Betfair Launching First US Betting Exchange May 10
Betfair is looking at a May 10 launch for what the company is calling, the first US betting exchange, out of Monmouth Park, New Jersey racetrack. It’s a big move for the company and has the potential to shake up the New Jersey online gambling market.
The UK-based bookmaker cracked the US online gambling firewall last when November when New Jersey gaming regulators granted them permission to open what is believed to be the first regulated US betting exchange.
Under terms of the deal, Betfair’s New Jersey-facing customers can enter into betting exchanges on races at a group of (as-yet-be-announced) US racetracks.
The big question now, is whether or the American betting public will take to betting exchange-style sports wagering?
Betfair officials acknowledge that there’s going to be a big learning curve for bettors who are only used to point spread betting. To help beat this challenge, they’ve invested heavily in betting exchange simulators and other educational tools.
According to published reports, company officials are happy with the results of a recently beta test.
Betfair has consistently shown a deep confidence in the prospect of establishing a betting exchange foothold in the US gambling market.
Back in 2013, the company invested $10 million in an effort to establish a similar exchange at the Hollywood Park Race Track in California. Unfortunately, the track went out of business before the project could be launched. With the launch of their New Jersey product, Betfair could finally see a return on the product development budget from Hollywood Park.
If the Monmouth Park betting exchange takes off, Betfair could be well on its way to establishing a solid niche in the tiny – but potentially huge – regulated US sports betting market.