Betfair US exchange makes slow start
Betfair’s US betting exchange generated weekly handle of just $150,000 (€134,500) during its first three months of operations, according to figures released by the New Jersey Racing Commission (NJRC).
The horse racing betting exchange launched in New Jersey in May through a partnership with the Monmouth Park racecourse and recorded an average take of $163,175 during its first seven weeks.
However, the weekly average was down to around $150,000, an 8% drop, by the time figures for the first 13 weeks were collated.
Despite the modest interest suggested by the figures, Betfair released a statement backing its New Jersey operation.
“We are very happy about the beta launch of exchange in the US,” said Kip Levin, the chief executive of Betfair US. “It’s still very early, and given the small sample to date, we are very encouraged with the initial results.”
Betfair said it believes the slow start can be explained by players being only accustomed to pari-mutuel systems.
According to the NJRC, Monmouth Park has been the most popular track on the site, followed by Evangeline Downs in Louisiana and Mountaineer Park in West Virginia.
Related article: Betfair to launch exchange wagering in New Jersey