MTHA Board approves export of TMJC signal for fixed-odds wagering

The Maryland Thoroughbred Horsemen’s Association Board of Directors at its April 16 meeting granted approval to The Maryland Jockey Club to send its racing signal to states in which racetracks offer fixed-odds wagering through Dec. 31, 2025.

Approvals are needed from the Maryland Horse Breeders Association and Maryland Racing Commission before the signal can be sent. New Jersey and Colorado currently accept fixed-odds wagers on horse races, and the West Virginia legislature last week approved a measure authorizing fixed-odds betting on Thoroughbred and Greyhound racing in the state.

Bill Knauf, TMJC President and General Manager, was involved in the launch of sports betting and fixed odds on racing at Monmouth Park, where he worked for about 25 years before starting his new position Jan. 1, 2025. He told the MTHA Board it’s important for the Maryland product to be in the marketplace now even though the form of wagering is limited thus far in the United States.

"I’m not saying it’s going to be a financial savior by any means, but sports and sports betting operators will continue to look for content,” Knauf said. “They want to integrate wagering on horse racing into their platforms. It positions us as well because New Jersey is going to be very progressive. I want Maryland racing to make sure we are in there. The biggest problem fixed odds has run into is they haven’t had a lot of content.”

According to information provided by BetMakers, which has an agreement with Monmouth, said fixed odds is still in its infancy in New Jersey but the upcoming opening of the advanced deposit wagering market presents an opportunity for growth. The company plans to launch a “single-wallet” experience, meaning a customer could go back and forth between pari-mutuels and fixed odds on the same betting platform.

BetMakers said it expects to deliver revenue of 2% to 4% of handle on Maryland racing via fixed-odds wagering in the U.S. market. Knauf said the return from pari-mutuel bets runs from 5% to 6%.

Thus far, the tracks available for fixed-odds wagering in New Jersey are Tampa Bay Downs, Hawthorne Race Course and the Pennsylvania Thoroughbred tracks. “I feel we’ll be on top of the heap (in terms of handle) outside of Monmouth,” Knauf said.

Depending on the approval process, Knauf said it's possible some races from the short May meet at Pimlico Race Course could be exported to New Jersey.

Retail and mobile sports betting was approved by Maryland voters in 2020 via constitutional amendment, and the enacting legislation included language authorizing fixed odds on horse racing in the state. Knauf said TMJC is not looking to institute it in Maryland yet, but it’s something to consider going forward.

The MTHA board also approved a request, pending agreement on purse funding, from TMJC to card two steeplechase races at Laurel Park in June. Knauf said the National Steeplechase Association had reached out to him about the possibility. Laurel has held steeplechase events in the past.

“It seems to me there is a good base of steeplechasing in Maryland, and I’m open to it,” Knauf said. “We see it as something to promote to the general public to get them to come out (to the races).

Knauf said the plan is to offer the jump races on Father’s Day, which is Sunday, June 15.

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