New Jersey has become the first US state to issue an exchange wagering license, ending a long and often frustrating journey for the US division of UK-listed betting exchange Betfair.

On Wednesday, the New Jersey Racing Commission held its latest executive session, at which it formally approved an application by the New Jersey Sports & Exposition Authority (NJSEA) for the issuance of a exchange services agent license to Betfair US and an exchange management agent license to Darby Development.

Darby is the Dennis Drazin-led company that operates the Monmouth Park Racetrack on behalf of the NJSEA. Betfair already handles Monmouth’s advance deposit wagering site and the two parties struck an exchange wagering deal two years ago. New Jersey passed its Exchange Wagering Act in 2011 but took a long time approving the necessary regulations.

The license approval means Monmouth could handle its first exchange wager as early as March 2016. That happy day will mark the culmination of a long and expensive journey for Betfair US, which spent $10m in an unsuccessful bid to get industry stakeholders in California to get over their fear of exchange wagering.