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(TRENTON) – Legislation Assembly Democrats Connie Wagner, Craig J. Coughlin, John Burzichelli, Annette Quijano and John McKeon sponsored to boost New Jersey’s horse racing industry were signed into law on Monday.
The laws authorize exchange wagering and single pari-mutuel pools.
The exchange wagering law (A-2926) is designed to boost interest in horse wagering.
“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 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).”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 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 law, once the outcome of the race is determined, funds will 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 will be levied by the exchange wagering licensee for use and distribution as provided by the commission’s rules and regulations.
The law 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 issuance of the license is subject to the approval of the New Jersey Attorney General.
The other law (A-3200) permits racetrack permit holders to provide for a single pari-mutuel pool for each running or harness horse race (A-3200). It’s sponsored by McKeon and Wagner.
“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 McKeon (D-Essex). “A strong horse racing industry will mean so much to New Jersey’s future.”