Unlike traditional “tote” wagering, where the odds fluctuate, aren't determined until the beginning of every race and are the similar for every customer, exchange wagering utilizes cutting-edge technology to permit players to take fixed odds by proposing or matching anonymous trades with one another via the exchange platform. It also allows bettors to ask for better odds than those out there at that time, to continue to wager throughout the running of a race and to “Cash Out” before a race is complete to make sure a profit or mitigate a possible loss.
Exchange wagering could be very popular in other countries, including within the UK, where Betfair pioneered the exchange 15 years ago. Betfair now processes on average more than three million transactions each day.
“We are excited to be launching exchange wagering in New Jersey with our local horseracing stakeholders,” said Kip Levin, CEO of Betfair US. “Our experience in the united kingdom and other markets has proven that exchange wagering is a ravishing prospect for consumers and that it could actually bring new customers, increased engagement and new revenue to horse racing.”
“We want to embrace technology for horse racing to draw new participants, new customers and new revenue streams and we're confident that exchange wagering can assist us do that,” said Dennis Drazin, the president of Darby Development, which manages Monmouth Park Racetrack. “We think this is a net positive for our industry and that it could actually complement traditional wagering.”
According to Betfair’s consumer research, exchange customers are generally much younger and more tech-savvy than the demographic profile of horse racing fans within the US.
Exchange wagering was first authorized for the state’s residents by the brand new Jersey Legislature in 2011. Betfair was licensed by the state to conduct exchange wagering in November of 2015 as a merchant to the NJSEA (New Jersey Sports and Exposition Authority) and Darby Development, the exchange wagering manager.
Betfair, which owns the Los Angeles-based horse racing television network and advance deposit wagering platform TVG, also operates 4NJ-BETS and Betfair Casino in New Jersey.
Monmouth Park, which begins its popular summer racing season on May 14, will highlight the tracks offered to players at the exchange.
Betfair launched a closed beta version of its platform available to its 4NJ-BETS customers on April 18 2016.
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