Exchange Wagering rules pass in Jersey

[biggestal99]

http://www.nj.gov/oag/racing/downloads/njrc_meet_pub_2014_1119_min.pdf

during the regular meeting

First step of the application process. ;-)

Allan

[MJC922]

Awesome news. Thanks for posting. :ThmbUp:

[Stillriledup]

I guess some of the questions for people who don't have time to read 90 pages of commission reports would be these:

1) Can people physically wager cash at the track on these bets, or is this exc wager strictly an ADW situation where you need an account.

2) Will you be able to bet on all tracks in America, or just NJ tracks.

3) Will this be run by Betfair or someone else who already has a large customer base.

[biggestal99]

I guess some of the questions for people who don't have time to read 90 pages of commission reports would be these:

1) Can people physically wager cash at the track on these bets, or is this exc wager strictly an ADW situation where you need an account.

2) Will you be able to bet on all tracks in America, or just NJ tracks.

3) Will this be run by Betfair or someone else who already has a large customer base.

1.nope need a adw account so they can track the money wagered accurately

2. Yes, interstate pools are permissible on na tracks that allow exchange wagering
Under the rules that passed.

3. Betfair and monmouth have an agreement in place

Allan

[Stillriledup]

1.nope need a adw account so they can track the money wagered accurately

2. Yes, interstate pools are permissible on na tracks that allow exchange wagering
Under the rules that passed.

3. Betfair and monmouth have an agreement in place

Allan

Thanks.

[Canarsie]

Finally a link so that others can see what your talking about.

If you think this i happening anytime soon look what this line says.

The adoption of
these rules is but one step in an exhaustive process which is intended to ensure that
exchange wagering is conducted in a lawful manner that is consistent with the Exchange
Wagering Act and is beneficial to our horse racing industry.

[Robert Goren]

1.nope need a adw account so they can track the money wagered accurately

2. Yes, interstate pools are permissible on na tracks that allow exchange wagering
Under the rules that passed.

3. Betfair and monmouth have an agreement in place

AllanNumber 2 is the rub. There are practically no states that allow exchange wagering. NJ and maybe CA are the only two I know. In other states, state law would probably have to be changed. At best that is going to be a long drawn out process. Most states that have pari-mutuel waging have laws that outlaw all other forms of wagering. I am sure Betfair is checking it out, but I am not hopeful that we see places NY move away pari-mutuel any time soon.

[Some_One]

It could be possible that these tracks have deals with BF for their non-US customers. BF had Breeders Cup races this year and normally do not provide any wagering (tote/xchange) for Cali races.

[biggestal99]

Finally a link so that others can see what your talking about.

If you think this i happening anytime soon look what this line says.

The adoption of
these rules is but one step in an exhaustive process which is intended to ensure that
exchange wagering is conducted in a lawful manner that is consistent with the Exchange
Wagering Act and is beneficial to our horse racing industry.


That is the application process they are talking about. It will take 6 months approx. If all goes well.

Still there is light at the end of the tunnel.

Allan

[biggestal99]

Number 2 is the rub. There are practically no states that allow exchange wagering. NJ and maybe CA are the only two I know. In other states, state law would probably have to be changed. At best that is going to be a long drawn out process. Most states that have pari-mutuel waging have laws that outlaw all other forms of wagering. I am sure Betfair is checking it out, but I am not hopeful that we see places NY move away pari-mutuel any time soon.

tracks in north america that allow exchange wagering on their races that are racing today

1. Aqueduct
2. Hawthorne
3. Zia park
4. Woodbine
5. Charles Town
6. Mountaineer
7. Delta downs

Allan

[ultracapper]

The camel got his nose in the tent. One step down.

[Some_One]

tracks in north america that allow exchange wagering on their races that are racing today

1. Aqueduct
2. Hawthorne
3. Zia park
4. Woodbine
5. Charles Town
6. Mountaineer
7. Delta downs

Allan

Just because you can play it now on BF, doesn't mean they have a deal with BF.

[Robert Goren]

tracks in north america that allow exchange wagering on their races that are racing today

1. Aqueduct
2. Hawthorne
3. Zia park
4. Woodbine
5. Charles Town
6. Mountaineer
7. Delta downs

Allan Maybe illegally overseas, but I don't believe that NY state law allows for any other form of betting on races other than pari-mutuel. Laws do change but I am pretty sure NY's hasn't. It would have been reported here. There is not a state in the union that has pari-mutuel waging where exchange wagering would be legal unless the law has been changed recently. When the pari-mutuel wagering was introduced, they used model law. Every state followed that model law when they adopted their own. If you back and compare the original laws on a state by state basis, you will find identical wording. The model law outlawed all forms of wager except pari-mutuel. That was the big selling point of pari-mutuel. It was to take organized crime out of the business.(and for the most it did locally) In order to get exchange wagering, you have to change the state laws. I like the idea of exchange wagering as a bettor. But there are a lot of hoops to jump through to get it to the point where it will handle a lot of action legally.

[davew]

tracks in north america that allow exchange wagering on their races that are racing today

1. Aqueduct
2. Hawthorne
3. Zia park
4. Woodbine
5. Charles Town
6. Mountaineer
7. Delta downs

Allan

Probably more accurately stated as tracks Betfair has a market on today-

Who does Monmouth have as bookie manager for sports? William Hill?

