Betfair hits the front in US exchange sector

Betfair hits the front in US exchange sector

Tuesday, November 24, 2015 Totally Gaming
The operator has been awarded a licence in New Jersey

Betfair US looks set to become the first company to legally offer a betting exchange in the US after being awarded a licence in New Jersey.

Some four years after it first applied for the permit, the company and partner Darby Development, which runs Monmouth Park racetrack, have finally been given the green light by the New Jersey Racing Commission (NJRC).

The partnership can now offer exchange services in the US state under an approved exchange services agent licence, the first of its kind to be awarded by the NJRC.

Betfair today would not comment to TotallyGaming.com about when it is likely to begin operations, but there are suggestions it could be as early as March 2016.

Betfair, whose sportsbook subsidiary TVG operates in 20 US states, already handles Monmouth Park’s advance deposit wagering site and the two parties struck an exchange wagering deal in 2013.

In the company's report for 2015, chairman Gerald Corbett said: "In the US, our TVG horseracing business has continued to take market share and its acquisition of the HRTV network in February 2015 leaves it well positioned to continue this trend."

New Jersey passed its Exchange Wagering Act in 2011 but took several years to approve the necessary regulations.
California passed exchange wagering legislation in 2010, but the state’s racing industry is yet to give its backing, which is required under regulations. 

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