Betfair gains first New Jersey exchange wagering license

monmouthparkFTSE listed Betfair has achieved a significant breakthrough for its US operations, by gaining the first ever exchange wagering license granted by the New Jersey Racing Commission (NJRC).

Betfair US in partnership with Darby Development the racetrack operator of Monmouth Park had its wagering exchange services granted approval by the New Jersey Sports & Exposition Authority (NJSEA).

Following a review of application by NRJC at its executive session, Betfair US would be formally approved its ‘exchange services agent license’.  

The approval ends Betfair’s four year long wait to deploy its exchange services within a licensed US jurisdiction. The operator’s US division had looked to install its wagering services since it first entered the New Jersey market in 2011 but faced numerous regulatory hurdles.

Prior to gaining regulatory approval by New Jersey lawmakers, Betfair had entered a wagering services agreement with Darby Development to handle Monmouth Park’s digital services in 2013.

Betfair’s approval of the licensing signals that the first exchange wager for Monmouth Park could be handled as early as March 2016

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