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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."
New Racing UK free-to-watch show -
Wake up to Luck on Sunday – join Nick Luck and guests for new Racing UK free-to-watch show. BHA Chief Executive Nick Rust to appear on first broadcast this Sunday
MLB Odds: Stroman Gets the Nod Against Royals -
The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.
Microgaming QuickFire enters Coloumbia -
Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.
Partypoker to sponsor WSOPC Uruguay -
Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
Money Storm Casino -
Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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