Betfair exchange attracting new bettors into horseracing

 Operator pledges new marketing initiatives to build on “encouraging start”

 

Betfair’s New Jersey exchange is attracting new money into horseracing, according to fresh figures from the New Jersey Racing Commission.

The racing regulator revealed almost $1.2m was wagered through the exchange from its launch on May 10 to June 27, compared to the roughly $2.4m the state’s advance-deposit wagering (ADW) platform typically takes in a similar time period.

And according to Bart Barden, Betfair’s US exchange director, the betting activity on the exchange is being led by customers not previously using ADW.

“We are encouraged with the early data and it points to strong product and feature engagement, and activity primarily from those not previously wagering in the regulated environment,” Barden said.

Betfair has previously claimed the exchange can help recapture some of the cash Americans are wagering illegally offshore, with operators who don’t pay taxes or fees to the racing industry.

While the $1.2m handle was criticized by some racing media outlets, Barden added that Betfair was launching a marketing campaign in the coming weeks to further boost the profile of the exchange.

“As we’ve brought a new product to market in a new territory, we expected to see a learning curve for US players and we are continuing to add more educational content to support that,” said Barden

“As part of our sponsorship of the upcoming Betfair.com Haskell race at Monmouth Park, we are beginning new marketing initiatives.”

He added that the firm was also focussed on adding new tracks around the US and Canada for exchange users to bet on.

For a full profile of Betfair’s efforts to get the exchange off the ground in New Jersey read the July edition of the EGR North America magazine.