California Advance Deposit Wagering Moves Closer to Reality
Updated: Saturday, January 19, 2002 5:02 PM
Posted: Friday, January 18, 2002 11:12 PM
Applications from four companies seeking to offer account wagering in California will be considered by the California Horse Racing Board on Jan. 24. The regulations were approved by the state Friday, allowing the CHRB to proceed with consideration of the applciations from Youbet.com, Magna Entertainment Corporation, ODS Technologies (TVG), and Autotote Enterprises Inc.
The CHRB on Nov. 30 approved 14 regulations implementing provisions of a new state law that authorizes advance deposit wagering. The state Office of Administrative Law for administrative review advised the board on Friday that all 14 regulations have been approved.
Advance Deposit Wagering will enable an account holder residing within or outside California to establish an account and then "authorizes a Board-approved licensee, betting system, California hub, or out-of-state hub, by telephone or other electronic media, to place wagers on the account holder's behalf," according to the CHRB.
Applicants to operate ADW are required to post a $500,000 bond or other financial security to protect the betting pools and customers. They also must establish security access policies and safeguards, protect the confidentiality of account information, and ensure that persons under 18 and other people prohibited from wagering at racetracks cannot open accounts. The regulations also require contractual agreements between the operators, racetracks, and horsemen.
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