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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 :

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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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