09/21/2012 1:49PM

Exchange betting rules advance in California

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POMONA, Calif. – The California Horse Racing Board has approved a set of rules allowing for exchange betting in California, even though the new wager is far from ready to be implemented.

The racing board approved 22 rules pertaining to exchange betting at its monthly meeting on Thursday. The board is expected to discuss the rules again at its monthly meeting in October. The rules would then need a legal review from the state’s office of administrative law before becoming final.

Exchange betting is unlikely in the state for several months. The board of directors of the Thoroughbred Owners of California said in June that they would not address the issue until next summer. TOC approval is needed for a Thoroughbred track to conduct exchange betting.

Exchange betting, popular in parts of Europe and Australia, allows customers to post odds and accept wagers on whether a horse will win or lose a race.

At Thursday’s meeting, much of the discussion of focused on a rule restricting the ability of owners, trainers, jockeys, jockey’s agents, and other backstretch employees from laying a horse to lose.

The board was presented with two options for the rule, one forbidding any racing board license holder from laying a horse to lose, and another preventing people with direct participation in racing from laying a horse. The board chose the rule limiting owners and trainers and others from placing such wagers.

The rule is subject to a 15-day comment period and is scheduled to be discussed again at the racing board’s meeting in October.

Wayne Haehner More than 1 year ago
pari mutuel betting is neanderthal and antiquated--just ask the British about how to handle this horrible, horrible thing called bookmaking
Kevin More than 1 year ago
The British don't have to contend with the raceday drugs variable. Did the favorite just not fire... or did the trainer quietly take it off of its normal "medication" regimen in perfect timing for a friend's (or relative's) substantial lay bet?
Bob More than 1 year ago
Please!!! The various racing commissions can't or won't enforce existing rules never mind giving them more chicanery to police.
Kevin More than 1 year ago
Exactly HOW will the rules preventing connections from laying their entrants be enforced?
Allan Weston More than 1 year ago
There is a long paper trail, unlike pm betting. Each account has an owner, if there is some cheating it will be rooted out, just the other day in the UK, a jock was indicted for giving out his horses to lose Allan
walesfoodmusic More than 1 year ago
the end of par-mutuel wagering folks,and much more for the players
Robin Dawson More than 1 year ago
Yea...but, judging by how few people have commented here, who cares?