A New Jersey Assembly panel has advanced a bill which calls for the New Jersey Sports and Exposition Authority to create a horse racing betting exchange

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According to a report by nj.com, the panel today gave the bill the green light. Participants utilizing the betting exchange would have to verify that they are residents of New Jersey.

The article also explains that the panel approved a resolution which may see the public decide via referendum on whether or not to amend the state constitution to allow wagering on sporting events.

(With files from nj.com)