Internet betting firm Betfair US has announced that it has partnered with the Monmouth Park race track to create a betting exchange in New Jersey, the first of its kind in the Garden State.
The exchange will allow players in New Jersey to bet on the races via the internet using odds that aren't determined until the beginning of each individual race, which means that they are the same for all customers. Players can also request for better odds if they wish.
Commenting on the launch Betfair US CEO Kip Levin said, "Our experience in the UK and other markets has proven that exchange wagering is an attractive prospect for consumers and that it can bring new customers, increased engagement and new revenue to horse racing."
Darby Development (Monmouth's owner) President Dennis Drazin also commented, noting: "We need to embrace technology for horse racing to attract new participants, new customers and new revenue streams and we are confident that exchange wagering can help us do that. We think this can be a net positive for our industry and that it can complement traditional wagering."
The new service entered a beta period on April 18th and will officially launch on May 10th.