Account wagering firms get Breeders' Cup races

Breeders' Cup Ltd. has reached agreement with all the major national account-wagering companies on contracts for the wagering rights on its races next week, the simulcasting consultant to Breeders' Cup said on Thursday.

Breeders' Cup and the account-wagering companies had been previously at loggerheads over the contracts because of a dispute on the interpretation of a California law capping the amount the account-wagering operators could keep from the bets. The agreements will make the Breeders' Cup signal available to the most popular account-wagering platforms in the U.S., including Television Games Network, Youbet.com, XpressBet, Twinspires.com, and the AmericaTab family of companies.

Ken Kirchner, the simulcasting consultant to Breeders' Cup, declined to provide details of the agreements. Under non-negotiable contract terms, Breeders' Cup charges all simulcast sites 50 percent of net revenues from wagering.

"We did a deal based on what was best for both parties," Kirchner said. "We came to a resolution."

The account-wagering operators had contended that they would lose 1 1/2 cents for every dollar wagered by a California resident on the Breeders' Cup, which is being held on Oct. 26-27 at Monmouth Park. According to officials, a new account-wagering law passed this year in California that does not go into effect until 2008 will eliminate the cap for Breeders' Cup and the Triple Crown races.

Separately, Breeders' Cup has so far declined to sign contracts with Youbet.com's offshore rebate shop, International Racing Group, because of concerns over an investigation by U.S. Immigration and Customs Enforcement, which seized records and $1.5 million in cash from IRG on Oct. 4.

Kirchner said IRG will not be offered a contract this year. Another offshore rebate shop, Racing and Gaming Services in St. Kitts, has signed a contract, Kirchner said.