Betfair US, a new subsidiary created following the merger of leading Irish bookmaker, Paddy Power and online betting company, Betfair, will be launching the first exchange wagering site in the US next month. Through a partnership with Darby Developmentwhich runs New Jersey’s Monmouth Park racetrack, the wagering platform will launch on May 10.
Betfair US will use a separate platform that is dedicated to horse race betting on races at Monmouth Park and Meadowlands, as well as other tracks that sign agreements with the New Jersey exchange.
A closed beta version of the site was made available to its 4NJ-BETS customers last week. Betfair has held a license to operate this product in New Jersey since November. It will allow customers to offer and accept odds on horses. It will also offer in-race wagering and the opportunity to lock in odds, creating a fixed-odds type of bet.
“Our experience in the UK and other markets has proven that exchange wagering is an attractive prospect for consumers and that it can bring new customers, increase engagement and new revenue to horse racing,” stated Kip Levin, chief executive officer of Betfair US.
Betfair has not yet disclosed a full list of racetracks that have agreed to provide signals to Betfair US in time for its May launch. Many major operators have not yet committed to participating in exchange wagering, including Churchill Downs Inc and the New York Racing Association.
“We need to embrace technology for horse racing to attract new participants, new customers and new revenue streams and we are confident that exchange wagering can help us do that,” said Dennis Drazin, president of Darby Development. “We think this can be a net positive for our industry and that it can complement traditional wagering.”