Betfair secures first exchange wagering licence in New Jersey

24 November 2015

The Betfair US arm of Betfair has become the first online operator to gain an exchange wagering licence from the New Jersey Racing Commission (NJRC).

Betfair US, in partnership with Darby Development, the operator of New Jersey racetrack Monmouth Park, had its wagering exchange services approved by the New Jersey Sports & Exposition Authority.

The operator can now offer exchange services in the US state under an approved exchange services agent licence, the first of its kind to be awarded by the NJRC.

The approval could lead to exchange wagers being offered for Monmouth Park as early as March next year.

The award of the licence will end a four-year wait for Betfair US to begin offering its exchange services in a regulated US state.

Betfair US first entered the New Jersey market in 2011, but has been forced to contend with a number of regulatory hurdles that prevented it from offering its range of betting exchange services.

However, in anticipation of this approval, Betfair US in 2013 struck a wagering services deal with Darby Development to handle digital services at Monmouth Park.

Related article: UK CMA to review proposed Paddy Power-Betfair merger