..

California Bill on Exchange Wagering, Takeout Increase Progresses

Written by:
C Costigan
Published on:
Aug/25/2010

 

Frank Angst,Thoroughbred Times

A bill that would allow exchange wagering in California continues to progress through the state’s general assembly.

The bill, sponsored by John Perez (D-Los Angeles), would allow for exchange wagering, in which patrons barter with other patrons in assigning odds while the exchange provider retains a small fee. Typically, the betting form relies on Internet technology.

Betfair Group Ltd., which purchased racing channel and advance-deposit wagering company TVG last year for $50-million, pioneered exchange wagering.

The bill would require the betting exchange to be licensed by the California Horse Racing Board, the racing association or fair conducting the meet, and the horsemen’s organization responsible for negotiated purse agreements. These provisions appear to assure the involved parties the opportunity to negotiate a percentage of money from the exchange provider’s fee be committed to the tracks and horsemen.

The CHRB would have the ability to prescribe rules, regulations, and conditions for exchange wagering in the state. New Jersey lawmakers also are considering allowing exchange wagering on horse racing. The California bill was amended on Friday to include language that would allow betting exchanges in the state.

The bill also calls for a 2% takeout increase to 22.68% on exotic wagers requiring two wagering interests, like exactas and daily doubles; and a 3% increase to 23.68% on wagers requiring three or more wagering interests, such as trifectas, pick threes, superfectas, and pick fours. The additional takeout money would be committed to overnight purses.

The bill, which requires two-thirds approval, has received a third reading on the Senate floor, and has been referred to the Committee on Rules.

The bill says changes are needed because Thoroughbred owners are not supporting California racing, instead opting for higher purses in other states. Unlike many of the states it is competing with, California does not use revenues from added gambling to supplement purses.

The bill also includes provisions that would require a host of the Breeders’ Cup World Championships to set aside money from the increased takeout to promote the event. The bill notes the Los Angeles Economic Development Commission estimates the Breeders’ Cup, which was hosted by the Oak Tree Racing Association at Santa Anita Park in 2008 and ’09, pumps $60-million into the state and Los Angeles region.

Gambling News

Police ID Man Held in Calif. After Allegedly Mowing Down Casino Manager With SUV

Police ID Man Held in Calif. After Allegedly Mowing Down Casino Manager With SUV

Las Vegas police have identified a man with a criminal history who was arrested in Southern California in the death of a Las Vegas slot machine parlor manager trying to stop a purse snatching.

When Will Sports Betting Apps Be Available in the State of Ohio?

When Will Sports Betting Apps Be Available in the State of Ohio? 3000 Licensing Apps Expected?

Sports bettors in Ohio will continue to use 'ol reliable sites like BetOnline to place their wagers as the state announced its own apps will not be available until at least January 2023.

Crypto, Blockchain and Gaming News: UST LUNA Crash is Just a Preview of What’s to Come

Last Thursday, the meltdown in TerraUSD, one of the world's largest stablecoins, rippled through cryptocurrency markets, pushing another major stablecoin Tether below its dollar peg that sent Bitcoin to 16-month lows.

Sports Betting, Events Odds and Previews: PGA Championship Betting Markets Available

1st Round Leader PGA Championship 2022, Hole In One PGA Championship 2022, Nationality of Winner PGA Championship 2022 and so many more great betting markets.

How Much Does Cameron Young Pay Out to Win the 2022 PGA Championship?

How Much Does Cameron Young Pay Out to Win the 2022 PGA Championship? Biggest Liability at the Books?

Cameron Young promises a payout of $10,000 for every $100 bet to win the 2022 PGA Championship.  He is BetOnline's biggest liability ahead of Thursday's play.

Syndicate