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New Jersey to Issue US’s First Exchange Wagering License
- November 23, 2015 By Oliver Young -
New Jersey is the first American state to issue an exchange wagering license ending the long and frustrating way for the American division of UK-based betting exchange Betfair.
In the latest executive session, the New Jersey Racing Commission (NJRC) finally approved the application submitted by the New Jersey Sports and Exposition Authority (NJSEA) for the issuance of an exchange wagering license to Betfair US-division and an exchange management license to Darby Development, the racetrack operator of Monmouth Park.
This means that the first exchange wager for Monmouth could be handled as of March next year. With it Betfair would reach the columniation of its long and somewhat frustrating journey after having spent $10 million in its attempt to get industry people in California over their fear of exchange wagering.
Darby Development is the Dennis Drazin-led firm that runs the racetrack of Monmouth Park on behalf of the New Jersey Sports and Exposition Authority. Betfair has already been taking care of the advance deposit wagering site of Monmouth. The US state passed the Exchange Wagering Act four years ago, but it took until now to approve the necessary regulations.
The State Wants Sports Betting Approved
At the same time, the state’s Division of Gaming Enforcement also made clear that they want to see New Jersey’s casinos and racetracks offering sports betting products and services in both land based sportsbooks and online sports betting websites.
New Jersey is now waiting for the session of the US Third Circuit Court of Appeals for its bid to end the nationwide ban on sports wagering, and if the outcome is in favor of the state, the director of the Division of Gaming Enforcement, David Rebuck, said that steps would be immediately taken to enable online sports wagering.
The director told media that the fact that the US Third Circuit Court of Appeals agreed to rehear the state’s case even though last time it ruled against it “is perhaps the first time ever that NJ had a small victory in its efforts.” If victory is assured, then the state would make sports betting online legal. “If we lose, we will know any time soon because the hearing should take place within 90 days. Then we will adapt and plan our next moves,” Rebuck added.
Betting Officially Approved in Nevada
Meanwhile, the Nevada Gaming Commission officially approved the entity “betting” in the state which was strongly supported by the sportsbook management company CG Technology. The SB 443 became law in June 2015 and was signed by Nevada Gov. Brian Sandoval. The bill paves the way for the state’s licensed sports betting operators to accept wagers from Nevada-based businesses. The controversy about the SB 443 is that it allows indirect participation in sports betting by non residents. These people would deposit money into their sports betting investments accounts that act as mutual funds making bets on their member’s behalf without allowing direct input.