BetMakers (ASX:BET) extends NJ exclusive agreement to 15 years

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BetMakers (ASX:BET) extends NJ exclusive agreement to 15 years

BetMakers, Restated Fixed Odds & Data Distribution Agreement, Darby Development LLC, NJTHA, horse racing, fixed odds betting, punters, Monmouth Park
Image source: © Martinapplegate | Megapixl.com

Highlights

  • BetMakers signs an amended and restated fixed odds & data distribution agreement with Darby Development LLC and NJTHA.
  • The company has signed the agreement through its 100 per cent subsidiary BetMakers DNA Pty Ltd.
  • Now, BetMakers will be the sole provider to manage fixed odds betting on thoroughbred horse racing into New Jersey for a period of 15 years.

ASX-listed betting technology company BetMakers Technology Group Ltd (ASX:BET) announced on 24 January 2022 that the company has signed an amended and restated fixed odds & data distribution agreement with Darby Development LLC and the New Jersey Thoroughbred Horseman Association (“NJTHA”).

BetMakers has signed the agreement through its completely owned subsidiary BetMakers DNA Pty Ltd, trading as the Global Racing Network (GRN). 

The parties have reached a consensus to extend the term for BetMakers to be the sole provider to deliver and manage fixed odds betting on thoroughbred horse racing into New Jersey from 10 years to a new contracted period of 15 years. 

Here are further details from BetMakers’ announcement:

  • NJTHA has picked GRN as its exclusive representative to enter into any written agreement. This involves approving, denying, or conditioning the conduct and acceptance within New Jersey of fixed odds wagering on Thoroughbred racing
  • GRN has been authorised to license and distribute any Thoroughbred content to third parties to provide fixed odds wagering on win, place, and show bets.
  • Monmouth Park (Darby) has appointed GRN as the sole licensee of Monmouth Park’s Thoroughbred content to provide fixed-odds wagering within New Jersey. It is to be noted that Darby Development LLC is the operator of Monmouth Park.
  • NJTHA has selected GRN as the exclusive licensee to provide fixed odds wagering within New Jersey on live New Jersey Thoroughbred Content.

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It is expected that with this development, the business will deliver a new product to the punters (bettors/handicappers) - who will be able to have the option to set the price of their runner when placing a winning place or show bet, the company said.

The company further believes that this option will open up horse racing to a sizeable new audience. Punters are one of the most important stakeholders in racing.

BET shares were trading 3.054 per cent lower at AU$0.635 apiece on ASX as of 12:54 PM AEDT. In the last one month, the stock has corrected over 25 per cent.

Bottom Line:

According to BetMakers, introducing fixed odds betting on sports has received an overwhelmingly positive response in the US. BetMakers expects to see a similar kind of response to fixed-odds betting on horse racing as well.

Read More: Why is BetMakers Technology (ASX:BET) in news lately?

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