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Tuesday, November 24, 2015

Exchange Wagering Approved in New Jersey

The Record reports that exchange wagering has been approved in New Jersey, to be the first state to offer the wager sometime in 2016.  Monmouth Park and Betfair have been licensed to operate exchange wagering in the state likely around March. 

It should be noted Monmouth Park is the group appointed by the NJSEA to run the state's ADW network which is operated by TVG.  Hence, it is in the realm of possibility bettors within the borders of New Jersey will be able to place exchange wagers on the Meadowlands at the start or shortly after.

To put it simple for those unaware of what exchange wagering is, bettors will be able to make fixed-odds wagers or if they feel a horse is not going to win, offer wagers on horses, looking to collect off of those who back a wrong horse.  Of course, if you decide to bet against a horse winning,  you need to be prepared to pay off the winning wagers.

In addition, if you think wagering is too slow, you will be able to wager on 'in-running' races, betting on horses through the entire.  This gives those who seek constant action a reason to wager on horses.

Afraid exchange wagering will cannibalize the pari-mutuel pools?  I find it highly unlikely older players will feel comfortable with exchange wagering because of its complexity plus in Europe, exchange wagering has increased wagering in exotic wagering pools, where the real money is made.

California had approved exchange wagering in the past but no one moved forward with it due to the concerns of thoroughbred horsemen.  With no objections expected by NJ horsemen, it appears exchange wagering will finally get its chance in the United States.

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