NEWS
California pushes back time frame for exchange wagering
Posted: Wednesday, September 01, 2010 12:19 PM
by Frank Angst
Addressing concerns that proposed exchange wagering legislation was rushed, California lawmakers are considering legislation that would push back its launch to 2012 and allow players throughout the country to participate.
The California Assembly had considered legislation that would have allowed exchange wagering once agreements were reached with tracks and horsemen, but critics called for more time to consider such betting. Exchange wagering typically relies on Internet platforms to pit bettors against one another, with some offering odds and others accepting or rejecting those prices.
Legislation authored by Assembly Speaker John Perez (D-Los Angeles) on exchange wagering has been shifted to a Senate Bill authored by Ron Calderon (D-Montebello). The Senate bill would allow exchange wagering to begin in the state in 2012.
The legislation has passed the state Assembly and moved to the Senate floor.
The Senate bill also goes further than the Assembly bill in that it would allow players throughout the country to participate in exchange wagering on California races. The Assembly bill would have participation limited to California players.
Opening exchange wagering to players throughout the country would have to meet the standards of the Interstate Horseracing Act and possibly other federal laws on Internet wagering, including the Unlawful Internet Gambling Enforcement Act. Federal legislators also are considering new laws that would allow more forms of Internet wagering.
The Senate bill includes a takeout increase on exotic wagers, calling for a 2% bump on bets involving two wagering interests and a 3% bump on bets with three or more wagering interests. The takeout increase also was proposed in the Assembly bill and money generated would be committed to California purses.
Like the Assembly bill, the Senate bill would set aside funding to promote California racetracks as ideal locations for the Breeders’ Cup World Championships.
Frank Angst is senior writer for Thoroughbred Times
READER COMMENTS
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Posted by: john, san diego, CA on September 01, 2010 at 11:44 PM
anything that involves larger takeouts i am not in favor of...
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Posted by: Mike, Pasadena, CA on September 01, 2010 at 07:01 PM
The racing public needs to take a stand. Boycott CA racing starting Dec 26th. 23% is prohibitive.
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