Posted 5/20/11 :
ISRAEL BETS ON FOREIGN HORSERACING
Israeli horse race betting market opens up
The Israeli Commission for Sports Gambling has been granted a permit by the legislative branch of the Israeli government, the Knesset, to offer betting on foreign horse races.
Along with the permit, approval was given for the Commission to select a foreign company to operate the new service.
The French company Pari-Mutuel Urbaine (PMU) is reportedly on the Commission's list of contenders.
The minimum bet amount is expected to be in the region of NIS10 ($2.85) and the operators will have to translate races, establish betting outlets and make the necessary additions to its website reports ynetnews.com
It is estimated, once an operator has been selected, that foreign horserace betting will be operational within a year in the country.
The Commission whose focus is on soccer and basketball has recently received approvals to include tennis, handball, baseball and football.
Tzahi Fishbein, chairman of the Commission for Sports Gambling said: the service would "help increase proceeds in favor of Israeli sports".
The Commission expects to use the income generated on the construction of sports facilities equating to a total investment of NIS5.5 billion ($1.57 billion).