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NEW JERSEY TO ALLOW REMOTE HORSERACE BETTING
Remote "on premises" betting is gaining in popularity and spreading beyond its high profile use in Las Vegas land casinos, with New Jersey the latest state to approve the concept as it attempts to increase revenues for the troubled racing industry.
New Jersey authorities are set to allow Internet betting on horse races, according to a report in the Star-Ledger this week, which reveals that two publicly owned tracks are expected to lose $20.8 million next year, according to the New Jersey Sports and Exposition Authority, which runs the Meadowlands and Monmouth Park racetracks. This year, the tracks are set to lose $16.9 million.
"All told, the authority expects to take in $238.5 million in operating revenues next year, a decline of nearly $5 million, according to the budget approved yesterday. In a cost-cutting move, the authority has imposed a hiring freeze for next year, with staffing levels already down 5 percent compared with 2007," the Star-Ledger reveals.
Authority officials remain anxious about the continuing decline in the racing business, with horse breeders and owners proposing that the tracks should be allowed to run slot machines. However, New Jersey based land casinos adamantly oppose the plan, saying the competition would hurt their business in Atlantic City. Casinos are paying $90 million in exchange for the tracks' agreement not to add slots before the end of 2011.
The bright spot for the horseracing fraternity has been that income from Internet, phone and off-track wagering is rising. The authority predicts such operations will take in $9.3 million after expenses next year, a roughly $220 000 increase over this year's expected results. Horse race betting over the Internet is exempted from anti-online gambling laws in the United States.
Despite the rise in wagering through these media, it is not sufficient to "ensure the economic viability of horse racing," said Carl Goldberg, chair of the sports authority.
But the authority hopes that mobile 'on premises' wagering could debut as early as January 2009, and will help improve the bottom line.
The system requires users to download software to a device that uses the Windows Mobile operating system. The software, produced by Sona Mobile, provides information on betting odds, horses, trainers and jockeys, and allows users to place online bets. Eventually, the authority expects to broadcast live racing videos to mobile devices.
Tracks in Europe and Asia have offered mobile betting software for three to five years, said David Schwartz, director of the Center for Gaming Research at the University of Nevada in Las Vegas.
Wagerers "might bet more because it will make it more convenient," Schwartz said. Plus, he said, such software allows tracks to hire fewer betting clerks and phone operators.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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