Betfair will be fully operation in NJ by years end
When this occurs expect the rest of the U.S. to follow suit.
Could be the end of the off-shore industry
Dr.Gonzo
SBR MVP
12-05-09
4660
#2
It will actually increase turnover with the off-shore books providing they are safe.
Comment
jgilmartin
SBR MVP
03-31-09
1119
#3
How could that possibly be true unless it were just for racing? Source?
Comment
jpb383
SBR High Roller
06-14-10
242
#4
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.
Comment
bookie
SBR MVP
08-10-05
2112
#5
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.
Comment
jgilmartin
SBR MVP
03-31-09
1119
#6
They would still need PASPA to be repealed.
Comment
FreeFall
SBR MVP
02-20-08
3365
#7
is there a source to this?
Comment
roanildinho
SBR MVP
06-02-10
1320
#8
No. i think betfair is tons better than matchbook.
matchbook still second book but liquidity is questionable.
Comment
Bluehorseshoe
SBR Posting Legend
07-13-06
14998
#9
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.
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.
Comment
kormeosandes
Restricted User
05-19-11
47
#11
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.
Comment
jpb383
SBR High Roller
06-14-10
242
#12
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
Comment
sharpcat
Restricted User
12-19-09
4516
#13
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.
Comment
unclebuzz1
SBR Wise Guy
08-23-09
565
#14
Originally posted by sharpcat
This has absolutely nothing to do with sports wagering.
They're working on a bill now that will be be sports/poker inclusive using the exchange model for sports.
Comment
Hareeba!
BARRELED IN @ SBR!
07-01-06
37279
#17
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
Comment
unclebuzz1
SBR Wise Guy
08-23-09
565
#18
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.
Comment
sharpcat
Restricted User
12-19-09
4516
#19
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.
Comment
relaaxx
SBR MVP
06-15-06
3281
#20
hope is alive - see what happens next
Comment
deeshen13
SBR Hustler
05-31-11
92
#21
Hopefully the 'land of the free' starts heading in that direction soon
Comment
Kindred
SBR MVP
09-09-08
2901
#22
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.
Comment
roanildinho
SBR MVP
06-02-10
1320
#23
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
Comment
unclebuzz1
SBR Wise Guy
08-23-09
565
#24
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.
Comment
Carloschihuahua
SBR Hustler
04-06-11
52
#25
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
Comment
mtneer1212
SBR MVP
06-22-08
4993
#26
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........
Comment
LVHerbie
SBR Hall of Famer
09-15-05
6344
#27
Liquidity will also suck if the pool is only NJ until they get other states on board...
Comment
jairocon
SBR Sharp
05-30-10
446
#28
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.
Comment
manutdlegend
Restricted User
02-13-11
46
#29
only for horse racing not worth it
Comment
Hareeba!
BARRELED IN @ SBR!
07-01-06
37279
#30
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
Comment
thespeculator
SBR MVP
09-09-08
2999
#31
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.
Comment
Hareeba!
BARRELED IN @ SBR!
07-01-06
37279
#32
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
Comment
LLXC
SBR Hall of Famer
12-10-06
8972
#33
Keep dreaming...?
Comment
eachdolphin636
Restricted User
04-19-11
65
#34
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
Comment
unclebuzz1
SBR Wise Guy
08-23-09
565
#35
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.