NJ Governor approves Exchange Wagering

Much ado about nothing.

pythia....from reading the above, it seems the NJ Commission only grated 1 license.  What is the story?  Is Betfair planning to launch a bid for a license or is the state planning to monopolize it?  cheers

The photoshopped P&L statements you pollute these forums with are trying to convince us that you are indeed a successful professional, but like I said in an earlier post, all the other clueless stuff you post on here point to a different direction.

First of all, a commission doesn't "grate" a license, it grants a license. Unless by license you mean cheese. And NO, the NJ Racing Commission hasn't granted a license to anyone yet.

Gov. Christie approving exchange betting was baked in the cake long ago, or at least since California passed their bill of approving exchange betting starting in 2012 CONDITIONAL on Horsemen agreeing to a deal with a platform provider such a Betfair.

Huge issues still remain:

1. Horsemen still have to agree to a deal that benefits them complicated by the fact that "horsemen" are represented by different groups often with different agendas. Betfair offers a proven platform but will have to agree to a significantly enhanced profit sharing agreement than the one they have here  in the UK, probably closer to the level that the Yanks are already used to through the various track takeout arrangements  If Betfair were to agree to a higher payback, it may open up Pandora's box for them in how the BHA would view such a deal.

2. The Yanks are aware that exchange betting is a lucrative business, they are not about to hand over millions of new subscribers to Betfair without a fight, they fully understand the impact of cannibalizing their own market to a large extent. Yes, exchange betting will create some new customers but for the most part it will be money migrating from tote betting. The CDI group is already making overtures of developing their own platform and they haven't exactly been a "Betfair friendly" group in offering their product to Betfair in the past. They have the money and the resources to pull it off, especially if they initially simplify the platform by offering strictly exchange betting on horseracing. As soon as NYRA gets their act together, you can be sure they'll follow. California is a mess, who knows what they'll do.

3. Here's the biggest obstacle. For these bills at the State level to have any meaning the FEDERAL law needs to change. Political processes are always cumbersome with various stakeholders all wanting their pound of flesh but especially cumbersome now with the House and the Senate divided. For the moment, it appears that enacting a change in the federal law can only be accomplished by "burying" it as part on another bill but those things are not only very difficult to predict the mood on the Hill right now may be not right for it.

For an industry that you claim you make a living in, you seem to be pretty much ignorant of just about everything that effects it.

on behalf of the forum: have a sit down, son

Horse Racing: €10,251.09  Total P&L:  €10,251.09

Horse Racing    Showing 1 - 12 of 12 markets
Market    Start time    Settled date    Profit/loss (€)
Horse Racing / Sthl 3rd Feb : 6f Hcap     03-Feb-11 16:30     03-Feb-11 16:34    2,056.44
Horse Racing / Meydan (UAE) 3rd Feb : 1m4f Hcap     03-Feb-11 16:15     03-Feb-11 16:31    -12.33
Horse Racing / Sthl 3rd Feb : 5f Hcap     03-Feb-11 16:00     03-Feb-11 16:03    1,856.51
Horse Racing / Meydan (UAE) 3rd Feb : 1m Listed     03-Feb-11 15:40     03-Feb-11 15:53    119.72
Horse Racing / Sthl 3rd Feb : 1m Hcap     03-Feb-11 15:30     03-Feb-11 15:35    -775.00
Horse Racing / Sthl 3rd Feb : 1m3f Hcap     03-Feb-11 15:00     03-Feb-11 15:05    5,422.30
Horse Racing / Meydan (UAE) 3rd Feb : 1m3f Grp1 PA     03-Feb-11 14:25     03-Feb-11 14:47    369.08
Horse Racing / Sthl 3rd Feb : 7f Mdn Stks     03-Feb-11 14:30     03-Feb-11 14:35    1,249.14
Horse Racing / Sthl (AvB) 3rd Feb : Laugh v Eilean     03-Feb-11 14:30     03-Feb-11 14:35    676.51
Horse Racing / Sthl 3rd Feb : To Be Placed     03-Feb-11 14:00     03-Feb-11 14:05    978.02
Horse Racing / Sthl 3rd Feb : 7f Hcap     03-Feb-11 14:00     03-Feb-11 14:04    757.15
Horse Racing / Sthl 3rd Feb : 6f Sell Stks     03-Feb-11 13:30     03-Feb-11 13:34    -2,446.45

Wolverhampton to follow

you trolled my post and came up with a 1,000 word reply in 26 minutes.  you must lead a very fulfilling life

You are trying too hard, you can stop posting fake P&L statements now, you had me at "I own 3/4 ton of silver stuffed in shoe boxes under my bed"

"you are trying too hard"...funny that you should use the same lingo as the comedian....more importantly, an update:

Horse Racing: €14,008.72  Total P&L:  €14,008.72

Horse Racing    Showing 1 - 15 of 15 markets
Market    Start time    Settled date    Profit/loss (€)
Horse Racing / Meydan (UAE) 3rd Feb : 6f Grp3     03-Feb-11 16:55     03-Feb-11 17:13    1,048.86
Horse Racing / Wolv 3rd Feb : To Be Placed     03-Feb-11 17:00     03-Feb-11 17:07    1,412.70
Horse Racing / Wolv 3rd Feb : 6f Hcap     03-Feb-11 17:00     03-Feb-11 17:06    1,296.07

Repost from Monday evening:

URGENT MESSAGE:

You have been afflicted by a rare, but spreading, disease called "the billy syndrome".

The symptoms start with hair loss and your overall appearance turning so ugly no female can stand being in your presence without vomiting and quickly degenerate into an insatiable desire to constantly post fake profits on the forum to boost your badly damaged ego. In last phase of the disease you turn into a creature more pathetic than Smeagol chasing shadows on the all the BF forums. If you reach the final stage, unfortunately the disease has no cure.

You need to admit yourself to the nearest Hospital for treatment immediately.

TRENTON — A British-based company that runs the world's most popular betting exchange is a potential bidder for Monmouth Park, the state-owned thoroughbred track that Gov. Chris Christie wants to unload..........................

...............................................................................................................

Betfair has successfully lobbied to bring exchange wagering to New Jersey. The new eBay form of gambling, where bettors with opposing opinions are paired at fixed odds, was signed into law by Christie on Jan. 31, though the program is on hold until the betting rules are reviewed by the state Attorney General's Office.

Burn said Betfair is anxious for a formal sale or lease process to begin.

"We're keen to understanding any opportunities that will increase our presence in New Jersey," Burn said. "We've been in the state for a number of years with New Jersey tracks being featured on TVG since the late 1990s."



http://www.mycentraljersey.com/article/20110223/NJNEWS10/102230364/Bidders-jockeying-to-claim-Monmouth-Park

the economy of new jersey may have just recieved the biggest boost since the end of the civil war or the introduction of slavery

on a serious point, does anybody think this could be the end of prohibition

At the rate of U.S dollar collapse, we may be dealing with peso's here very soon.