PDA

View Full Version : California approves exchange sports betting



bazbaz
18th November 2012, 11:01 AM
November 16 2012

The California Horse Racing Board has finally approved a legislation that would allow citizens of the state to participate in exchange betting activities on horse racing events.

The California Horse Racing Board approved a legislation that was already adopted two years ago that will allow operators in California to offer exchange betting services to citizens. The law also permits people from other states to place bets online in case their home state also allows this practice.

Two years ago California has adopted a law that legalized exchange betting on horse racing. In the end, the law was not implemented because racing track owners and the California Horse Racing Board were afraid that it would reduce revenues generated by their own activities.

However just now the California Horse Racing Board has changed its mind and gave the green light to exchange betting. This means that exchange betting could already be launched sometimes during H2 2013. Still, the decision will also have to be approved by the Office of Administrative Law.

At the same time while announcing this decision, the California Horse Racing Board has also given a provisional exchange betting license to Betfair's US branch TVG. Over the years Betfair has invested a large sum of money in lobbying and other activities that meant to push the implementation of the bill.

Another company that has received a provisional license was Twinspires, the online betting subsidiary of Churchill Downs Inc. The third operator to receive a provisional license was XpressBet. Churchill Downs Inc. might however change its mind and abandon its idea to offer exchange betting services.

The three companies will be required to provide the California Horse Racing Board with training, software and hardware that would allow the organization to monitor the exchange betting market. The cost of this service is supposed to be $530,000.

According to the new exchange betting regulations, any operator that is able to partner with a Californian racing association will receive the support of the California Horse Racing Board. One of these associations is the Thoroughbred Owners of California that at this moment isn't fully convinced that exchange betting is a good idea.

flok
18th November 2012, 11:06 AM
good news for california then! hope that italian government won't mess up things more than they are already.
baz, what about your trip to italy? did you like it?

juesken
29th January 2013, 12:02 PM
You have some link to support this statement? Like from a newspaper article or smth?

The Geek
29th January 2013, 12:08 PM
http://www.onlinecasinoadvice.com/news/california-approves-exchange-sports-betting/

harryden
6th March 2013, 10:12 AM
http://www.onlinecasinoadvice.com/news/california-approves-exchange-sports-betting/

Thanks for sharing such a great news & link..because one of mine friend who lives in California and talking about with me on that topic "exchange sports betting" because he's also too interested in betting on sports..I'll forward this link to mine friend...Thanks a lot @The Geek :D

Rod Flanders
11th March 2013, 06:11 AM
will NEVER EVER happen

the nba, nhl, mlb and nfl are the ones who are against it the most.

these leagues have seen all the dodgy betting that has happened to football, cricket and tennis.

will be challenged and then challenged again.