New Jersey Committee approves betting exchange bill

[Betfair]

New Jersey’s Senate State Government, Wagering, Tourism and Historic Preservation Committee has unanimously approved four bills to help stabilise and revitalise New Jersey’s ailing horse racing and casino industries, including a bill that would authorise a Betfair-style betting exchange for state residents on horse racing.

“Today’s action in the State Government Committee was only the first part of a comprehensive plan to make New Jersey’s casinos and racetracks more economically productive,” said Senator Jim Whelan, D-Atlantic, and chair of the committee. “The fact remains that gaming and wagering represent a substantial part of our State’s economy, and employ thousands of State residents from every corner of New Jersey.

“We have a responsibility to give our State’s casinos and racetracks the tools they need to be economically competitive with facilities in neighbouring states, but also to ensure that the industry can remain sustainable for the future.”

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