Despite some struggles over the past few decades, the world of horse racing and its aligned betting markets, is alive and well. There’s no better proof than the deal that was just inked late last week between BetMakers and Bet365 to have the company provide fixed odds on thoroughbred racing in New Jersey and Colorado.
The terms of the deal vary slightly for the two markets, though they are very similar. In New Jersey, Bet365 will be paying BetMakers a market access fee. That fee is based on a percentage of the total amount wagered through Bet365 on thoroughbred horse racing. In both Colorado and New Jersey Bet365 will also be paying BetMakers a content fee based on the total amount wagered on races related to their content.
BetMakers’ deal with Bet365 could not come at a better time for the beleaguered horse racing business. Bet365 is the first major sports betting operator to strike a deal with the world of fixed odds horse racing. Representatives of the horse racing world are hoping that this is not a one-time deal.
In comments reported on by iGaming Business, BetMakers CEO Jake Henson lauded the deal saying, “This is a significant milestone for BetMakers and aligns with our strategy for fixed odds betting on thoroughbreds in the US. The sports betting market in the US is starting to mature and the interest from operators in horse racing as a product is expected to become even stronger. The high frequency of horse racing can deliver high engagement and high margin returns to operators.”
Whether or not this will spur new interest in fixed odds horse racing is something that will play out over the two-year course of the deal.