NJ Exchange Wagering Signed Into Law

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Published: January 31, 2011 03:57 pm EST

On Monday, January 31, Exchange Wagering was signed into law in the State of New Jersey

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A report by nj.com explains that the Exchange Wagering law (A-2926) was signed in along with a law which will allow racetrack permit holders to provide for a single pari-mutuel pool for each running or harness horse race (A-3200).

Exchange Wagering is a form of betting where two or more people place directly opposing bets on the outcome of a race. For example, one bettor can wager on a selected outcome occurring, while another bettor can wager on that same outcome not occurring. The article explains that the identically opposing wagers are matched when a bettor lays a selected outcome at the same price at which another bettor backs that same outcome, with the total amount subject to the lay being wholly commensurate to the total amount subject to the back.

Law A-2926 authorizes the New Jersey Racing Commission to issue a license to the New Jersey Sports and Exposition Authority to establish an exchange wagering system. The report explains that the issuance of the license is subject to the approval of the New Jersey Attorney General.

“This is simply another option and another way to build interest in the races, which can only help the industry as we move forward with a more modern racing model for our state,” A-2926 co-sponsor Assembly Democrat John Burzichelli was quoted as saying.

“By becoming the first state in the country to allow exchange wagering, New Jersey is once again at the forefront of the gaming industry,” said co-sponsor Assembly Democrat Annette Quijano. “This will be a boon for the horse racing industry and the local communities which support it."

“We can never rest easy when it comes to ensuring our horse racing industry can succeed, but this is an aggressive start toward modernizing it and positioning it to succeed,” said Assembly Democrat John McKeon, also a co-sponsor of the bill.

(With files from nj.com)

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