02/28/2013 5:05PM

TVG to operate New Jersey's account wagering site


TVG and New Jersey racetracks have reached an agreement allowing TVG to take over the operation of the only account-wagering platform available to New Jersey residents.

The agreement was ratified Wednesday by the New Jersey Racing Commission. A notice on the website of the account-wagering platform, 4NJbets.com, said that TVG will become the operator of the site as of March 1.

TVG officials did not immediately respond to requests for comment.

The 4NJbets site was set up in 2007 after New Jersey passed a law allowing for account wagering but restricting the operation of an online platform to the New Jersey Sports and Exposition Authority. At that time, the NJSEA, a state agency, owned and operated Monmouth Park and the Meadowlands, but both tracks have been leased to private operators over the past two years, under long-term agreements.

“Starting tomorrow, we’ll be powered by TVG with a brand new look, cool new tools, enhanced features, and more!” the notice on the site said.

New Jersey also is one of only two states to pass laws specifically authorizing exchange wagering on horse races, along with California. TVG is owned by Betfair, the largest betting exchange operator in the world. The company is eager to launch a betting exchange in the United States, but questions over its legality under federal law and difficulties in reaching agreement with horsemen and tracks over revenue distribution remain hurdles.