of New Jersey for approval to become law.
As previously announced to the market, BetMakers has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator of Monmouth Park racetrack, to deliver and manage Fixed Odds thoroughbred horse racing into New Jersey. Please see the Company’s announcements dated 5 February 2020, 3 July 2020 and 21 May 2021 for further information regarding this agreement.
BetMakers Chief Executive Officer Todd Buckingham said:
“We are pleased that the Bill, after minor amendments, has now passed full votes on the floor of the Senate and General Assembly in New Jersey. The legislative process has been thorough and exhaustive in terms of our consultative approach with lawmakers and stakeholders in the New Jersey racing industry. We have done this with a view to setting the right legal and commercial framework for introducing Fixed Odds betting into the U.S. through New Jersey.
We feel the support for Fixed Odds as a solution to facilitate growth in the horse racing industry in the U.S. gaining momentum throughout the industry. We are excited about what this opportunity means for the racing industry in New Jersey and more broadly in the U.S. We are also excited about what it enables for BetMakers as a Company, and our shareholders.”
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