WHAT IS FIXED ODDS BETTING?

Similar to a stock exchange or sports betting, fixed odds betting on racing offers a liquid, ever-changing market that ebbs and flows through all the stages of betting. Once you lock your bet in, those odds are yours, unlike pari-mutuel betting. You can then cheer your horse on knowing the odds you bet, are the odds you’ll get. Sports betting is fixed odds betting and fixed odds betting on horse racing has been available in many other countries – including the UK, Ireland, and Australia – for many years. Now, you can place fixed odds wagers on horse racing in New Jersey exclusively via MonmouthBets or on track at Monmouth Park.

WHAT BET TYPES CAN I PLACE WITH FIXED ODDS?

Win, place, and show.

WHY DOES MY RACE DOES NOT HAVE ANY PLACE OR SHOW ODDS AVAILABLE?

If a race has fewer than 8 runners entered, SHOW bets will not be available. Also, if a race has fewer than 5 runners entered, PLACE & SHOW bets will not be available.

HOW EARLY CAN I BET FIXED ODDS?

Many fixed odds races will be available up to 24 hours in advance of the day’s races. All fixed odds markets offered, will be available on the day of the race.

HOW LONG DOES IT TAKE FOR MY WINNING BETS TO PAY OUT?

Winning bets are paid automatically once the results of a race are official–usually within a few minutes. Occasionally, payments may be delayed as a result of a steward’s inquiry, or when a rider or trainer lodges an objection which must then be decided by the stewards.

WHAT DOES ‘CP’ MEAN?

The CP or Closing Price, is the final Fixed Odds price offered before the race is closed for betting. The payout for Closing Price is not published until the race is declared official.

If you place a bet before the official Fixed Odds market is open, you are choosing to bet the Closing Price, your price is not locked-in at your set value, and you will not know your payout until the race is deemed official.

IS THERE A LIMIT TO HOW MUCH I CAN BET?

Yes. Monmouth Park will accept wagers for which the customer could win up to $2,500 on win bets or up to $1,000 on place and show bets.

WHAT ODDS FORMAT ARE FIXED ODDS DISPLAYED IN AND HOW DOES IT WORK?

Fixed odds are displayed in decimals, which provide the easiest way to calculate odds. Very simply, the odds are displayed as what you would collect for every dollar you bet. For example, if a horse is 3/1 in fractional odds, its decimal price is $4 because for every dollar you bet, you collect $4: the $3 for the win plus the $1 you invested. What you collect from a winning bet is simply the multiple of the decimal price of the horse and how much you bet.

IF MY HORSE IS SCRATCHED AFTER I PLACE A BET, DO I GET MY MONEY BACK?

Yes. If a horse is scratched, any bets that have been placed prior are refunded. Your bet stake will be returned to your account wallet.

WHAT HAPPENS IF MY RACE IS CANCELED?

If you have placed a bet and the entire race is abandoned it will be noted on the website and app and your bet will be refunded into your wallet.

ARE THERE GUARANTEED MINIMUM PAYOUTS IN FIXED ODDS BETTING?

No, unlike the pari-mutuel system, there are no set minimum payouts. This means in certain situations, a last minute scratch and subsequent deduction can cause your odds to drop below even money. That means a winning bet can potentially return less than the initial stake.

DO DEDUCTIONS APPLY TO THE RUNNERS LEFT IN THE RACE IF ANY SCRATCHES TAKE PLACE?

Yes. This is the only time the payout may change. In order to be able to refund bets on a scratched horse, the overall market needs to factor in that horse no longer being in the field. Therefore, for every individual price, there is a specified cent in the dollar adjustment that applies to all bets taken prior to the scratch, on runners still in the race.

HOW DO I CALCULATE POTENTIAL DEDUCTIONS?

Any scratches that occurred before you placed your bet do not impact your bet. However, your bet is subject to a deduction for any scratches that occur after you place your bet

As an example: you place a $100 Win bet on a horse with fixed odds of $2.00. After you place your bet there is a scratch which incurs a $0.20 deduction per dollar (20%).

To calculate your payout after deductions when a bet wins:

• $100 stake x $2.00 odds = $200 potential payout
• $200 potential payout x $0.20 deduction per dollar (20%) = $200 x 0.20 = $40 deducted amount
• $200 potential payout – $40 deducted amount = $160 actual payout.

WHY ARE DEDUCTIONS APPLIED?

Simply put, because each horse’s probability of winning changes as a result of a scratch. Not unlike the swings that occur in a pari-mutuel pool after a key scratch, or a race that comes off the turf. You can read the full schedule of deductions under the MonmouthBets House Rules.

ARE MONMOUTH PARK’S RACES THE ONLY ONES I CAN BET WITH FIXED ODDS?

No, additional US and international content will be added throughout the season for fixed odds wagering at Monmouth Park and via the MonmouthBets app and website.

WHERE CAN I FIND THE HOUSE RULES?

House rules are available by selecting the House Rules link at the bottom of the page.

HOW DO I OPEN A MONMOUTH BETS ACCOUNT?

Click the “Join” button in the top right corner of our home site and fill in your details. You must be physically located within New Jersey to start a new registration.

HOW DO I VERIFY MY ACCOUNT?

We use IDology to automatically verify most of our clients. To check whether your account is already verified click on the ‘person’ icon–located in the navigation bar at the top of your screen–to open your personal profile. If your account set up is complete, you will see the word verified in green, next to your username.

If your information has not been verified automatically, we will need to manually confirm your information. You will see a message at the right of the screen instructing you to complete the verification process by connecting with our Customer Support team through chat or email.

DO YOU CHARGE A TRANSACTION FEE ON DEPOSITS?

MonmouthBets does not add any transaction fee when you make a deposit into your account. However, when you deposit using a credit card the transaction is treated as a cash advance by your bank, which may incur additional fees and/or a higher interest rate.

WHY DOES IT SAY THAT I HAVE $0 BALANCE AVAILABLE FOR WITHDRAWAL?

As part of our anti-money laundering policy, all funds deposited must be wagered at least once before they are eligible for withdrawal.

DO YOU OFFER PROMOTIONS?

Yes! See our promotions page for our current offers and applicable terms and conditions.