Betfair US and Darby Development, which manages Monmouth Park Racetrack in Oceanport, New Jersey, announced that exchange wagering options will become available to residents of the state as of May 10. They will be able to wager on horse racing.
Generally speaking exchange wagering is a form of fixed-odds and peer-to-peer pari-mutuel betting. Unlike what is referred to “tote” betting, where odds shift, are not announced before the start of a given race, and are just the same for each and every bettor, through innovative technology, exchange wagering allows them to take fixed odds as they propose and match anonymous trades via Betfair US’ exchange platform.
Players are also offered the chance to request better odds than the ones already available, to wager throughout a given race, and to cash out even before the race’s completion. This form of wagering is known to be quite popular in a number of other countries, with the UK being among those. It was in the UK, in fact, where Betfair debuted its exchange wagering options in 2001. The Internet betting exchange now processes over 3 million transactions per day.
Commenting on the upcoming introduction of their exchange wagering service, Betfair CEO Kip Levin said that they are extremely happy to launch in New Jersey with their local horse racing stakeholders. Mr. Levin further noted that their experience in the UK and other markets has been an indication enough for exchange wagering’s attractiveness to customers and that the service can draw more new players, to increase engagement, and to bring additional revenue to the horse racing industry.
Dennis Drazin, President of Darby Development, said that they would need to “embrace” innovative technology in order to attract new bettors to horse racing, as well as new participants, and, of course, new revenue streams. Mr. Drazin said that exchange wagering can complement their traditional offering and can help them achieve their goal.
New Jersey legislators authorized exchange wagering within the state’s borders in 2011. Betfair was granted a license as the New Jersey Sports and Exposition Authority and Darby Development’s authorized service provider towards the end of 2015.
The summer racing season is set to start on May 14 at Monmouth Park. The racecourse has said that it would highlight the tracks that would be available to bettors on the exchange.
Betfair also operates Betfair Casino and 4NJ-BETS in New Jersey. The operator has launched a beta version of its exchange wagering platform that is now available to 4NJ-BETS players.
