With New Jersey’s current horse racing structure under evaluation, some Wall Street firms have taken an interest in the harness racing industry
with their sights set on helping to manage bets at state racetracks via their trading technologies.
According to an article in the Wall Street Journal, International Securities Exchange Holdings Inc. (ISE), through its subsidiary Longitude LLC, wants to use its trading technology to create more efficient prices and more transparency in betting if the state allows combining win, place and show bets in a single pool.
"You can put in a wager like in the options market," said Douglas Reed, director of the University of Arizona's race-track industry program. "You can say, 'I want to place this wager as long as I get 10-to-1 or more, and it will take that wager out of the pool.'"
Cantor Fitzgerald has also taken an interest in the racing industry. Its affiliate, Cantor Gaming, currently conducts sports betting at M Resort Spa Casino in Las Vegas, and its technology is used at other casinos including the Venetian and Palazzo.
“I would love to do something to help horse racing," said Lee Amaitis, a former horse trainer and racing official who is now president and chief executive of Cantor Gaming.
Wall Street’s involvement in the racing industry depends on changes to state legislation concerning sports betting and online betting. A vote to allow legalized sports betting at New Jersey's casinos and racetracks through a public referendum is scheduled for November while legislation calling for more off-track wagering and new forms of gambling including exchange wagering are awaiting approval from Gov. Chris Christie.
(With files from the Wall Street Journal)
Wall Street Firms. That is
Wall Street Firms. That is what Harness racing needs, some "Honest Folks" to improve the product and its image!!