The first state in the US to issues a license for exchange betting goes to New Jersey, with Betfair earning the license. The sports betting company has tried for some time to gain licensing and it was announced on Wednesday that the New Jersey Racing Commission had formally approved their application.
An application was filed by the New Jersey Sports & Exposition Authority for Betfair US to earn an exchange services agent license. This application was approved by the New Jersey Racing Commission last week, with Darby Development, a partner of Betfair, earning an exchange management agent license in the process.
Darby Development is the operator of Monmouth Park Racetrack for the NJSEA with Betfair having already provided the advance deposit wagering site for the track, with an deal for exchange wagering agreed upon two years ago between Darby and Betfair. The 2011 Exchange Wagering Act made the activity possible in New Jersey but necessary regulations had to be met which is why the process took so long for Betfair US.
With the approval of licensing, Monmouth could possibly be able to offer their first exchange wager beginning in March of 2016. The day the option is allowed with mark an end and new beginning for Betfair US who has spend $10m to try and get stakeholders located in California to move past an exchange wagering fear.
In regards to sports betting news in New Jersey, David Rebuck, the Director of the Division of Gaming Enforcement, is quick to reveal his thoughts on sports betting for real money in the state. Rebuck would like to see the casinos and racetracks in the state be given the option to offer sports betting online with sportsbook sites, as well as have the option to offer land-based sports wagering.
Based on information provided by Rebuck, if the state is successful in the rehearing by the Third Circuit Court of Appeals, the federal ban of sports betting will be overturned. This would then enable the state to offer online wagering, with action taken immediately by operators in the state.
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