..

New Jersey Governor Signs Betting Exchange Market Bill Into Law

Written by:
C Costigan
Published on:
Jan/31/2011
Chris Christie

New Jersey Governor Chris Christie has signed into law a measure that would allow betting exchanges to operate in the state for horse racing.  New Jersey will become the first state in the US to do so. 

Exchange wagering is especially popular in Europe.  One of the pioneers of this form of betting, Betfair, went public on the London Stock Exchange this past year.  Betfair is among Europe’s biggest online gambling companies. 

Christie issued a statement ensuring New Jersey will prosper from a self-sufficient horse racing industry in the state.

"We are providing new tools to help the industry implement new strategies, generate additional revenue and capitalize on interest in horse racing around the state," the governor said. "Along with our ongoing efforts to transform racing at the Meadowlands and Monmouth Park through private management, these measures will place horse racing on a path to economic stability and sustainability without public subsidy that New Jersey taxpayers can simply no longer afford."

The Governor also signed into law a new method of pooling parimutuel wagers.

Christie could soon sign a bill into law allowing for Internet sports betting and poker in the state.  The New Jersey state assembly approved such legislation, the last remaining step before Christie does (or does not) sign such a measure into law.

- Christopher Costigan, Gambling911.com Publisher

Gambling News

5Dimes Agrees to Forfeit Over $46.8 Million to Resolve Criminal Probe

5Dimes Agrees to Forfeit Over $46.8 Million to Resolve Criminal Probe

United States Attorney William M. McSwain announced that the internet sports betting company, 5D Holdings Ltd. (operating under the unincorporated brand name, “5Dimes”) and Laura Varela, have agreed to forfeit more than $46.8 million in gambling proceeds as part of a settlement agreement in a criminal investigation into 5Dimes’ sports betting operation based in Costa Rica that allowed American gamblers to place bets, primarily through its website www.5Dimes.eu, in violation of U.S. law. Beginning in at least 2011, 5Dimes accepted wagers from and made payouts to U.S. bettors, and transferred more than $46.8 million in proceeds earned from its illegal gambling activities in such a manner as to attempt to hide the nature, location, source, and control of the funds.

Caesars Threatens Termination in Bid to Acquire William Hill

Caesars Threatens Termination in Bid to Acquire William Hill

Caesars Entertainment on Monday raised the stakes in a bidding war over William Hill. It has entered into advanced negotiations concerning the potential $3.7 billion takeover.

Best Betting Site Features

Best Betting Site Features

The number of different ways to wager on a sports event has changed drastically throughout the past few years. During this period, the internet has taken sports betting to another level, making it insanely popular worldwide.

Books Have Modest Day With Limited One-Sided Action

Books Have Modest Day With Limited One-Sided Action

The liabilities for Week 3 NFL were relatively low all things considered, but Monday Night Football has the potential to be a classic with KC seeing heavy early action.

Tampa Area Bookies: How Are They Faring?

Tampa Area Bookies: How Are They Faring?

Gambling911.com routinely monitors impacts on regional bookies, including those in the Tampa Bay, St. Petersburg area A well-run Pay Per Head will help guide you through any rough times.

Syndicate