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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."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
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