bet365 has signed two-year agreements for market access and content agreements with BetMakers Technology Group Ltd., headquartered in Australia, which will offer fixed odds on thoroughbred horse racing and harness horse racing to registered bet365 customers in New Jersey and Colorado.
BetMakers, a leading global B2B provider of technologies, is licensing bet365 to bring the fixed odds market for horse racing to these two legal sports betting states. Customers in the New Jersey sports betting market can access thoroughbred racing content and fixed odds betting markets, while bet365's Colorado sports betting customers can gain access to harness racing content and fixed odds betting markets.
bet365 is already licensed to offer fixed odds bets on thoroughbred horse racing in Colorado. The agreements with BetMakers have been officially entered into with Hillside LLC, which is a subsidiary of bet365.
“We are very excited to be launching fixed odds betting on thoroughbreds in partnership with a leading sportsbook in the U.S.," chief executive officer of BetMakers, Jake Henson, said in a statement. "This is a significant milestone for BetMakers and aligns with our strategy for fixed odds betting on thoroughbreds in the U.S."
Introducing fixed odds horse racing markets in the U.S.
While most states in the U.S. allow some form of online horse racing betting, it’s mostly via parimutuel odds. Parimutuel odds mean that the odds on a horse can and will change after placing a wager, versus fixed odds markets, which do not change the final payout after an initial wager is placed. Parimutuel betting odds change based on the amount of money being wagered on each horse.
bet365 will pay BetMakers a market access fee based on a percentage of all fixed odds bets placed in New Jersey on all thoroughbred racing events it offers to its customers. There is also an additional content fee which is based on a percentage of all fixed odds bets placed in New Jersey and Colorado on applicable BetMakers Global Racing Network content for the two-year duration of each contract.
It’s the first contract of any major online sportsbook operator to enter into New Jersey’s fixed odds horse racing market.
“The sports betting market in the U.S. is starting to mature, and the interest from operators in horse racing as a product is expected to become even stronger," Henson said. "The high frequency of horse racing can deliver high engagement and high-margin returns to operators. We believe the opportunity for both BetMakers and the racing industry more broadly to be significant in the long term. We are always actively working with rights holders to deliver opportunities for sustainable industry returns and open new opportunities in expanding growth markets. This opportunity in the U.S. ticks both of those boxes and we look forward to helping our partners build out a global race book.”
