Fixed-odds wagering on horse races in New Jersey to become a reality soon. The state Senate and General Assembly unanimously passed a bill that allows such wagers on June 21.
The bill will now be sent to New Jersey Gov. Phil Murphy, a Democrat.
Racing in the United States relied on pari-mutuel wagering. Bet totals on each horse or entry are used to determine odds and payoffs, and a percentage is taken off the top to fund tracks and purses, fixed-odds wagering sees a bookmaker offer odds on each horse or entry that are locked in at that price when a patron purchases a ticket.