[biggestal99]

Maybe illegally overseas, but I don't believe that NY state law allows for any other form of betting on races other than pari-mutuel. Laws do change but I am pretty sure NY's hasn't. It would have been reported here. There is not a state in the union that has pari-mutuel waging where exchange wagering would be legal unless the law has been changed recently. When the pari-mutuel wagering was introduced, they used model law. Every state followed that model law when they adopted their own. If you back and compare the original laws on a state by state basis, you will find identical wording. The model law outlawed all forms of wager except pari-mutuel. That was the big selling point of pari-mutuel. It was to take organized crime out of the business.(and for the most it did locally) In order to get exchange wagering, you have to change the state laws. I like the idea of exchange wagering as a bettor. But there are a lot of hoops to jump through to get it to the point where it will handle a lot of action legally.

Clearly stated in the rules. "Exchange wagering is a new type of pari-mutual wager"

Allan

[Robert Goren]

Clearly stated in the rules. "Exchange wagering is a new type of pari-mutual wager"

AllanI am not sure the state racing commissions will see it that way. It is really stretching a point. I just don't expect to see a lot of major tracks popping up on a NJ exchange.

[biggestal99]

I am not sure the state racing commissions will see it that way. It is really stretching a point. I just don't expect to see a lot of major tracks popping up on a NJ exchange.

Betfair holds a major card, it televises races and takes regular parimutal wagering, i am sure
That will help with some arm twisting they are the largest adw, that might make a difference right?

Allan

[Canarsie]

That is the application process they are talking about. It will take 6 months approx. If all goes well.

Still there is light at the end of the tunnel.

Allan

This is your interpretation and I know how many times you have been right on this and any other horse racing matter so far. Once again please show me where exhaustive process equates to six months.

I would actually like to see EW set in motion (even it it meant losing which I doubt) just to see what kind of cards certain players in this market play. But I'm not holding my breath.

[biggestal99]

This is your interpretation and I know how many times you have been right on this and any other horse racing matter so far. Once again please show me where exhaustive process equates to six months.

I would actually like to see EW set in motion (even it it meant losing which I doubt) just to see what kind of cards certain players in this market play. But I'm not holding my breath.

Its not an interpretation. The rules spell out the time line for the initial application.

If all goes well its appox 6 months from now.

Allan

[Some_One]

Probably more accurately stated as tracks Betfair has a market on today-

Who does Monmouth have as bookie manager for sports? William Hill?

When Mth runs in the summer, it is available on BF for international customers.

[Some_One]

Maybe illegally overseas, but I don't believe that NY state law allows for any other form of betting on races other than pari-mutuel. Laws do change but I am pretty sure NY's hasn't. It would have been reported here. There is not a state in the union that has pari-mutuel waging where exchange wagering would be legal unless the law has been changed recently. When the pari-mutuel wagering was introduced, they used model law. Every state followed that model law when they adopted their own. If you back and compare the original laws on a state by state basis, you will find identical wording. The model law outlawed all forms of wager except pari-mutuel. That was the big selling point of pari-mutuel. It was to take organized crime out of the business.(and for the most it did locally) In order to get exchange wagering, you have to change the state laws. I like the idea of exchange wagering as a bettor. But there are a lot of hoops to jump through to get it to the point where it will handle a lot of action legally.

BF holds a bookie license overseas, it can offer whatever sports/markets it wants, therefore it is not illegal overseas. NYRA can not stop any legal bookmaking operation taking bets on their races.

[biggestal99]

Just because you can play it now on BF, doesn't mean they have a deal with BF.

I am sure its not a coincidence that the 7 TB tracks that betfair is accepting
today are the same exact 7 tracks featured today on the TVG network.

Allan

[Some_One]

I am sure its not a coincidence that the 7 TB tracks that betfair is accepting
today are the same exact 7 tracks featured today on the TVG network.

Allan

And the reason why CD tracks aren't on there is because CD threaten to pull their tracks from TVG if they were offered on BF, maybe the other tracks don't have the same leverage. I'm pretty sure Woodbine is very anti-BF from some things I heard on track.

[Canarsie]

Its not an interpretation. The rules spell out the time line for the initial application.

If all goes well its appox 6 months from now.

Allan

Please show me ONE rule where it say "approximately" in it especially when it comes to NJ, This is one of the most ridiculous things I have ever heard.

Congress passes a law and it's signed by the president. The bill says "approximately" six months and is never implemented. When a constituent contacted their congressperson about the bill his or her line was "contact biggestal99 he knows everything about things not being implemented in a certain time period".

Happy Thanksgiving

[biggestal99]

Please show me ONE rule where it say "approximately" in it especially when it comes to NJ, This is one of the most ridiculous things I have ever heard.

Congress passes a law and it's signed by the president. The bill says "approximately" six months and is never implemented. When a constituent contacted their congressperson about the bill his or her line was "contact biggestal99 he knows everything about things not being implemented in a certain time period".

Happy Thanksgivingappox becuase the jersey racing commission has time to review The application, i used common sense in estimating the time between the passing
Of the rules and the implementation of ew

Btw i do know everything, i am just underestimated. :-)

Happy thanksgiving to you.

Allan