BetMakers Technology Group Ltd announced that it has signed two-year market access and content agreements with bet365 relating to New Jersey and Colorado.
Under the agreements, bet365 will be licensed by BetMakers to offer fixed odds bets on thoroughbred horse racing to bet365 customers within New Jersey. Bet365 will also be licensed to distribute BetMakers’ thoroughbred racing content to bet365 customers in New Jersey and both thoroughbred and harness racing in Colorado. Bet365 will pay BetMakers a “Market Access Fee” based on a percentage of all fixed odds bets placed in New Jersey on all thoroughbred racing events it offers to its customers and a “Content Fee” based on a percentage of all fixed odds bets placed in New Jersey and Colorado on applicable BetMakers Global Racing Network content. The contracts will run for two years.
The structure of the market access agreement allows bet365 to seek BetMakers’ approval to offer fixed odds wagering on third party global thoroughbred racing content to its New Jersey customers from the many rights holders globally. Bet365 will be required to pay BetMakers the Market Access Fee in respect of online fixed odds wagering in New Jersey on all thoroughbred racing content, regardless of whether that content is provided by BetMakers or a third party.
Jake Henson, Chief Executive Officer of BetMakers, said: “We are very excited to be launching fixed odds betting on thoroughbreds in partnership with a leading sportsbook in the US. 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. We believe the opportunity for both BetMakers and the racing industry more broadly to be significant in the long term.
“We are always actively working with rights holders to deliver opportunities for sustainable industry returns and open new opportunities in expanding growth markets. This opportunity in the US ticks both of those boxes and we look forward to helping our partners build out a global race book.”
