Betfair and Darby Development, the operator of Monmouth Park racetrack in Oceanport, New Jersey, will begin offering an exchange wagering system to state residents beginning May 10.
In traditional tote wagering, the odds on a race fluctuate and the final odds are not determined until race time. According to a press release from Betfair, exchange wagering allows players to take fixed odds by proposing or matching anonymous trades with each other through an exchange platform.
Exchange wagering also allows bettors to ask for better odds than those available in the market at that time, to continue to wager during the running of a race and to “cash out” before a race is complete to ensure a profit or mitigate a potential loss, the release said.
Exchange wagering was approved in New Jersey in 2011. Betfair was licensed by the state to conduct exchange wagering in November 2015 as a service provider to the New Jersey Sports and Exposition Authority, the release said.
Monmouth Park, which begins its summer racing season on May 14, will highlight the tracks offered to players on the exchange. Betfair launched a closed beta version of its platform available to its 4NJ-BETS customers on April 18, the release said.