NYRA Bets, the national account-wagering operation of the New York Racing Association, will formally take over account wagering in New Jersey under an agreement signed between the association and the operator of Monmouth Park, the state’s only full-time Thoroughbred track, the two companies announced on Tuesday.
The agreement is a significant stride forward for NYRA in its efforts to expand the footprint of NYRA Bets, which is heavily promoted on daily broadcasts of NYRA races on Fox Sports outlets. NYRA Bets is the dominant account-wagering operator in New York, but NYRA has been aggressively pursuing inroads into other states. It is currently available in 36 states.
Prior to the agreement, FanDuel, the sports-betting company that owns TVG, was the exclusive provider of account-wagering services to New Jersey residents, under a long-term contract that was first signed in 2007. The agreement was extended to 10 years in 2013 and extended another year in 2023 as New Jersey officials began to contemplate changes to the exclusive structure.
Under the new agreement, other account-wagering operators will be able to offer betting on Monmouth’s races provided they reach a third-party agreement with NYRA Bets, Monmouth, and the New Jersey Racing Commission, according to officials. Over the past several years, the total market for ADW betting in New Jersey has been approximately $270 million a year, according to officials.
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The transition to NYRA Bets is likely to take several months. The agreement needs the approval of the New Jersey Racing Commission, after which “NYRA Bets will coordinate with online/mobile/sportsbook operators to establish a launch date later this year,” the companies said in a joint release.
“This is a win for the patrons of New Jersey, allowing them to have choices for the first time as to which site they prefer to wager with,” said Dennis Drazin, the head of the company that operates Monmouth under a long-term lease with the state. “It’s another step in our ongoing effort to make the racing experience in New Jersey as fan-friendly as we possibly can.”
The site established by FanDuel to take bets in New Jersey, 4NJBets, will continue to operate in the state “as usual without disruption of service” until the transition, the statement said.
Earlier this year, NYRA reached an agreement to show Monmouth’s races during the spring and early summer on the television broadcast NYRA co-produces with Fox, “America’s Day at the Races.” NYRA also signed on as the sponsor of Monmouth’s most prestigious race, the Haskell, which often serves as a prep for the Travers Stakes at NYRA’s Saratoga Race Course.
New Jersey is one of only several states in which fixed-odds betting on horse racing is available. The market for fixed odds has been mixed at best since Monmouth began offering fixed prices on its races over the past three years.
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