California fairs offer a realistic option for horse racing's future at a time when two major racetracks in the state are facing redevelopment and other privately held venues are pressured by stockholders for greater revenue returns amid escalating property values.
The California Authority of Racing Fairs (CARF) has became the state's only racing association to complete agreements with all three licensed advanced deposit wagering companies.
Youbet.com has hired Gary Sproule, a former Disney executive, as its chief financial officer. The California online racing and wagering company also announced a marketing agreement with California fairs.
The Northern California fair meets will offer more than 30 fewer Thoroughbred races this season because of a horse shortage in the state, officials said during the California Horse Racing Board meeting June 1. The board approved the fair meets during the meeting.