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(TRENTON) – Legislation Assemblywoman Connie Wagner, Assemblyman Craig J. Coughlin, Assemblyman John Burzichelli and Assemblywoman Annette Quijano sponsored to authorize exchange wagering on results of in-state and out-of-state horse races was advanced Monday by a Senate panel.
The bill was approved by the Assembly in June and released Monday the Senate State Government, Wagering, Tourism & Historic Preservation Committee.
“Expanding wagering options can only help boost our horse racing industry and tracks and ensure New Jersey stays a step ahead of the rest of the nation when it comes to innovative approaches,” said Wagner (D-Bergen). “This is a step forward for New Jersey horse racing.”
“This bill will ensure this new option for horse wagering in our state is properly regulated and safeguarded,” said Coughlin (D-Middlesex). “It’s an exciting new option that will keep New Jersey ahead of the pack.”
“This is just another way to help our horse racing industry,” said Burzichelli (D-Gloucester/Cumberland/Salem), who recently authored a law aimed at decreasing New Jersey’s horse racing events but increasing purses at those races. “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.”
“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 Quijano (D-Union). “This bill will be a boon for the horse racing industry and the local communities which support it.”
Exchange wagering is defined as a form of betting in which two or more persons place directly 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.
Those 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.
Under the bill (A-2926), once the outcome of the race is determined, funds would be transferred from the exchange wagering account of the bettor who lost the wager to that of the bettor who won the wager, and applicable transaction or other fees would be levied by the exchange wagering licensee for use and distribution as provided by the commission’s rules and regulations.
The bill would authorize the New Jersey Racing Commission to issue a license to the New Jersey Sports and Exposition Authority to establish an exchange wagering system. The issuance of the license is subject to the approval of the New Jersey Attorney General.