Pete Korner, owner of Nevada’s largest oddsmaking firm The Sports Club, has just received the U.S. patent for exchange wagering and is working on the necessary procedures to get things live in the sportsbooks.
“The project will most likely start after football in accordance to suggestions made by the Gaming Control Board,” Korner told Covers. “We have a sportsbook who has volunteered to be the bank for deposits and withdrawals. We can't say who just yet but it will be here in Las Vegas.”
Exchange wagering is currently available online through shops like BetFair, where bettors can offer lines on an open market to other players and those bettors choose whether or not to accept them. The principle is essentially the same with Korner’s exchange wagering, only the sportsbooks will be the only ones who can accept offers.
In addition, sportsbooks will be able to lay off their action with other books, something they haven’t been abel to do in the past.
"I can tell you right now after talking to many of the directors here in the state, some will be pretty aggressive in snatching up offers if they’re anywhere close to their current lines at their books," Korner wrote in a post in the Covers forum.
Korner is calling it a “win-win-win” situation because bettors will be able to have their say in the numbers they want, sportsbooks will have less exposure and this should generate more handle and tax revenue for the state of Nevada.
You can read Korner's complete post to learn more here in the Covers forum.