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BETTING EXCHANGES IN THE U.S.A.?

Friday, December 2,2011 :  Betfair's TVG subsidiary could be in the pound seats when new Californian law comes into force
 
Exchange betting isn't yet authorised in California, but a law passed last year will make it legal starting in May 2012, and the British online gambling group Betfair, which pioneered the concept, will be strongly positioned to exploit the new business opportunity through its US subsidiary TVG.
 
Plans are already afoot at Betfair to open betting exchange operations in May, working through a 75 personnel-strong technical hub that the firm has already set up in San Francisco .
 
Reporting on developments, the San Francisco Chronicle emphasises that when it comes to horse racing, online betting is legal and already well-established through companies like TVG, which Betfair acquired in 2009.
 
The newspaper speculates that the advent of betting exchange action could not only transform betting on the ponies, but could also save the declining fortunes of U.S. racetracks.
 
Stephen Burn, the head of the Betfair office in San Francisco, told the newspaper that the betting exchange business model enables racing fans to bet against each other, and additionally allows them to bet in ways they can't with traditional wagering.
 
"You can keep betting in the middle of a race," said Burn. "Betting can continue until the results are posted, so if there's a photo finish, you can keep betting until a result is announced."
 
The Chronicle reports that Betfair is working with the California Horse Racing Board as well as with race tracks to strike deals that will enable the betting company to earn a profit while offering the tracks a substantial cut, giving the troubled racing industry new revenues.
 
Betfair has proposed a 10 percent commission on racing wagers, with two-thirds of that going to the track. So if a punter bets $30 and wins, the commission would be $3. Betfair would get $1, and the track where the race is held would get $2.
 
"From our perspective, unless there's a healthy horse racing industry ... no matter how great our betting product is, people won't want to bet on it," Burn said. "You have to have a viable, sustainable horse racing industry."

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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