Betfair to Pull Plug on NJ Betting Exchange

interesting update on 5B on NJ Agenda

Betfair to Pull Plug on NJ Betting Exchange

Beginning Oct. 1, Betfair will no longer accept exchange wagers from its New Jersey customers, ending a brief and unsuccessful experiment in the U.S. for a form of wagering that couldn’t overcome a number of obstacles that stood in its way of success.

The exchange, the first of its kind in the U.S., debuted May of 2016. In addition to Monmouth, a handful of other tracks were soon made available to Betfair customers in New Jersey.

But U.S. horseplayers never embraced the concept like their peers in the U.K. and other countries did. According to the New Jersey Racing Commission’s annual report, the exchange handled $12,371,257 in 2018.

“When we launched in 2016, we felt like exchange wagering, popular elsewhere, was worth trying in New Jersey to see if it could increase new fan interest in racing,” said Kip Levin, the COO of FanDuel Group, now the parent company of Betfair.

“For a variety of reasons, including a customer base used to exotic wagers and a reluctance by major US racing associations to embrace the different business model, it never hit the critical mass needed for it to be viable.” Betfair to Pull Plug on NJ Betting Exchange

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