Betfair will be fully operation in NJ by years end

jpb383 · 06-05-11 11:07 AM

When this occurs expect the rest of the U.S. to follow suit.

Could be the end of the off-shore industry

Dr.Gonzo · 06-05-11 11:11 AM

It will actually increase turnover with the off-shore books providing they are safe.

jgilmartin · 06-05-11 11:11 AM

How could that possibly be true unless it were just for racing? Source?

jpb383 · 06-05-11 11:14 AM

The exchange method was approved a year ago. This weekend there were meetings to get this up and running.
I can't guarantee by years end but it's coming soon.

bookie · 06-05-11 11:20 AM

Originally Posted by jgilmartin

How could that possibly be true unless it were just for racing? Source?

Obviously there are no sources for this information, just speculation, but I'd rather pay three-quarters percent to Matchbook than three to five percent to Betfair--even if they are safer. And I doubt I'm the only one who would have that preference.

I respect someone who decides to pay for the safety, but once the legal exchanges educate the U.S. public it seems reasonable to think that what the rogue exchanges and discount books will benefit.

jgilmartin · 06-05-11 11:20 AM

They would still need PASPA to be repealed.

FreeFall · 06-05-11 11:30 AM

is there a source to this?

roanildinho · 06-05-11 11:30 AM

No. i think betfair is tons better than matchbook.

matchbook still second book but liquidity is questionable.

06-05-11 11:33 AM

Originally Posted by bookie

Obviously there are no sources for this information, just speculation, but I'd rather pay three-quarters percent to Matchbook than three to five percent to Betfair--even if they are safer. And I doubt I'm the only one who would have that preference.

I respect someone who decides to pay for the safety, but once the legal exchanges educate the U.S. public it seems reasonable to think that what the rogue exchanges and discount books will benefit.

http://www.egrmagazine.com/news/8741...xchanges.thtml

06-05-11 11:33 AM

NJ legalises betting exchanges 01/02/2011

Stephen Carter
NJ legalises betting exchanges

New Jersey Governor Chris Christie yesterday signed bills to legalise exchange wagering and single-pool wagering, as part of a package aimed at propping up the Garden State’s ailing racing industries.

Christie (pictured) said in a statement after applying his signature to bills S-2229 and A-2926: “These measures represent the next steps in following through on my administration's commitment to securing a strong, independent, self-sufficient horse-racing industry in New Jersey. We are providing new tools to help the industry implement new strategies, generate additional revenue and capitalise on interest in horse racing around the state.”

A-2926 would allow the New Jersey Sports and Exposition Authority to contract with a betting exchange operator to provide this form of wagering in the state.

The bill’s passage into law was welcomed by Betfair that entered the US in January 2009 with the US$50m purchase of horse racing TV and wagering network TVG. California last year passed a similar bill allowing for exchange wagering by 2012.

A Betfair spokesman told eGaming Review: "New Jersey is leading the way in the US by embracing innovation and technology to assist the racing industry in providing new revenue streams. Coupling this approach with its deep-rooted racing tradition will see the state take a pioneering role in the sport's future," he said.

“Betfair would welcome any opportunity to work with the New Jersey racing industry to develop an exchange wagering program that will benefit all elements of the state’s racing industry, including horsemen and the betting public," he added.

Global Betting Exchange, owners of rival betting exchange Betdaq, will also have welcomed the news.

Christie now has 20 days left to decide whether or not to sign Senator Raymond Lesniak’s S490 egaming bill to allow Atlantic City’s casinos to offer online versions of their games. In addition to making New Jersey the first US state to license and regulate egaming, the bill would also redirect a portion of tax revenues raised towards New Jersey’s ailing horse racing industry.

kormeosandes · 06-05-11 11:42 AM

Originally Posted by jpb383

When this occurs expect the rest of the U.S. to follow suit.

Could be the end of the off-shore industry

i hope not. cause i'm not in us.

jpb383 · 06-05-11 11:44 AM

Originally Posted by kormeosandes

i hope not. cause i'm not in us.

if you're not in the U.S. youre free to use any book you choose

sharpcat · 06-05-11 11:48 AM

Originally Posted by jpb383

When this occurs expect the rest of the U.S. to follow suit.

Could be the end of the off-shore industry

This has absolutely nothing to do with sports wagering.

unclebuzz1 · 06-05-11 11:51 AM

Originally Posted by sharpcat

This has absolutely nothing to do with sports wagering.

Correct!!! This is horse racing only!

http://www.onlinegamingassociation.c...e-legislation/

jpb383 · 06-05-11 11:51 AM

Originally Posted by sharpcat

This has absolutely nothing to do with sports wagering.

