Betfair to offer exchange betting in New Jersey
Planned five-year deal with Monmouth Park racetrack will see online exchange betting available in the US for the first time
Betfair US is set to sign a five-year deal with Monmouth Park racetrack in New Jersey to offer online horse racing exchange betting to players in the state.
The deal will see Monmouth Park become the first track in the US to offer exchange wagering once final regulatory measures are resolved, however it is as yet unclear when that will happen.
The New Jersey Racing Commission has given exchange wagering the green light, but legislation must now be sent to the state’s attorney for review followed by a period of public commentary.
“We are hopeful that we can offer exchange wagering in New Jersey at some point in the future but can’t predict the timing of regulatory processes,” James Midmer, spokesman for Betfair US, told eGaming Review.
Last year Betfair, through its subsidiary TVG, won the contract to run the platform for New Jersey’s customer-facing online horserace betting site 4NJBets.com.
TVG was selected by Darby Development, the Monmouth Park management company which also runs the pari-mutuel horseracing industry on behalf of the New Jersey Sports and Exposition Authority.
Exchange wagering has been popular in Europe since it was introduced by Betfair more than a decade ago, allowing punters to wager against each other by setting their own odds.
Betfair US has already partnered with the Trump Plaza to launch real-money gaming in New Jersey. Figures released by the state regulator revealed it had generated gross gaming revenues of $401,971 in its first month, with just $38 coming from its poker platform.