Betfair to launch exchange wagering in New Jersey

Betfair US, a division of recently-merged Paddy Power Betfair, has announced that it is to launch an exchange wagering service in the US state of New Jersey, through a partnership with Monmouth Park race track.

The new service will enable punters in the regulated New Jersey market to place bets on horse racing events at the venue, which is owned and operated by Darby Development.

Exchange wagering offers odds that are not determined until the start of each race and are the same for all customers, with the service utilising technology to enable players to take fixed odds by proposing or matching anonymous trades with other punters via the exchange platform.

Punters can also ask for better odds than those available in the market at that time, as well as continue to wager during the running of a race and tocash out before a race is complete to take a profit or mitigate a potential loss.

Exchange wagering was first authorised by the state in 2011, with Betfair having held a licence to conduct such services in New Jersey since November last year.

A closed beta version of the new service went live to certain customers on April 18, with a full platform due to go live on May 10.

“Our experience in the UK and other markets has proven that exchange wagering is an attractive prospect for consumers and that it can bring new customers, increased engagement and new revenue to horse racing,” Betfair US chief executive Kip Levin said.

Dennis Drazin, president of Darby Development, added: “We need to embrace technology for horse racing to attract new participants, new customers and new revenue streams and we are confident that exchange wagering can help us do that.

“We think this can be a net positive for our industry and that it can complement traditional wagering.”

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