Paddy Power Betfair (PPB) subsidiary Betfair US has announced that it is set to launch its exchange wagering services for the state of New Jersey, in partnership with licensed racetrack operator Monmouth Park.
The partnership sees the first launch of a betting exchange product in the US market, allowing for players to take odds by proposing or matching anonymous trades with each other via Betfair’s proprietary platform.
Exchange betting provisions have been allowed by the state of New Jersey since 2011, however, Betfair having restructured its US business partnerships gained its new licence to conduct exchange services in November 2015.
Performing closed beta testing, Betfair US launched a trial New Jersey wagering exchange in April. Betfair US management disclosed that it expects the full platform to be live by 10 May.
Betfair US Chief Executive Officer Kip Levin commented on the launch of the exchange
“We are excited to be launching exchange wagering in New Jersey with our local horseracing stakeholders.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, increase engagement, and new revenue to horse racing.”
Dennis Drazin, President of Darby Development operators of Monmouth Park, welcomed Betfair US partnership
“We need to embrace technology for horse racing to attract new participants, new customers and new revenue streams and we are confident that exchange wagering can help us do that,” Drazin said. ‘We think this can be a net positive for our industry and that it can complement traditional wagering.”