NJ Approves Exchange and Internet Wagering

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The New Jersey Assembly Dec. 13 passed a bill to authorize exchange wagering on results of in-state and out-of-state horse races. It also would allow Internet wagering by out-of-state residents on horse racing.

A big hooray to New Jersey and Governor Christie. Hopefully other racing jurisdictions will follow!

From today's bloodhorse.com and Philadelphia Inquirer:

Exchange wagering is a form of betting in which two or more people place opposing wagers on the outcome of a horse race. Exchange wagering allows a bettor to wager on a selected outcome occurring and another bettor to wager on that same outcome not occurring. It is popular in Great Britain and Australia.

The Assembly also passed measures that would allow Internet wagering by out-of-state residents on horse racing; expand off-track wagering; allow racetrack permit-holders to provide a single pari-mutuel pool for each horse race; and allow casinos and out-of-state racetracks to negotiate the amount casinos pay for simulcast races. For the rest of the story from bloodhorse,com: http://www.bloodhorse.com/horse-racing/articles/60336/nj-approves-exchange-and-internet-wagering

A package of bills to help revive New Jersey's struggling horse racing industry won final approval from the state Assembly Monday, as did legislation to boost gambling revenues by allowing sports betting at the state's casinos and racetracks.

Passage of the Democratic-driven bills sets the stage for Gov. Christie's proposed overhaul of Atlantic City gambling and horse racing. The Republican governor announced a sweeping plan on July 21 to turn both industries' flagging fortunes around. Last month, Atlantic City's 11 casinos reported a 12.5 percent revenue drop compared with a year ago. For the rest of the story from the Philadelphia Inquirer: http://www.philly.com/inquirer/front_page/20101214_N_J__bills_approved_to_revive_horse_racing__gambling.html

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