Friday, April 22, 2016 : U.S. DIVISION OF BETFAIR IN NEW U.S. EXCHANGE PARTNERSHIP
Collaboration with Monmouth Park set to begin next month.
The US branch of UK online gambling group Betfair (now part of the Betfair-Paddy Power UK gaming leviathan) has disclosed that starting May 10 it will operate a real-money betting exchange – the first in the United States – with New Jersey horseracing group Monmouth Park in the Darby Development group.
Beta testing on the new product is already in progress at Betfair-TVG's advance deposit wagering website 4NJBets, covered by a specific exchange wagering licence issued late last year after an extensive approval process.
The business plan is to levy a 12 percent commission on the net gains of punters using the exchange wagering facility
Betfair US has acknowledged that not all US racetrack owners are on board when it comes to exchange wagering, and the company has gone to some lengths to inform and educate them on the genre.
CEO Kip Levin says that the new development is being critically observed by interested parties, but he is confident that opposition will diminish as the concept proves itself with hard numbers.
Supporting Levin, Darby Development director and high profile New Jersey businessman Dennis Drazin told local press that exchange wagering would attract new players, creating fresh revenues, and that had to be positive for the industry.