Betfair US have exciting news for gamblers in New Jersey. They are introducing a new form of horse race gambling in the Garden State: soon there will be exchange wagering in New Jersey!
Currently, those wishing to be in New Jersey only have the option of pari-mutuel betting, where the odds are undecided when gamblers make their bet. Exchange wagering uses technology to ensure fixed odds, as bettors are exchange their stakes with other anonymous gamblers.
Strict US gambling laws mean that horse racing fans in the US don’t have the range of options that bettors abroad do. Betfair Sportsbook US, part of Paddy Power Betfair, have partnered with Darby Development (who run Monmouth Park) to bring exchange wagering in New Jersey as of May 10th.
While exchange wagering will initially be limited to New Jersey, tracks elsewhere are interested. Users will have to be from New Jersey, and the system will not accept visitors to the stake. Potential bettors will have to make a deposit, which will enable them to bet online, including mobile betting.
The only worry is whether exchange wagering in New Jersey will be too popular
Some race-tracks are concerned that the onset of exchange wagering in New Jersey will lessen the winnings available to those who bet in the existing ways. The “win pot”, where betters’ stakes currently reside, may decrease with bettors decided to exchange bet instead. However, Betfair US are confident that exciting wagering possibilities will bring younger and more professional users to a sport in which many fans are currently older.
The possibility of “playing the market” should appeal to wealthier gamblers. Exchange wagering allows bettors to ask for higher odds than available at the time, or to match other users odds. Try Betfair US’s Exchange Wagering simulator to experience the feeling of exchange wagering. To learn more about Betfair US, read our Betfair review.