If you were looking forward to exchange wagering coming to California this summer, you may be in for a disappointment.
The California Horse Racing Board committee held a meeting yesterday to start the process of working out some regulations for this exciting new way to wager, but spent most of the day listening to various racing groups oppose the wager.
The groups that spoke in favor of exchange wagering were the Del Mar Thoroughbred Club and the Horseplayer’s association HANA. Of course Betfair (owners of the TVG Network) were in favor since they would be a provider of the technology.
The main issue that opponents of exchange wagering cited was the business model that did not make financial sense to them, although they thew in some “integrity issues” that troubled them. These are the same groups that are in favor of uncoupled entries and don’t seem to care about the archaic tote system that allows odds to change during the running of the race, so I am not buying that argument. It’s all about money once again.
The meeting ended with the committee saying that much more needs to be worked out (of course, this measure was passed in 2010) and delaying any opinions until such issues can be reasonably resolved.
Here are some stories about the meeting.
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