Betfair sets May launch date for New Jersey racing exchange

Operator says the technology will attract new customers and revenue to horseracing

Betfair has set a date to launch its horseracing exchange in New Jersey with punters able to place bets from May 10, the firm has announced.

Betfair US will partner with Darby Development, the operator of Monmouth Park racetrack, to offer the exchange, which it first revealed back in March.

“We are excited to be launching exchange wagering in New Jersey with our local horseracing stakeholders,” Kip Levin, CEO of Betfair US 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 horseracing.”

According to Betfair’s consumer research, exchange customers are generally much younger and more tech-savvy than the demographic profile of horseracing fans in the US.

However, the head of William Hill US, Joe Asher recently told EGR that the exchange would only appeal to a niche market.

Dennis Drazin, the president of Darby Development, was more bullish, adding: “We need to embrace technology for horseracing 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.”

Exchange wagering was first authorized for the state’s residents by the New Jersey Legislature in 2011, while Betfair was licensed by the state to conduct exchange wagering in November 2015.

Betfair, which owns the Los Angeles-based horseracing television network and advance deposit wagering platform TVG, also operates 4NJ-BETS and Betfair Casino in New Jersey.

Betfair launched a closed beta version of its platform available to its 4NJ-BETS customers earlier this week.