03/21/2013 1:25PM

Exchange betting rules rejected by California Office of Administrative Law

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ARCADIA, Calif. – The California Office of Administrative Law recently rejected rules permitting exchange wagering in the state, but has yet to give a reason for the rejection, a California Horse Racing Board spokesman said on Wednesday.

The racing board approved rules for exchange wagering in November 2012, and sent documents to the Office of Administrative Law earlier this year for legal review. That office rejected the rules earlier this month, but has yet to publish its findings.

“We’re waiting for that statement,” said racing board spokesman Mike Marten. “We haven’t seen the report yet.”

The findings will determine how proponents of exchange wagering and racing board officials will proceed. It is possible that only minor revisions will be required to satisfy the Office of Administrative Law.

More extensive changes would result in a lengthy delay to the implementation of exchange wagering.

Exchange wagering, which is popular in Great Britain, allows bettors to back or lay horses to win or lose. Legislation allowing exchange wagering was approved by the state legislature in 2010, pending the development of rules by the racing board.

Companies such as TVG-Betfair have supported the implementation of exchange wagering.

Nathan More than 1 year ago
cal. tracks stuck it to the horseplayers with increased take-outs and now the state is sticking it to us. exchange wagering with a 2 1/2 - 5 % total vig is the only salvation for horseracing. it brings in new players and eliminates the need for us to bet off-shore.