Books thrive on Rec Bettors. When rec bettors think there's a legal option they'll flock.

jpb383 · 06-05-11 11:53 AM

Originally Posted by unclebuzz1

Correct!!! This is horse racing only!

http://www.onlinegamingassociation.c...e-legislation/

They're working on a bill now that will be be sports/poker inclusive using the exchange model for sports.

Hareeba! · 06-05-11 12:11 PM

Originally Posted by bookie

Obviously there are no sources for this information, just speculation, but I'd rather pay three-quarters percent to Matchbook than three to five percent to Betfair--even if they are safer. And I doubt I'm the only one who would have that preference.
.

another misleading comment about exchange commissions

MB charges commission win or lose
Betfair only when you win

and Betfair offers thousands more markets than MB does currently

unclebuzz1 · 06-05-11 12:22 PM

Originally Posted by Hareeba!

another misleading comment about exchange commissions

MB charges commission win or lose
Betfair only when you win

and Betfair offers thousands more markets than MB does currently

Don't expect anything near 1-2%. It'll be a minimum of 10% when the state and feds get involved, plus taxes on top of that.

sharpcat · 06-05-11 12:43 PM

Originally Posted by jpb383

They're working on a bill now that will be be sports/poker inclusive using the exchange model for sports.

Hate to break it to you but unless the federal ban on sports wagering is lifted New Jersey will never offer sports betting. NJ attempts to overturn the federal ban stalled out many months ago and are not showing any signs of life in the next year or two. Even if NJ challenged the ban it would take many several years and many experts would agree it is not likely any time soon.

relaaxx · 06-05-11 12:53 PM

hope is alive - see what happens next

deeshen13 · 06-05-11 12:56 PM

Hopefully the 'land of the free' starts heading in that direction soon

Kindred · 06-05-11 01:00 PM

this will only be for horse racing not sports betting..

the horse racing industry was one of those behind the UIGEA and got a special carve out for internet horse betting.

roanildinho · 06-05-11 01:28 PM

Originally Posted by unclebuzz1

Don't expect anything near 1-2%. It'll be a minimum of 10% when the state and feds get involved, plus taxes on top of that.

Is that for usa only or all betfair users

unclebuzz1 · 06-05-11 01:51 PM

Originally Posted by roanildinho

Is that for usa only or all betfair users

Only in the US if it were to pass in NJ. Betfair will want their cut, the state (NJ) their cut, the Feds their cut. I heard the Governor didn't want to challenge US laws so he vetoed it. It won't happen any time soon.

06-05-11 01:55 PM

Originally Posted by roanildinho

Is that for usa only or all betfair users

There is no reason for this to affect non-us players, other than maybe that the liquidity will increase. So don't worry, betfair will not raise the fees for anybody than americans. That is, if they raise the fees at all.

Edit: Damn! You were quicker unclebuzz

mtneer1212 · 06-05-11 02:49 PM

Horse racing only guys. There will not be sportsbetting in New Jersey unless the Federal ban is lifted, period. And then expect a fight from Harry Reid, Roger Goodell, David Stern, etc........

LVHerbie · 06-05-11 02:55 PM

Liquidity will also suck if the pool is only NJ until they get other states on board...

jairocon · 06-05-11 03:50 PM

Originally Posted by LVHerbie

Liquidity will also suck if the pool is only NJ until they get other states on board...

Seriously? What about the rest of the world?

Liquidity would be pretty much the same as it is now... NJ would be just a drop.

manutdlegend · 06-05-11 05:30 PM

only for horse racing not worth it

Hareeba! · 06-05-11 05:39 PM

Originally Posted by manutdlegend

only for horse racing not worth it

Betfair is fantastic for horse racing.

Extremely competitive odds and you can lay as well as back

06-05-11 05:59 PM

betfair has racing bacially 24-7 , plus you can bet in play, although they don't allow it on u.s tracks, i think, just the horses would be worth having betfair, but i don't think sports will ever happen in the u.s.

Hareeba! · 06-05-11 06:55 PM

Originally Posted by thespeculator

betfair has racing bacially 24-7 , plus you can bet in play, although they don't allow it on u.s tracks, i think, just the horses would be worth having betfair, but i don't think sports will ever happen in the u.s.

never say never but it does look as though it will be a long time coming

LLXC · 06-05-11 07:05 PM

Keep dreaming...?

06-05-11 07:12 PM

this news im alittle confused seams like its just no lead on the story dont know if atlantic city will have a online gaming site or betfair and if poker and sportbook will be in it

unclebuzz1 · 06-05-11 08:08 PM

Originally Posted by eachdolphin636

this news im alittle confused seams like its just no lead on the story dont know if atlantic city will have a online gaming site or betfair and if poker and sportbook will be in it

Someone found a (stale) article that NJ might allow online gambling run by Betfair. It may pass for horse racing but not for sports betting any time soon.

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Betfair will be fully operation in NJ by years end

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Betfair will be fully operation in NJ by years end