I don't live in NJ. So I don't know why exchange wagering failed there. But I played on an exchange for a few years. They were some of best years I ever had. The fact that it failed in NJ leads me to believe it wasn't given a fair chance to succeed (namely those with a vested interest in it failing made sure it did), the people running it were incompetent, or horse players weren't smart enough to take advantage of the occasional bargains that pop up on horses you were going to bet at the track anyway (not to mention the ability to book bets where you hate a horse but have no real positive opinion to take advantage of it). I wish I could wager at Betfair or on a exchange in the US.
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