New Jersey
 

New Jersey

I want to learn everything I can about fixed odds wagering.

Do you have to be a New Jersey resident, or just be located there?

Do you bet through an ADW, casino, satellite wagering facilty, something else, or any combination of the above?

If a horse is three to one, and I lay three hundred to win one hundred, can I assume that I'm locked in at that price? Who is on the other side of the bet, an individual or the house?

Can you lay more than one horse in a race?

Is the market liquid?

Are there any special fees involved?

Can you lay place and show? Exotics?

Are there a large variety of tracks involved, or is it limited?

Is New Jersey the only state participating? Are other states scheduled to come on board?

I appreciate any help. I'm currently limited in my ability to use the computer.

Answers above in red

Thanks. Appreciate it. I have a few followup questions just to clarify.

This is what is offered today, at least as of now, never really played this:

Monmouth Park

Charles Town Races & Slots

Meadowlands (Harness)

Evangeline Downs

Emerald Downs

Australia (5)
Donald

Randwick

Flemington

Newcastle

Quirindi

plus apparently Goodwood and Newmarket

1) Bots because at times they'll lock in on a horse and go back and forth and suddenly there's more money bet on a race. The bots also scoop up a lot of the overlays rather quickly (for all the examples posted of "better" odds on the exchange, the people/computer programs playing it are sharp and you're not going to get $500 down on a 5-1 horse on the tote at 20-1 on the exchange).

2) There are U.S. tracks, just not many and not most of the major ones, because they see the money would mostly go to another state's coffers and didn't give their blessing to be on the exchange. Short sighted perhaps but unless every state had exchange wagering I can also see that side of it.

3) New Jersey is the only state with exchange wagering because people in the industry here worked for years with Betfair to get it legalized, and between Betfair and the tracks they had enough financial clout to do so. Exchange wagering was legalized in 2011 but the first license wasn't given out until 2015, and then exchange wagering finally started in 2016.

So, it looks like there are four USA T-Bred tracks offered on this day. Does that mean Emerald Downs might not be offered tomorrow?

Not being in NJ, I can't sign up at Betfair, but can I go into the site and see how things work? How the odds move, liquidty, etc.?

In Las Vegas you can play on-line poker at WSOP.com. They geo-locate your location, and as long as you are within the state borders you can play. You don't have to reside here. Just so I understand with Betfair, if I happen to be in NJ, I can't play there, I actually have to have proof of NJ residency?

12% commission is a bit steep compared to the uk

For every 1,000 Won

120 to betfair

Of course you do get bet with no breakage. So that helps some.

When I place bet I know exactly to the penny how much will returned.

Just layed some horses at Newmarket during the race, money in the bank.

Betting during the race is great.

Allan

Woodbine is also offered today. Just made money in the first race there.

Allan

Do you ever see odds offered like 4.67/1 as opposed to 9/2? Or do you ever win a bet on a 4/1 and find it actually pays 4.23/1 ? If the answer to both questions is no, you definitely are paying breakage, it is just totally hidden unless you can interrogate the person offering the wager.

As stated, you know exactly how much you will win once the bet.

The increments at 9/2 are:

5.50
5.60
5.70
5.80
5.90

If you don’t like the 5.50 offer, you can offer you own odds at the price of your choice.

Nobody is forcing you to take a flat 9/2.

If you don’t like the price don’t bet

Allan

You can do free demo races with betting here:

https://us.betfair.com/hr-simulator/

I've been playing with this. Takes a little getting used to.

If it says the odds are 22-1, it's actually 21-1.

I'm also not quite sure what some of their terms mean.


Position - Not sure exactly what this means. probably just the way they are listed.

Draw - I think draw and saddlecloth are the same thing

Saddlecloth

Win BSP

Industry SP - I can't figure out the meaning of SP and BSP

Place BSP