16th of November 2012 Author: Johnny Karp
The California Horse Racing Board (CHRB) has approved rules that will allow exchange betting in the State, although a review of the rules still needs to be undertaken by the California Office of Administrative Law (COAL) which is expected to be completed within 30 days.
However, it's not a foregone conclusion that the legal approval depends on the positive outcome of the COAL's review which may be delayed should the body have concerns on any of the twenty-five rules put forward.
Following the approval by COAL, the racing industry would then implement oversight technology and training, followed by financial agreements between racetrack and horsemen's groups with an account wagering provider such as Betfair-TVG or TwinSpires.
Nevertheless, those agreements would require approval from the CHRB before exchange wagering can begin. Betfair-TVG has already been issued a provisional license subject to the approval of the rules by COAL whilst TwinSpires is expected to apply for the same in the near future.
The two account-wagering providers were also asked to purchase computer hardware and software that will be used in the racing's board regulation of exchange wagering. The software cost is part of the account-wagering providers' license fee to conduct exchange wagering, while hardware, software, and staff training is estimated at a cost of $530,000.
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