Betfair to Withdraw from New Jersey Betting Market
BC.Game

 

Betfair has announced that it is withdrawing from the NJ betting market due to disappointing results and because the state is getting its first sports betting exchange.

Betfair entered the NJ market back in 2015, but generated a sports betting handle of just $12.4 million in 2018. Now, Sporttrade, a sports betting startup, is to introduce a proprietor betting exchange for the state via an agreement with Twin River Worldwide Holdings.

Kip Levin, COO of FanDuel, which oversees UK-based Betfair’s operations in the US, said the exchange “never hit the critical mass needed for it to be viable.”

He added that works in a UK context is not always the same in the US, arguing that the company had failed in the states because of “a customer base used to exotic wagers and reluctance by major US racing associations to embrace the different business model.”

Previous articleJohn Pollard Inducted into Lottery Industry Hall of Fame
Next articleESPN Signs Deals with Caesars Entertainment and DraftKings
Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

LEAVE A REPLY

Please enter your comment!
Please enter your name here