00:00Jim and I have discussed this topic in horse racing for some time, which is the idea that
00:10when you bet on a horse at a racetrack, whenever it is, the odds change over the course of
00:17the day, the week, the time.
00:20But that could be coming to an end at least in some different places, Jim.
00:24Right now, Bet365 and BetMakers, you'll have to tell me a little bit about them, are offering
00:30what we would call as fixed horse odds.
00:33Not that the races are fixed, but just the idea that when you place a bet, you get the
00:38odds at the time that you place them.
00:41Tell us more.
00:42Yeah, exactly.
00:43So BetMakers is an Australian-based company, very deep into horse racing in Australia.
00:52They've been in New Jersey for the last handful of years, and they've partnered with Monmouth
00:57Park on a variety of fixed odds horse wagering options there.
01:02So what this agreement that was just announced a few days ago will do is basically allow
01:11the Bet365 sportsbook to offer fixed odds horse betting in New Jersey.
01:19If you recall, Craig, Bet365 already offers fixed odds horse betting in Colorado through
01:26their sportsbook.
01:27And I was kind of digging into this a little bit yesterday, and the interesting thing is
01:31that in Colorado, fixed odds horse betting is considered a sports wager.
01:37It's an approved sports bet in Colorado.
01:40It is not, however, a approved sports bet in New Jersey.
01:47So some regulatory hurdles before this is actually going to be live in New Jersey, given
01:55that sort of, you know, the way it's kind of characterized in New Jersey, making it
02:02a little bit of an additional hurdle to place this in the Bet365 sportsbook.
02:08But nonetheless, a deal to bring fixed odds into sort of the popular, if you will, sports
02:19betting arena.
02:20Now like you were saying, yes, there's been some frustrations over the years with the
02:26odds fluctuating in horse racing because it is a power mutual system.
02:31That power mutual system is not going to go away, and I believe that that is going to
02:35remain, at least for the foreseeable future, the main sort of betting pools that people
02:43will be playing in.
02:45The conversations that I've had with multiple sportsbook operators over the last handful
02:49of months, this fixed odds is just sort of a supplement to hopefully capture a new
02:55audience and appeal to more of that sports player, that sports betting customer, and
03:01bringing them into horse racing, as we've seen, you know, a variety of different sportsbooks,
03:07you know, FanDuel, DraftKings, Caesars, investing heavily in that horse betting market.
03:13So Bet365 and BetMakers partnering to bring fixed odds into that Bet365 sportsbook in
03:21New Jersey still remains to be seen exactly when that will launch, but that deal in place
03:27as of Sunday night.
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