NJ legalises betting exchanges
Governor Christie signs bill to contract betting exchange operator to provide exchange wagering in the state.
New Jersey Governor Chris Christie yesterday signed bills to legalise exchange wagering and single-pool wagering, as part of a package aimed at propping up the Garden State’s ailing racing industries.
Christie (pictured) said in a statement after applying his signature to bills S-2229 and A-2926: “These measures represent the next steps in following through on my administration’s commitment to securing a strong, independent, self-sufficient horse-racing industry in New Jersey. We are providing new tools to help the industry implement new strategies, generate additional revenue and capitalise on interest in horse racing around the state.”
A-2926 would allow the New Jersey Sports and Exposition Authority to contract with a betting exchange operator to provide this form of wagering in the state.
The bill’s passage into law was welcomed by Betfair that entered the US in January 2009 with the US$50m purchase of horse racing TV and wagering network TVG. California last year passed a similar bill allowing for exchange wagering by 2012.
A Betfair spokesman told eGaming Review: “New Jersey is leading the way in the US by embracing innovation and technology to assist the racing industry in providing new revenue streams. Coupling this approach with its deep-rooted racing tradition will see the state take a pioneering role in the sport’s future,” he said.
“Betfair would welcome any opportunity to work with the New Jersey racing industry to develop an exchange wagering program that will benefit all elements of the state’s racing industry, including horsemen and the betting public,” he added.
Global Betting Exchange, owners of rival betting exchange Betdaq, will also have welcomed the news.
Christie now has 20 days left to decide whether or not to sign Senator Raymond Lesniak’s S490 egaming bill to allow Atlantic City’s casinos to offer online versions of their games. In addition to making New Jersey the first US state to license and regulate egaming, the bill would also redirect a portion of tax revenues raised towards New Jersey’s ailing horse racing industry.