No Californian Betting Exchanges Until 2013

NO CALIFORNIAN BETTING EXCHANGES UNTIL 2013

07th June, 2012 at 09:14:39

Source: http://www.bluffed.net

Horse owners' body defers vote

Media reports from last Friday indicate that hopes for betting exchange wagering in Californian horse racing will not be realised this year.

The June 1 board meeting of the Thoroughbred Owners of California voted to defer a decision on betting exchange wagering in the state until 2013, according to local media.

The decision will be disappointing for Betfair's US subsidiary TV Games Network, which has been active in lobbying for the prospect, and which commissioned a study last year that showed that horse racing would benefit substantially from the introduction of exchange betting, attracting new fans to the sport, and increasing competition for offshore sport betting operators.

The TOC board said in a statement after the meeting:

The concept of exchange wagering has been a polarizing issue among the stakeholders in California racing, and this action will give us additional time to study this betting alternative and consider if it is in the best interests of the industry in our state.

"We will continue to seek alternative revenue sources and have not slammed the door closed on the concept of exchange wagering. We are simply putting this contentious issue on the back burner until we can analyze it further and, hopefully, build a consensus within the industry.