Horse Racing Exchange Wagering to be Launched in New Jersey
Posted by Joe Solari on Tuesday,April 26, 2016 3:42, EDT in
As one of the pioneers of legalized sports betting in the in the United States, New Jersey is taking another step towards making sportsbetting even more enjoyable and accommodative, particularly to horse racing exchange betting enthusiasts. After they received licenses to operate in exchange wagering from the New Jersey Racing Commission back in November 2015, Betfair US and Darby Development announced last Wednesday that the Garden State is closer to launching exchange wagering on horse races. In fact, if all goes well as planned, bettors will be able to enjoy the exchange betting services as soon as the launch is done on May 10th.
Horse Racing Exchange Wagering to be Launched in New Jersey
Benefits of Exchange Wagering
Unlike the current (and rather limiting) pari-mutuel betting system that requires horse racing bettors to place their wagers without knowing what their final betting odds will be; the exchange wagering allows players to take fixed odds that are locked in at the exact time of their transaction while also making it possible for bettors to request for better odds from those on the exchange platform.
Another advantage about exchange wagering is that you can place a bet against a horse while also trade a horse during the running of a race; something that works perfectly for lovers of live betting. As if that isn’t enough, bettors only pay a commission of around 12 percent of winnings as opposed to the usual takeout rates that charge as much 20 percent in the pari-mutuel wagering. This means more profits for gamblers.
For New Jersey residents, the exchange wagering will also allow the players to participate on the forums actively, unlike the account wagering system in Nevada where visitors are limited to setting up accounts only when they’re visiting.
Market Potential for Horse Racing Exchange Wagering in New Jersey
Betfair, whose parent company is Paddy Power Betfair after the two companies merged in February, pioneered the betting exchange system in the United Kingdom in 2000 and has seen an exponential growth in its clientele base, averaging more than 3 million transactions worldwide per day. Not to forget, Betfair US started its foray into the U.S. market in 2009 with the purchase of the Television Games Network (TVG) and has seen a wild growth in its customers, with New Jersey reportedly offering a perfect opportunity to kick-start the exchange wagering in America.
“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,” said Kip Levin, CEO of Betfair US. “New Jersey is a great place for us to start and then take our data to other states,” he added.
For interested customers, all you need is to deposit money into a wagering account (Betfair operates the online Betfair Casino in partnership with the Golden Nugget and the 4NJBets wagering platform), though betting can easily be done from the phone, PC or tablet.
