The Thoroughbred Daily News reported Friday that Betfair will cease accepting exchange wagers from New Jersey customers beginning Oct. 1 of this year.
The concept of exchange wagering, in which users can offer their own odds on a horse or accept another user's odds, is popular overseas, where takeout in the form of commissions is estimated at 5 percent. It seems the practice didn't really catch on as well in the United States, where takeout was closer to 12 percent due to the requirement a portion of the wager go to support purses.
Betfair launched in New Jersey in 2016 but was unable to get agreements to take bets in major racing states like New York, California, and Kentucky. Exchange wagering was legalized in California but never made available there, and New Jersey remained the only state customers could actually access exchange wagering.
Read more at the TDN
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