Online wagering at New Jersey’s only full-time thoroughbred horse racing track will soon be overseen by a new managing vendor.
Monmouth Park announced today that the New Jersey Sports & Exposition Authority, through its agent Darby Development, has signed an agreement with NYRA Bets for the latter to become the managing vendor of New Jersey’s online and mobile pari-mutuel account wagering system for horse racing.
NYRA Bets is the official advance deposit wagering (ADW) platform of the New York Racing Association and is currently available in 36 states. Its ADW platform allows fans to wager on tracks worldwide from anywhere at any time.
“A win for New Jersey”
FanDuel has been the exclusive provider of account wagering services to the New Jersey sports betting market under a long-term contract first signed in 2007.
The new setup with NYRA Bets will allow other account-wagering operators to offer betting on Monmouth’s races once they reach a third-party agreement with NYRA Bets, Monmouth, and the New Jersey Racing Commission.
“We are pleased to usher in a new era for horseplayers in New Jersey,” said Tony Allevato, president of NYRA Bets. “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.”
FanDuel’s 4NJBets platform will continue as an online and mobile wagering site in New Jersey “as usual without disruption of service” during a transition.
More choices, more fun
The total market for ADW betting in New Jersey has been approximately $270 million a year, according to sources cited by DRF. New Jersey is also one of the only states where fixed-odds betting on horse racing is available.
Opening up the marketplace to offer more wagering options could foster further growth and expansion, which Monmouth leaders are excited about.
“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, chairman and CEO of Darby Development. “It’s another step in our ongoing effort to make the racing experience in New Jersey as fan-friendly as we possibly can.”
NYRA Bets will coordinate with online and mobile sportsbook operators to establish a launch date later this year.
