« News index »
BETFAIR TO OFFER ONLINE WAGERING FROM CALIFORNIA
02nd December, 2010 at 08:28:02
Betfair to take advantage of California's new exchange wagering law
is taking advantage of a law passed in September in California to open an office and start taking exchange bets on horse racing. California was the first in the nation to legalize exchange wagering and the law will take effect in May of 2012. New Jersey also has recently passed a law to allow this kind of betting on horseracing as well. Exchange wagering in horse racing allows a person to bet on a horse to win or lose even after the race has started. The odds of a horse will change real time as the race is run. A lot of experts compare this kind of betting to the stock exchange were the value of stock will change in real time throughout the day.
California and New Jersey
is looking for ways to pump new life into their anemic state horse racing business. Betfair hopes it can do its part and has opened an office in San Francisco. According to the company's global director of racing, Stephen Burn;
There's potentially massive upside there for us. We don't share the doom and gloom that other people have been coming up with about USA horseracing. Governor Arnold Schwarzenegger is hoping to that this will save the state's horse racing tracks that over the last ten years has seen attendance drop from 10 million in 2000 to 6.7 million in 2009 as well as another 9% drop in the amount wagered.
David Yu, CEO of Betfair says that his company will work with the regulators over the coming year to make sure the new laws are clear to consumers and to have a system in ensure revenue is flowing into the state and the floundering horseracing industry. Burns is looking at the bigger picture saying: " The more liquidity you get, the more attractive the markets become, and you have this snowball effect. We can build the exchange for all of America and operate it from California". There are no immediate plans to allow online casinos and poker rooms to operate in California although it is widely expected that these will be offerred at some stage in the future.
Related News Tags: Horseracing, New Jersey, California, Betfair
SPORTECH FULL YEAR 2016 RESULTS
29th March, 2017 at 15:16:22
Results fail to impress but transformational period positions company for growth, Board believes.
BULLISH FORECAST FOR PENNSYLVANIA ONLINE GAMBLING
28th March, 2017 at 19:47:54
Hundreds of millions of dollars in new tax revenue possible with legalisation.
NEW TELEVISION ADVERT FROM ONLINE CASINO
28th March, 2017 at 19:47:54
PlayOJO.com begins major marketing push in UK.
HABANERO HAILS STRONG START TO 2017
28th March, 2017 at 11:21:29
Future looks bright, developer says.
PARIPLAY LAUNCH BLOODSHOT (Update)
27th March, 2017 at 20:04:48
Based on iconic comic book series.