Betfair obtains first New Jersey exchange license
Operator prepares to launch exchange betting in the state for the first time following approval of exchange services license application
Betfair looks set to become the first operator to launch an exchange betting product in the US after the New Jersey Racing Commission (NJRC) issued the operator with its first exchange services license.
At an executive session meeting on Wednesday (18 November), the NJRC approved an application from the New Jersey Sports & Exposition Authority (NJSEA) for Betfair US to obtain an exchange services agent license.
Once final approval has been obtained, Betfair will become the first operator to offer exchange betting in the state via a deal with Monmouth Park after the racecourseâs operator Darby Development also received an exchange management license.
Last year the operator signed a five-year deal with Monmouth Park racetrack in New Jersey to offer online exchange betting to players in the state.
The deal came after Betfairâs TVG subsidiary signed a contract with Darby Development in 2013 to run Monmouth Parkâs digital services, including its online horserace betting site 4NJBets.
A Betfair spokesperson said the company wouldnât be commenting until the final regulatory hurdles were cleared having waited four years since Governor Chris Christie originally signed exchange wagering legislation into law.
Earlier this year Betfair announced revenues from its US business were up 42% year-on-year to $31.5m in Q1 2016 off the back of a strong performance from its online horserace wagering business.