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NEW JERSEY CONSIDERING BETTING EXCHANGE MODEL
The betting exchange peer-to-peer business model, pioneered in the UK years ago by online gambling giant Betfair, could find new application in the state of New Jersey, reports the Thoroughbred Times.
The New Jersey General Assembly this week unanimously approved a bill that would allow this form of betting, which could open up new revenues for the struggling horse racing industry in the state. Online wagering on horse races enjoys a legislative exemption from the Wire Act and the UIGEA, positioning it strongly to exploit a betting exchange model to the full.
The bill calls for the New Jersey Racing Commission to oversee and regulate exchange wagering, which will be initially restricted to one licensee, and following its approval in the Assembly is now on its way to the New Jersey state Senate’s Wagering, Tourism, and Historic Preservation Committee.
If exchange wagering is approved, only New Jersey residents would be allowed to participate, reports the Thoroughbred Times. Under the current bill, those residents would be allowed to wager on in-state or out-of-state racing.
With casino and pari-mutuel wagering slumping in the state, the bill aims to promote horse racing in New Jersey by adding the new form of wagering.
The betting form typically relies on advanced real-time technology offered on Internet sites, but the bill has provisions that permit gamblers to bet on the exchange in person or by phone. The intent of the bill is to generate cash for state tracks and horse owners, and proposes an arrangement whereby the first licence would come up for review in 2014, at which time interested parties could propose changes.
Betfair, which has acquired extensive interests in US racing through its $50 million TVG deal, could be a front-runner for any licence due to its advanced technology and wide experience in this type of business model.
Gambling News :
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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