USA: In a move likely to be full of significance for Betfair's burgeoning US interests, the state of New Jersey has passed a bill set to authorise the establishment of North America's first online betting exchange.
Betfair, which owns the TVG racing channel, has largely been associated with efforts to break into the American market in California, where it has opened an office in San Francisco.
The Californian state assembly passed a bill in September to pave the way for horse betting via online exchanges, but it is unlikely to be introduced until May 2012 at the earliest.
However, the company has also been an active lobbyist in New Jersey, where the introduction of exchange and internet betting on horseracing is seen as a potential saviour for the state's beleaguered racing industry, which includes the 2007 Breeders' Cup venue Monmouth Park.
Before the exchange and internet parts of the bill become law, though, there is one final legal hurdle: the state governor must give his final approval.
Betfair's director of global horseracing Stephen Burn said: "We have worked closely with legislators and regulators in New Jersey to help them understand the benefits of exchange betting. It doesn't provide a silver bullet to racing's problems in the state but does offer a silver lining."
While nobody at BetFair will be counting their chickens given that the bill was Democrat-driven while the governor, Chris Christie, is a Republican, there are enormously positive signals in that Christie himself has been behind plans to overhaul the waning gambling industry in the state.
Burn added: "If given the opportunity, we will be pitching to bring Betfair to New Jersey in the summer of 2011 and look forward to working with the relevant parties to provide a product that is priced in a customer-friendly way while ensuring a fair return to racing for its product."
The bill's supporters in New Jersey are hopeful of success for proposals also designed to offer succour to the state's ailing casino operators - the fading mini-Las Vegas resort of Atlantic City is a major attraction - by allowing sports betting at casinos and racetracks.
