Betfair has teamed up with Monmouth Park racetrack in Oceanport, New Jersey to serve as the title sponsor of the state’s most prestigious thoroughbred race, the Grade I, $1 million Haskell Invitational.

The race takes place on Sunday 31 July and will be presented as the betfair.com Haskell Invitational.

Now in its 49th year, the Haskell Invitational routinely draws the top 3-year-old horses in the country to the Jersey Shore and will be nationally televised on NBC as part of the Breeders' Cup Challenge Series.

”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.

Betfair launched exchange wagering in New Jersey for the first time earlier this week following a beta launch in April. The company pioneered the betting exchange concept in the UK 15 years ago, and now processes more than three million transactions each day.

“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, 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 nation’s top 3-year-olds in the betfair.com Haskell Invitational.”

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