When Monmouth Park helped lead the charge that would see a 2018 Supreme Court decision open states to fixed-odds sports wagering, the track had hoped such fixed-odds wagering on horse racing would be further along in 2025 than it is, but track officials are still hopeful things will soon move forward.
Through an agreement with BetMakers, Monmouth offers fixed-odds wagering for New Jersey residents on its races and on other tracks that have agreements in place. Monmouth Park CEO and chairman Dennis Drazin said on the July 21 BH Monday podcast that each state and track owner has had its own story when it comes to fixed-odds wagering, in which bettors are offered set odds as opposed to pari-mutuel odds that fluctuate until pools are locked, but he's hopeful the market will soon open.
"Other tracks and jurisdictions around the country are slow to come aboard," Drazin said on BH Monday. "Some need legislation. Some need gaming board approval. Some operators have a mindset that it's going to cannibalize the pari-mutuel handle."
Drazin said the New York Racing Association continues toward making fixed-odds wagering a reality and can devote more resources toward that goal now that its plan for the new Belmont Park is in place and moving forward. Drazin said in talking with customers at Monmouth, he's convinced the sport needs a future that includes fixed-odds wagering.
"I think fixed odds has a really big future in this country," Drazin said, noting it's a good fit for younger bettors who are familiar with this style of betting through sports wagering apps. "When you talk to people in younger demographics, they're used to sports betting, and they're used to the odds, and they're used to getting a return on their money.
"They like fixed odds because they know that when they make their bet, if they're being offered 2-1, 3-1, 5-1; that's the odds they get later when there's a payoff," Drazin added. "I think that the younger demographics get it. I think some of my contemporaries and those that are older than me don't want to learn something new, so they're comfortable with what they're doing.
"I think that if you look at the models from around the world and some of the more sophisticated bettors, they're real believers in fixed odds."
Successful Haskell
The Haskell Stakes (G1) continues to be a hit with horsemen, fans, and horseplayers. The attendance for this year's Haskell that saw Preakness Stakes (G1) winner Journalism open his post-Triple Crown campaign with a late surge to post a half-length victory in the 1 1/8-mile test July 19 at Monmouth.
The race day drew 41,876, the largest crowd since Triple Crown winner American Pharoah won the 2015 edition of the Haskell. Journalism, who finished second in the other two classics, proved a strong draw.
"Credit Journalism for running in every race. Then the horses need a break after the Triple Crown, and Monmouth is positioned so well with the Haskell as the first big race back," Drazin said. "Having Journalism come to Monmouth Park for this race makes it very, very special."
The total handle of $21,999,962 marks the third straight year of record wagering for a non-Breeders' Cup event at Monmouth.
