Gov. Chris Christie Monday signed legislation designed to boost interest in New Jersey's horse racing industry by authorizing exchange wagering and single pari-mutuel pools.
Exchange wagering is defined as a form of betting in which two or more persons place directly opposing wagers on the outcome of a horse race. The form of wagering allows a bettor to wager on a selected outcome occurring, and another bettor to wager on that same outcome not occurring.
The identically opposing wagers are matched when a bettor lays a selected outcome at the same price at which another bettor backs that same outcome, with the total amount subject to the lay being wholly commensurate to the total amount subject to the back.