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N.J. committee approves exchange betting bill

June 18, 2010

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The Regulatory Oversight and Gaming Committee of the New Jersey Assembly on Thursday approved a bill that would allow the New Jersey Sports and Exposition Authority to establish exchange betting on horse racing. Exchange betting allows bettors to wager against each other on the outcome of a race. 

Exchange wagering is popular in countries such as Great Britain and Australia, but is currently now allowed in the United States. Last year, when Great Britain’s top exchange company, Betfair, purchased the TVG horse racing network, speculation was that the company would legislatively pursue the legalization in the U.S.

Still to be determined is the revenue division, but the bill will now go the full Assembly and Senate, with a floor vote expected to be taken Monday, June 21. 

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