The company that launched the first betting exchange in the United States, Betfair US, believes its first year performance offers some encouraging trends for the industry.
Players have been slow to warm to exchange wagering through the first seven weeks of its full operation in New Jersey.
Some of the top tracks in North America are offering their racing signals, or will offer those signals, for wagering on the first U.S.-based exchange wagering platform.
When Monmouth Park begins a new season of racing Saturday, May 14, fans will notice a few new items around the racetrack, including a banner for Zayat Stables' American Pharoah, this year's inductee into the Oceanport, N.J. track's Hall of Champions.
For the first time exchange wagering will be available in the U.S. when Betfair U.S. launches a platform for New Jersey residents May 10.
While a panel of experts on daily fantasy gaming and its current legality differed on some details, they largely agreed this relatively new gaming form is here to stay and racing should work with it.
- By Frank Angst
- Thoroughbred Racing, Handicapping, International, Horse Health, Southwest Region, West Region
The four finalists to present their ideas during the Innovators' Circle, which offers a $15,000 prize, offered ideas in technology to prevent breakdowns, a multi-race wager, a jackpot game, and micro-ownership in horses.
The New Jersey Racing Commission has issued an exchange wagering license to the New Jersey Sports and Exposition Authority through its agent Betfair US and manager Darby Development.
Betfair credits some of the growth in its U.S. operations during the first six months of its fiscal year to its advance-deposit wagering outlet and racing channel TVG purchasing rival racing channel HRTV.
The Stronach Group remains optimistic about the future of the horse racing industry in North America and will continue to push for what it believes are fundamental structural changes needed to move the business forward.
Monmouth Park will begin its 2014 meet May 10 with a new race and sports bar and additions to its picnic and paddock areas.
The pros and cons of exchange wagering were among the highlights of the Jan. 24 session of the Horsemen's Benevolent and Protective Association winter convention in Pasadena, Calif.
Exchange wagering rules in California have been approved by the state's Office of Administrative Law, though implementation of any agreement to conduct the non-traditional form of pari-mutuel wagering is quite a ways off.
The California Horse Racing Board takes a first look at a race dates calendar that doesn't include Betfair Hollywood Park next year when it convenes in Sacramento May 23.
Multiple European financial news outlets are reporting private equity firm CVC Capital Partners has ended a $1.5-billion effort to purchase Betfair.
Private equity firm CVC Capital Partners acknowledged Monday, April 15 that it is considering purchasing Betfair, the world's largest betting exchange.
Implementation of exchange wagering in California will be delayed for several months after the state's Office of Administrative Law rejected provisions approved earlier this year by the California Horse Racing Board.
- By Frank Angst
Improved handle failed to translate to increased revenue at advance-deposit wagering company TVG Network during the three-month period ending Jan. 31.
When regulators meet for the annual Association of Racing Commissioners Conference on International Racing & Wagering Integrity, they will consider rule changes that could overhaul medication policies in the sport.
The California Horse Racing Board Nov. 15 approved the wagering platform that allows players to buy and sell, "back" or "lay" wagers.
The CHRB could give its final approval to exchange wagering rules Nov. 15 when it meets at 9:30 a.m. PST in the Sunset Room at Betfair Hollywood Park.
Rules governing exchange wagering gained initial approval from the California Horse Racing Board at its meeting Sept. 20, more than a year after the commission had announced its intention to promulgate them.
The California Horse Racing Board approved a Southern California dates calendar for 2013 that requires Betfair Hollywood Park to give a 10-month commitment to racing.
Exchange wagering seems to be getting all the scrutiny it can handle from the California Horse Racing Board. Nearly two years after the concept was signed into law, the board decided to delay implementation June 28.
The Thoroughbred Owners of California June 1 tabled action on exchange wagering for one year and endorsed a deal proposed by The Stronach Group, leading to a strong response from Betfair TVG.
John Sadler, president of the California Thoroughbred Trainers, told the state horse racing board his group objects to exchange wagering and is not prepared to sign an agreement with the Del Mar for the upcoming meet.
Proposed rules for operation of exchange wagering were approved for a 45-day public comment period by the California Horse Racing Board during its meeting March 22 at Santa Anita.
The international exchange wagering company promises to upgrade the racetrack and woo younger fans through social media and innovative promotions.
A proposal by Frank Stronach to publicly offer shares in six racing companies, each with a 20-horse stable, can legally conduct business in California, a staff report for the state's horse racing board concludes.
The industry cannot move fast enough in the area of improving Thoroughbreds' care after they've retired from racing. read blog
Exchange wagering in California drew some strong opposition from The Stronach Group and several horsemen's organizations during its first California Horse Racing Board committee hearing Feb. 9 at Santa Anita.
Exchange wagering may move one step closer to reality after a California Horse Racing Board committee considers rules and enforcement issues surrounding the new betting system.
The California Horse Racing Board received a surprise visit Jan. 19 from Santa Anita owner Frank Stronach, who told the board he wants to guarantee Santa Anita's long range future.
A Dec. 7 panel discussion on new frontiers in wagering turned into an indictment of the North American racing industry over its failure to innovate and change parochial revenue models.
A test model of the first exchange wagering system proposed for the United States will be demonstrated at the University of Arizona Symposium on Racing & Gaming in Tucson beginning Dec. 6.
Total pari-mutuel wagering on the Nov. 4-5 Breeders' Cup World Championships at Churchill Downs was at least $183 million, according to the latest figures released by Breeders' Cup.
Betfair, the largest operator of exchange wagering in the world, admitted it did not inform its customers that details of millions of credit cards were stolen in a 2010 cyber attack, the UK Press Association reported.
Exchange wagering is expected to arrive in California next year and the state horse racing board is looking for suggestions as it develops rules for the newest form of pari-mutuel betting in the United States.
Betfair chief executive officer David Yu said he will not seek to renew his contract with the exchange wagering company when it expires in October 2012.
As exchange wagering edges closer to its American debut, regulators will have to deal with many makeovers of existing laws. According to a panel appearing before legislators June 18, it will change everything.
Eclipse Award-winning writer Bill Finley looks at the growth of exchange wagering through the creation of the international gaming giant Betfair. Download Report
A study commissioned by the TVG network has concluded that "exchange wagering provides an important option to grow the audience and participation in the sport in the U.S."
Exchange wagering was a hot topic during the annual conference of the Association of Racing Commissioners International in New Orleans, as the need for strong regulatory guidance and preventative action was stressed.
The Association of Racing Commissioners International plans to feature discussions on the regulation of exchange wagering at its upcoming 77th Annual Conference on Racing and Wagering Security.
Legislation geared toward horse racing, Internet betting, and Atlantic City casinos moved closer to reality in New Jersey Nov. 22 as lawmakers voted to create big changes in the way people can gamble.
People want convenience, low prices, and a game that is easy to learn and play; exchange wagering fits that description. Read Blog
California legislation that would redirect perhaps as much as $70 million from winning bets to purses and make the state the first in the nation to approve head-to-head wagering on horse races gained approval Aug. 31.
Struggling as it never has before, the California horse racing industry went to the State Capitol in Sacramento March 4 looking for some answers. And surprisingly, racing seemed to get a warm reception.
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