The BetMakers Technology Group Ltd (ASX: BET) share price opened in positive territory on Tuesday after the company announced an update for fixed odds wagering in New Jersey.
At the time of writing, the BetMakers share price is up 1.69%, trading at $1.20 after touching an intraday high of $1.26 this morning.
What did BetMakers announce?
Investors are buying the BetMakers share price this morning after the company advised that the 'Fixed Odds Bill' to authorise "fixed odds wagering on horse races through a fixed odds wagering system" was passed unanimously in both the Senate and General Assembly in New Jersey this morning.
In today's statement, the company advised that Senate voted 40-0 in favour of the Fixed Odds Bill, after amendments were made to accommodate the horsemen groups and stakeholders.
The Fixed Odds Bill was then successfully passed through the General Assembly, after a unanimous 71-0 vote in favour.
The Bill will now go to Governor of New Jersey, Phil Murphy, for approval to become law.
If successful, New Jersey will be the first state to offer fixed odds betting options for horse racing.
BetMakers is eager for the passing of this Bill, with an exclusive 10-year agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development LLC, the operator of Monmouth Park racetrack, to manage its fixed odds thoroughbred horse racing.
What did management say?
BetMakers CEO Todd Buckingham welcomed the news, saying:
We are pleased that the Bill, after minor amendments, has now passed full votes on the floor of the Senate and General Assembly in New Jersey. The legislative process has been thorough and exhaustive in terms of our consultative approach with lawmakers and stakeholders in the New Jersey racing industry.
We have done this with a view to setting the right legal and commercial framework for introducing Fixed Odds betting into the US through New Jersey.
Buckingham said the support for fixed odds "as a solution to facilitate growth in the horse racing industry in the US" was gaining momentum throughout the industry.
We are excited about what this opportunity means for the racing industry in New Jersey and more broadly in the US. We are also excited about what it enables for BetMakers as a Company, and our shareholders
BetMakers share price staging a comeback
BetMakers' Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business takeover offer plunged its share price from $1.60 on 27 May to a low of $1.015 on 7 June.
The Betmakers share price has since staged a minor comeback, bouncing more than 20% off lows to $1.20 at the time of writing.
The recent rally has been supported by a stream of positive news, including the completion of its Sportech acquisition and today's Fixed Odds Bill milestone.
