New Jersey Residents Allowed to make Bets During Race
- John Brennan
- Nov 10, 2016
- 3 min read
New Jersey, which has long been at the vanguard of gambling in the United States, will be the first state to offer a form of betting on horse racing known as “exchange wagering” when it is introduced next spring.he state Racing Commission recently gave final approval to a plan by the operators of Monmouth Park and Betfair, a British gambling firm, to offer the new type of betting as an alternative to traditional pari-mutuel betting. The most notable form of exchange wagering —already an established form of gambling in Europe — is the ability to wager not only before the race but also during the race. An even-money favorite before a race might be offered at odds of 5 to 1 or 10 to 1 if the horse gets off to a slow start, for instance.
“This is likely to appeal to a younger demographic and to arbitrage traders, Wall Streeters — a lot of it is done by computers, on iPads,” said Dennis Drazin, whose Darby Development company operates Monmouth Park. “Some people don’t agree with the odds posted before a race, and they can make an [electronic] offer of a bet at different odds. Then when the race begins, people may decide they think a horse looks a little tired, so they want to bet against that horse.”
Drazin said that the “exchange market” tends to operate in a complementary way as the different stock markets do, but it allows gamblers more flexibility before a race and a chance to remain engaged in wagering throughout a two-minute race. He acknowledged that many longtime horse players may be reluctant to try the new options.
“We’re not looking to cannibalize the existing market — we want to expand it,” Drazin said. “But the real key for us is getting sports betting and/or casino expansion to North Jersey.”
Drazin said that exchange wagering could be in place as soon as next March. Much like casino gambling and traditional horse race betting, players can either make exchange wagers in person or online — as long as they are adults who are within the state’s borders and betting on a state-approved website.
Many experienced bettors have been waiting to explore the new options since Betfair became a partner with Monmouth Park, in Oceanport, in 2013, Drazin said, while for others, “there’s going to be a learning curve. We’ll have to do a good job in educating the public about it.”
Horse racing fans have been betting at Monmouth Park since the original structure opened in the 1870s. A century later New Jersey was among the first states to offer a modern lottery. Atlantic City’s casino industry began in the late 1970s as the first U.S. alternative to Nevada, and in 2013 New Jersey was just a month behind Delaware in being the first to offer a wide array of online casino-style games.
A vote could take place in Trenton as early as next month on whether to place a question on the ballot next November to expand casinos to North Jersey. Drazin said he is optimistic that a portion of the tax revenues from new casinos would go toward supplementing horse racing purses, a practice in place in many neighboring states.
The 3rd U.S. Circuit Court of Appeals is expected to hold a hearing in February in New Jersey’s long-running legal battle to join Nevada in offering Las Vegas-style betting on professional and college sports at the state’s casinos and racetracks.
Yorumlar