Betfair Online Betting Exchange Comes To New Jersey

Published Friday, April 22, 2016 - Online-Casinos.com
Betfair Online Betting Exchange Comes To New Jersey

The recent merger between the iconic Irish online gambling operator Paddy Power and internet betting exchange Betfair Group has created another subsidiary Betfair US. The launch of the first exchange wagering platform will be made available to residents of New Jersey USA this May 10th 2016. The online betting exchange was pioneered by Betfair 15 years ago in the United Kingdom with Betfair now processing an average of more than three million transactions every day.

The partnership between Darby Development which runs Monmouth Park and Betfair US will be using a separate platform that will be restricted to horse race wagering on races at Monmouth Park and Meadowlands along with other tracks who reach agreements with the New Jersey exchange. The platform will let players offer and accept odds on horses. Attractions for players include in-race wagering and the possibility of locking in odds, making this a fixed-odds type of wager. 

Betfair did launch a closed beta version of its platform available to its 4NJ-BETS customers on April 18 2016. Betfair has also created a simulator for U.S. audiences to experience the exchange concept. Exchange wagering was first granted permission to operate by the state of New Jersey back in 2011. Betfair US has held a licence to offer these services in the Garden State since November of last year.

Betfair US Chief Executive Officer, Kip Levin commented,  "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, increase engagement, and new revenue to horse racing." 

The president of Darby Development, Dennis Drazin, also said, “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.” Drazin added, “We think this can be a net positive for our industry and that it can complement traditional wagering.”

 

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