Betfair and Darby Development, the operator of Monmouth Park racetrack in Oceanport New Jersey, will begin offering an exchange wagering system to state residents beginning May 10.
In traditional “tote” wagering, the odds on a race fluctuate and the final odds are not determined until race time. According to a press release from Betfair, exchange wagering allows players to take fixed odds by proposing or matching anonymous trades with each other through an exchange platform.
Exchange wagering also allows bettors to ask for better odds than those available in the market at that time, to continue to wager during the running of a race and to “cash out” before a race is complete to ensure a profit or mitigate a potential loss, the release said.
“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 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.”
Exchange wagering was approved in New Jersey in 2011. Betfair was licensed by the state to conduct exchange wagering in November of 2015 as a service provider to the New Jersey Sports and Exposition Authority and Darby Development, the exchange wagering manager, the release said.
Monmouth Park, which begins its summer racing season on May 14, will highlight the tracks offered to players on the exchange. Betfair launched a closed beta version of its platform available to its 4NJ-BETS customers on April 18, the release said.
Dennis Drazin, advisor to the track’s operator Darby Development praised the deal to Thoroughbred Daily News.
“TVG Betfair has been an integral part of Monmouth Park’s success,” he said. “They’ve been doing an excellent job in the other areas that we’re involved with—the live T.V. at the racetrack and the account wagering. They’ve increased our business in the account wagering in the 10 months that they’ve been with us by 58 percent and we look forward to a long and prosperous future with them offering exchange wagering.”
