July 12, 2010

Betfair's US prospects boosted as NJ Assembly approves exchanges

Betfair's goal of launching in the US has inched closer after the US state of New Jersey’s General Assembly unanimously approved the exchange betting model used by companies such as Betfair and Betdaq.

The approval means by the General Assembly, the junior house in the state's two-house legislature, means the measure to approve exchange betting will now appear before the Wagering, Tourism and Historic Preservation committee of the Senate, the senior house; although both the Senate and Assembly in the north eastern state have now disbanded for the summer recess.

Betfair has sought to position itself in the US ahead of any future move to legalise online sports betting there, sponsoring numerous racing events, acquiring US TV horseracing and online betting business TVG Network for $50m in January 2009, investing in fan community business Watercooler in October 2009 and signing a deal the same month with America’s Breeders’ Cup to allow Betfair customers to bet directly into US tote pools.

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