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New Jersey Governor Signs Betting Exchange Market Bill Into Law

Written by:

C Costigan

Published on:

Jan/31/2011

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

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