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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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