New York passes Internet bet bill

The New York legislature has passed a bill that will allow state residents to place bets on horse races over the Internet, but only with in-state companies. The bill has been sent to Gov. George Pataki for his signature.

The measure, passed in the Assembly late Tuesday, will expand New York's off-site wagering law to include wireless devices and the Internet. The bill was heavily supported by offtrack betting companies.

New York has long been closed to competition from other account-wagering companies such as Television Games Network, Youbet.com, and AmericaTab, although enforcement of the prohibition is spotty.