U.S. Horse Racing
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As the New Jersey Gaming, Sports and Entertainment Advisory Commission prepares to report back to Governor Chris Christie on how best to maximise the state’s horse-racing and casino industries, the state’s assembly has this week unanimously passed a bill that would authorise a Betfair-style betting exchange for state residents on horse racing.
Approved by a vote of 78 – 0 earlier this week, the bill (A2926) authorises exchange betting on the results of horse races by telephone or by communication through other electronic media, and provides that the New Jersey Racing Commission may issue a license to the New Jersey Sports and Exposition Authority to establish an exchange.
Under the bill, betting may be conducted through an exchange betting system by account holders who must be residents of the state of New Jersey. The bill defines exchange betting as a form of pari-mutuel wagering in which two or more persons place directly opposing bets on the outcome of a horse race. It allows a bettor to back or bet on a selected outcome occurring, and another bettor to “lay” or bet on that same outcome not occurring.
These opposing bets, which may involve at least two persons betting, become matched bets and part of the exchange betting pool when matched through the exchange betting system. Once the outcome of the race is determined, funds will be transferred from the exchange betting pool to the winning bettor in that pool, with applicable transaction or other fees levied by the exchange betting licensee for use and distribution as provided by the commission’s rules and regulations.
The bill authorizes the commission to consider an application by the authority to establish the exchange, and directs the commission to issue the license if it determines that the authority has demonstrated, by clear and convincing evidence, that bets placed through the proposed exchange will be accurately processed, and that the system would contain sufficient safeguards to maintain the integrity of the horse racing industry in the state.
The issuance of the license is subject to the approval of the New Jersey Attorney General. The bill further provides that the authority may enter into a contract or agreement with a person or entity to conduct or operate the exchange, and may transfer the licence to a successor in interest upon approval of the commission and the Attorney General.
The bill prescribes certain conditions for the establishment of the exchange, including account holders to be at least 18 years old and a resident of the state.
The bill also provides that exchange bets submitted on a given market on the exchange in New Jersey may, under approved conditions, be matched with exchange bets on the same horse race or set of horse races submitted by residents of jurisdictions outside of the state to an authorised exchange operator in that jurisdiction.
Under an amendment to the bill, the commission requires 50% of the exchange revenues retained by the exchange betting licensee, after payments of its contractual obligations to other racetracks and to any approved exchange operator, and after deduction of all reasonable and necessary expenses incurred by the licensee in administering, marketing and operating the exchange betting system, to be paid to overnight purses in New Jersey.
The bill now moves to New Jersey’s State Senate Govern
Approved by a vote of 78 – 0 earlier this week, the bill (A2926) authorises exchange betting on the results of horse races by telephone or by communication through other electronic media, and provides that the New Jersey Racing Commission may issue a license to the New Jersey Sports and Exposition Authority to establish an exchange.
Under the bill, betting may be conducted through an exchange betting system by account holders who must be residents of the state of New Jersey. The bill defines exchange betting as a form of pari-mutuel wagering in which two or more persons place directly opposing bets on the outcome of a horse race. It allows a bettor to back or bet on a selected outcome occurring, and another bettor to “lay” or bet on that same outcome not occurring.
These opposing bets, which may involve at least two persons betting, become matched bets and part of the exchange betting pool when matched through the exchange betting system. Once the outcome of the race is determined, funds will be transferred from the exchange betting pool to the winning bettor in that pool, with applicable transaction or other fees levied by the exchange betting licensee for use and distribution as provided by the commission’s rules and regulations.
The bill authorizes the commission to consider an application by the authority to establish the exchange, and directs the commission to issue the license if it determines that the authority has demonstrated, by clear and convincing evidence, that bets placed through the proposed exchange will be accurately processed, and that the system would contain sufficient safeguards to maintain the integrity of the horse racing industry in the state.
The issuance of the license is subject to the approval of the New Jersey Attorney General. The bill further provides that the authority may enter into a contract or agreement with a person or entity to conduct or operate the exchange, and may transfer the licence to a successor in interest upon approval of the commission and the Attorney General.
The bill prescribes certain conditions for the establishment of the exchange, including account holders to be at least 18 years old and a resident of the state.
The bill also provides that exchange bets submitted on a given market on the exchange in New Jersey may, under approved conditions, be matched with exchange bets on the same horse race or set of horse races submitted by residents of jurisdictions outside of the state to an authorised exchange operator in that jurisdiction.
Under an amendment to the bill, the commission requires 50% of the exchange revenues retained by the exchange betting licensee, after payments of its contractual obligations to other racetracks and to any approved exchange operator, and after deduction of all reasonable and necessary expenses incurred by the licensee in administering, marketing and operating the exchange betting system, to be paid to overnight purses in New Jersey.
The bill now moves to New Jersey’s State Senate Govern
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