Betfair, the highly rated online betting exchange, have quickly bounced back from a disappointment in US racing to secure a new deal which could see them break new ground. Betfair had had a sponsorship deal with the iconic racetrack Hollywood Park, which was earmarked in December 2013 to be demolished in order to make way for some new housing.
But that didn’t deter Betfair, who, instead of just walking away from US Racing, just went out and found themselves a new partner in the industry to team up with. It appears that Betfair have been closing in on a deal with Monmouth Park, New Jersey. The reports are that the two parties have come to a tentative agreement, which could lead to Betfair offering exchange betting at the beginning of track meets from May this year.
If the deal between betfair and Monmouth Park because a fixed firm one down the line, then it will mean that Betfair will be the first to offer exchange betting in the United States.
One only casino in the famous Atlantic City actually runs a racebook, and the New Jersey racing industry is in a bit of a flux. Monmouth Park and Meadowlands racecourses are both looking for approval to run racing type slot machines on their property, because of a need to try and drum up some extra revenue. So there is a big gap there for Betfair to get their teeth into.
Betfair already have a behind-the-scenes presence in US Racing, as the betting exchange owns Television Games Network (TVG), an American horse racing channel that features race analysis, interviews, handicap tips and more. The betting exchange wisely used this platform to push for the legalization of exchange betting in New Jersey, back in 2011.
The fate of exchange betting rests in the hands of New Jersey’s Attorney General’s office. After the approval from there, the Racing Commission will actually be the ones who have the final vote on whether it can go ahead or not in the state.
“We think it’s going to be a brand new business for us, “Dennis Drazin, Chairman of the horseman-owned company that operates Monmouth Park, said.
