09/21/2012 2:49PM

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.