Betfair's US operations have struggled since they launched on May 10th in New Jersey, but the company's directors are confident in the site moving forward as the betting exchange has brought in about $150,000 per week.
The site operating in New Jersey is 4NJBets, and is the first betting exchange in the United States. The site covers horseracing bets, and brought in about $150,000 per week. Those numbers aren't very impressive, but Betfair management believes the future is rosy in the Garden State, as New Jersey has a limited number of bettors, and exchange betting is a different product than traditional horse racing, and has a bit of a learning curve.
Betfair's New Jersey exchange features 21 racetracks throughout the United States. The company had been trying to enter the market for years, having spent $10 million lobbying politicians and spending more to get a gaming license.
Moving forward, it will be interesting to see how the market responds, as horseracing has struggled to thrive in New Jersey in recent years.