BetMakers Technology Group Ltd. has entered into a significant two-year agreement with bet365 to introduce fixed odds horse racing betting in New Jersey and Colorado. This strategic partnership marks a notable advancement for both companies, with bet365 offering BetMakers’ thoroughbred and harness racing content.
Under the terms of the agreement, bet365 will pay a Market Access Fee and a Content Fee based on the fixed odds bets placed on thoroughbred racing events. This initiative is expected to drive industry growth and increase interest in horse racing betting in the United States.
BetMakers will provide fixed odds bets on thoroughbred horse racing to bet365 customers in New Jersey and distribute its racing content to customers in both New Jersey and Colorado. Bet365 will pay a market access fee based on a percentage of all fixed odds bets placed on thoroughbred racing events in New Jersey, in addition to a content fee for bets placed on BetMakers’ racing content in both states.
The agreement allows bet365 to seek approval from BetMakers to offer fixed odds wagering on third-party global thoroughbred racing content to its New Jersey customers, ensuring BetMakers receives the market access fee on all thoroughbred racing content in the state.
BetMakers highlights this deal as a major step, with bet365 becoming the first major operator to enter New Jersey’s fixed-odds horse racing market. The financial impact of the agreement is yet to be determined, but BetMakers anticipates that these contracts will significantly contribute to its strategic goals. Furthermore, these initial deals may encourage other operators to pursue similar arrangements and prompt additional states to consider fixed-odds approvals.
Jake Henson, BetMakers CEO, commented: “The sports betting market in the US is starting to mature and the interest from operators in horseracing as a product is expected to become even stronger. The high frequency of horseracing 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.”
