California's advance deposit wagering truce may be coming to an end.
The Thoroughbred Owners of California board of directors has unanimously endorsed the negotiating model created by the Thoroughbred Horsemen's Group, and has authorized the THG to represent the TOC in future simulcast negotiations, including in advance deposit wagering negotiations.
As the popularity of advance deposit wagering increases, states need to take action to protect their horseracing industry, the president of the Thoroughbred Owners of California told a group of legislators meeting June 13 in Northern California.
Officials with Magna Entertainment Corp. and the Thoroughbred Horsemen's Group have met twice recently to discuss the ongoing conflict over revenue splits for advance deposit wagering, though the sides aren't close to striking a deal.
Calder Race Course on May 9 announced it will cut purses for eight upcoming stakes, including six on its July 12 Summit of Speed card.
Churchill Downs Inc. has invested $100 million in advance deposit wagering for a reason: The company believes it's the major growth channel for pari-mutuel wagering, as well as a means to drive traffic to the racetrack, CDI president and chief executive officer Bob Evans said.
The Florida Horsemen's Benevolent and Protective Association said April 16 though advance deposit wagering remains a major issue, it believes there has been progress in other areas of contract talks for the Calder Race Course meet that begins April 21.
Florida horsemen and officials at Calder Race Course and parent company Churchill Downs Inc. met April 14 but did not agree on contracts for the Calder meet that begins April 21.
Churchill Downs Inc. is asking for patience in seeing financial rewards from what it termed an $80 million investment into the advance deposit wagering industry in 2007, and promises to act on opportunities for the company's progress in 2008.
Overall wagering and on-track attendance at Hollywood Park increased during the 32-day fall meet that ended Dec. 22.
TrackNet Media Group and the New Jersey Sports and Exposition Authority have reached an agreement on content from Meadowlands and Monmouth Park for 2008.
Churchill Downs Inc. has announced it has consolidated its four individual advance deposit wagering platforms into one common site, www.TwinSpires.com
The impact of television on account wagering will be watched closely during an experiment in California that began Nov. 7 with the opening of Golden Gate Fields and Hollywood Park.
California will embark on an eight-month experiment Nov. 7 that will allow all advance deposit wagering providers in the state access to all Thoroughbred signals.
The parent company of TVG reported a record handle of $148.5 million for the third quarter of 2007, and announced a new wagering partnership in New York during a Nov. 1 conference call with analysts.
In a move to expose horse racing to more people, California satellite wagering can get up to 45 new outlets, including sports bars and card clubs, under a new law signed by Gov. Arnold Schwarzenegger.
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorney's Office in Las Vegas, the company has reported.
Colonial Downs and Virginia horsemen have filed a lawsuit claiming Youbet.com is operating illegally without a license in the commonwealth, and want the advance deposit wagering company to pay back hundreds of thousands of dollars in lost source-market fees.
Account wagering companies no longer are accepting wagers from Arizona residents due to a law that took effect Sept. 19. Violation of the law is a class six felony, which could mean jail time.
The Jockey Club has weighed in publicly on the topic of account wagering economics, urging the pari-mutuel industry to urgently work together to devise a model that benefits horsemen, racetracks, and patrons.
Account wagering, one of the more pressing issues facing the pari-mutuel industry, will be front and center Aug. 19 during The Jockey Club Round Table Conference in Saratoga Springs, N.Y.
Horseplayers upset over the current state of account wagering in the United States are attempting to drum up support for a petition drive aimed at asking the industry's top organizations to intervene.
Horsemen are calling for an end to the stalemate over account wagering; and even though providers say they want it to end as well, there doesn't appear to be a resolution in sight.
Medication, equine health, and the impact advance deposit wagering has on the economics of racing will share the spotlight when The Jockey Club hosts its 55th annual Round Table Conference on Matters Pertaining to Racing Aug. 19 at the Gideon Putnam Resort and Spa in Saratoga Springs, N.Y.
Gemstar-TV Guide, which owns TVG, the account wagering service and horse racing network and publishes TV Guide magazine, said July 9 it had hired investment bankers to explore strategic alternatives, including the sale of the company.
Churchill Downs Inc. has acquired certain assets of AmericaTAB, Bloodstock Research Information Services, and the Thoroughbred Sports Network, but officials with the Louisville, Ky.-based company said it will be business as usual at the outset.
Youbet.com will begin offering wagering on racing from Philadelphia Park Casino & Racetrack March 31.
