Whoever said betting isn’t like investing? New Jersey Governor Chris Christie signed a bill in to law yesterday that will allow gamblers to buy options on horse races, much like investors can on stocks.
One type of option would be to allow a bettor or a group of bettors to directly wager against another bettor group of bettors on the outcome of a particular race - a practice that is popular in Europe.
Another option would be to allow tracks to combine all wagers placed on a horse into a large single pool as a way of allowing the creation of larger pools to handle a wider variety of bets.
The bill was passed yesterday as part of a state legislative effort to support its casinos and horse racing industries. It has gone into affect at the state’s Meadowlands Race Track, as well as its tracks at Monmouth Park and Freehold, among others.