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Betfair to Become Title Sponsor of $1 Million Haskell Invitational

Posted Tuesday, May 10, 2016

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Oceanport, New Jersey — Betfair, the operator of the world’s most popular exchange wagering platform, has teamed up with Monmouth Park in Oceanport, New Jersey to become the title sponsor of New Jersey’s most prestigious race, the Grade I, $1 Million Haskell Invitational. Under the agreement, the race, which will be contested on Sunday, July 31, will be called the betfair.com Haskell Invitational, Betfair and Monmouth Park officials announced today.   

”Betfair has a longstanding practice of partnering with and supporting top tier racing, and given its tradition of excellence and its prominence on the racing calendar, we are proud to become the title sponsor of the Grade-I betfair.com Haskell Invitational as we introduce exchange wagering in New Jersey," said Kip Levin, CEO of Betfair US and TVG.


Exchange wagering, a fixed-odds, peer-to-peer form of pari-mutuel betting popular in other parts of the world, was introduced to residents of New Jersey through Betfair with a beta launch in April, which was followed by a full launch for New Jersey residents today, May 10th. 


"We are proud to partner with Betfair and welcome their sponsorship of New Jersey's biggest horse race," said Dennis Drazin, advisor to Darby Development, LLC, operators of the racetrack.  "We have spent the past few years working together to bring exchange wagering to the Garden State and look forward to many years of great success showcasing the nations top 3-year-olds in the betfair.com Haskell Invitational." 


In 2015, American Pharoah made his first start since his historic completion of horse racing’s Triple Crown in the Haskell Invitational with an impressive victory before a record crowd of 60,983 at Monmouth Park. The betfair.com Haskell Invitational is set for its 49th renewal and is a mile and an eighth race that routinely draws the top 3-year-olds in the country to the Jersey Shore. In addition to American Pharoah, the race has been won in recent years by champions Big Brown, Rachel Alexandra and Lookin at Lucky. The betfair.com Haskell Invitational will be nationally televised on NBC as part of the Breeders’ Cup Challenge Series.  


Unlike traditional “tote” wagering, where the odds fluctuate and are not determined until the start of each race and are the same for each customer, exchange wagering utilizes cutting-edge technology to allow players to take fixed odds by proposing or matching anonymous trades with each other via the exchange platform. It also allows bettors to ask for better odds than those available in the market at that time, to continue to wager during the running of a race and to “Cash Out” before a race is complete to ensure a profit or mitigate a potential loss.  


Exchange wagering is very popular in other countries, including in the UK, where Betfair pioneered the exchange 15 years ago. Betfair now processes, on average, more than three million transactions each day. 


Betfair, which owns the Los Angeles-based horse racing television network and advance deposit wagering platform TVG, also operates 4NJ-BETS and Betfair Casino in New Jersey. 


The live racing season at Monmouth Park will run from May 14 through September 25.



About Betfair:  

As part of the FTSE100 listed Paddy Power Betfair group, Betfair is one of the world’s largest international online betting and gaming providers and pioneered the betting exchange in 2000. Driven by cutting-edge technology, Betfair’s exchange enables customers to bet at odds sought by themselves or offered by other customers. In the US, the company owns nationwide horse racing television network and advanced-deposit wagering platform TVG. In New Jersey, runs 4NJBets.com in partnership with Monmouth and the Meadowlands and owns the online Betfair Casino in partnership with Golden Nugget. 


About Monmouth Park: 

Established in 1946 along the Jersey Shore in Oceanport, Monmouth Park Racetrack is one of New Jersey's most historic and recognizable landmarks.  Now in its 71st season of world-class Thoroughbred racing, Monmouth Park racetrack is the summer home to 1,600 horses and more than 2,000 employees. 


On May 4, 2012, Monmouth Park was privatized through a lease agreement from the New Jersey Sports & Exposition Authority to the New Jersey Thoroughbred Horsemen's Association, who in turn hired the management company Darby Development LLC.  Under new management, Monmouth Park has bucked the national trend and seen annual increases in attendance as well as on-track and simulcast handle.  The signature event of Monmouth's racing season is the $1 million Haskell Invitational, which annually attracts racing's top equine athletes. 

For more information, visit www.monmouthpark.com. 

For more information, contact: Jessica Paquette, jpaquette@ctpboston.com or (978) 606-6059 or John Heims, jheims@monmouthpark.com or 732-571-5539. 

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