Youbet.com will team with Boyd Gaming's Delta Downs Racetrack & Casino in Louisiana to help build the track's online pari-mutuel handle.
Account wagering provider Youbet.com said it applauds the partnership between Churchill Downs Inc. and Magna Entertainment Corp. because it should assist in wagering growth.
Touting their new advance deposit wagering enterprise as one developed "by players for players," backers of Premier Turf Club hope to reel in dollars currently being wagered with entities that operate outside the pari-mutuel arena.
The simmering dispute between the organization representing California's horse owners and the racing television and wagering network TVG appeared unlikely to be resolved heading into the Oct. 26 meeting of the California Horse Racing Board.
Chuck Champion, president and CEO of Youbet.com discussed the launch of a new Web site, Youbet.net, Wednesday afternoon during the annual convention of the Association of Racing Commissioners International. Youbet.net will be a learning site for new players to learn more about pari-mutuel wagering.
Racetracks and Thoroughbred horsemen in Ohio remain in a stalemate that has removed the River Downs live signal from all account-wagering services, including one in which the track has ownership.
The Ohio Horsemen's Benevolent and Protective Association has approved the transmission of Thoroughbred signals from Ohio to the TV Games Network and XpressBet, and also approved the sending of the signal from Thistledown to Youbet.com. However, it has failed strike a deal with AmericaTAB, the account-wagering company owned by Ohio interests.
Youbet.com has closed on its acquisition of International Racing Group, a Curacao-based account-wagering service, for $3 million. The purchase price includes $2 million in cash and $1 million worth of Youbet.com treasury stock.
Youbet.com handled more than $3.5 million on Preakness day, May 21, up 75% from the $2 million wagered on the same day in 2003, the last year the online wagering service offered the race.
A United States Supreme Court ruling that overturned Michigan and New York laws that keep wine produced out of state from being shipped to in-state customers could have implications for account wagering, a National Thoroughbred Racing Association official said.
Youbet.com registered double-digit increases in handle and total revenue for the first quarter of 2005, which helped boost net income for the online wagering company from $15,000 in the first quarter of 2004 to $1.03 million this year.
Youbet.com, the online wagering company based in California, continued its growth trend in the third quarter of 2004 with income of $791,085, compared with a loss of $617,853 for the same period in 2003.
TVG and Emerald Downs said June 10 they have signed a multi-year agreement for the exclusive television and account wagering rights to Emerald Downs' races.
TV Games Network rolled out new graphics and features, which began appearing in conjunction with the opening of Hollywood Park's spring/summer season, at the April 22 California Horse Racing Board meeting. It also announced an increase in the number of viewers and a slight shift toward experienced racing fans.
A bill that would allow account wagering by residents of Washington State passed the state's House of Representatives on March 4 79-17 and yesterday passed the Senate 38-10. Senate Bill 6281 now heads to Gov. Gary Locke for his signature.
The 30-day autumn meet at Hollywood Park ended Sunday with a moderate increase in attendance and slight declines in wagering numbers.
The Television Games Network (TVG) announced today it has reached a multi-year agreement with Atlanta-based Cox Communications, Inc. to carry the 24-hour horseracing and interactive waging network.
California regulators, in an effort to stop out-of-state account wagering operators from taking bets from state residents, have excluded the Coeur d'Alene Casino in Idaho from importing upcoming meets at Bay Meadows and Hollywood Park. The manager of the casino said the situation would be resolved.
XpressBet Betty, the English-only voice recognition system, is the latest innovation in home account-wagering technology from Magna Entertainment Corp. It allows phone bettors to place wagers by simply speaking, and works without need of a live operator.
More than $14.5 million has been wagered through California's advance deposit wagering system in the first two months of operation, or about 3.5% of total handle. But while account wagering services had a burst of activity, officials said they were concerned about the leveling off of wagering and the number of new account holders over the past four weeks.
Despite not being able to take bets on the two California Thoroughbred tracks currently operating, the Television Games Network said it is running neck and neck with competing account wagering entity XpressBet on total telephone and Internet handle for the first 12 days of legal advance deposit wagering (ADW) by California residents.
In an open letter to the California Thoroughbred industry, Thoroughbred Owners of California chairman Jack Owens said the organization has taken its "stewardship role very seriously" in regard to account wagering, and said its agreement with Magna Entertainment is a "critical benchmark" for negotiations with other companies.
TVG, the 24-hour interactive horse racing network, announced Wednesday its television network will be included in the digital cable television service for select Los Angeles area cable systems owned and operated by Adelphia Communications.
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