Monmouth Park in talks with NJ Betfair exchange replacement

Monmouth Park is in talks with a number of European operators to replace Flutter as its racing exchange partner in New Jersey.

While Monmouth CEO Dennis Drazin would not reveal the names of interested parties, he told EGR NA that one had just started operating in the US and was eager to expand its reach.

Flutter announced it would pull its Betfair exchange product from New Jersey in October after four years of operating the only betting exchange in the state.

FanDuel Group COO Kip Levin said the product had never hit the critical mass required for it to be viable.

Monmouth must renew its exchange license with the NJ Department of Gaming Enforcement (NJDGE) by October 15.

However, Drazin suggested potential partners would not have the capability to go live in such a short period of time.

“Most of the [operators] that have reached out to me have a European background where they’re used to doing exchange wagering, and they’re keen on trying to explore it, particularly because under the New Jersey exchange law, you can now mix the pool with Europe, and that creates a little more liquidity for people,” he said.

Drazin also revealed that fixed-odds betting on horseracing had been put on hold, pending further decisions by the NJ attorney general.

Monmouth partnered with fixed-odds betting provider BetMakers in March to bring the vertical to NJ for the first time.

PointsBet was one of the first operators to link up with BetMakers and Monmouth to provide racing odds to customers.

“Once fixed-odds comes aboard, [I think] there will be companies that will secure the signal rights not only for parimutuel but they will try to sell fixed-odds and exchange at the same time,” said Drazin.

“If you’re giving two of the consents, it might be easier to get the third consent in your contract negotiations so that you could hopefully get a jurisdiction to say parimutuel, fixed-odds and exchange,” he added.