Betfair, the British-based exchange wagering company that owns Television Games Network, had net income of $10.7 million in the six months ended Oct. 31, a $1.6 million decline from the net profit the company posted in the comparable period last year, according to financial statements released by Betfair on Tuesday.

Revenue in the six-month period was $336.8 million, a 27 percent increase when compared to revenue of $265.3 million in the same period last year. Betfair had $281.4 million in cash at the end of the period, with no debt, according to the statements.

TUCSON, Ariz. – A significantly smaller North American racing industry with half as many major racetracks and twice the average purse per race would make racing profitable for both racetrack operators and horse owners by 2020, Robert Evans, the chief executive of Churchill Downs, said during the opening presentation on Tuesday at the University of Arizona Race Track Industry Program Symposium on Racing and Gaming in Tucson.

The New York Racing Association claims it would go out of business if a bill proposed by the State Senate designed to help New York’s troubled Off-Track Betting network becomes law.

According to a press released issue by NYRA prior to the State Senate going into session presumably to vote on the bill, the legislation would cost NYRA - which operates Aqueduct, Belmont and Saratoga - approximately $20 million annually in revenue and force it into bankruptcy.

Wagering on U.S. races continued to drop in November despite a boost from strong Breeders’ Cup figures, according to figures released by Equibase on Saturday.
Pulled down by an 8.8 percent contraction in race dates, handle on U.S. races during the month dropped 7.8 percent, from $982.7 million last November to $906.3 million this November, according to the figures. The decline is a continuation of a two-year trend during which wagering on U.S. races is on track to drop to its lowest annual level since the mid-1990s, unadjusted for inflation.

The New York legislature goes into special session today under a request by Gov. David Paterson to pass legislation that would enable New York City Off Track Betting Corp. to implement several controversial measures as part of its bankruptcy reorganization.

New York has reached an agreement to allow a Wisconsin Native American tribe to open a full-blown casino, in the Catskills Mountains approximately 100 miles north of New York City and several miles from an existing racetrack-casino at Monticello Raceway.

An increase in mount fees for jockeys riding in New Mexico will take effect with the Sunland Park meet that opens on Dec. 10, the Jockeys’ Guild announced on Monday. The new fee scale was approved by the New Mexico Racing Commission.

The minimum mount fees will range from $58 to $113, up from a range of $38 to $105. The mount fees are based on purse levels. The scale will be in effect at all tracks in New Mexico.
 

Mike Repole, the owner of undefeated Breeders’ Cup Juvenile winner Uncle Mo, has donated $50,000 of the colt’s earnings to five organizations that care for retired racehorses, the owner announced in a whimsical release on Monday that quoted the horse.

“I’ve always been taught to respect my elders and help others less fortunate than me,” Uncle Mo was quoted as saying.

Uncle Mo has won all three of his starts this year and is a lock to be voted 2-year-old champion.

Sean Alfortish, the president of the Louisiana Horsemen’s Benevolent and Protective Association, and Mona Romero, the organization’s executive director, will be arraigned Dec. 2 after a federal grand jury returned a 29-count indictment against them Thursday that included a charge of conspiracy to commit mail fraud and an accusation that they rigged an election. A trial date will be scheduled at the arraignment, and the case will be heard in New Orleans, according to the office of U.S. Attorney Jim Letten.

Fonner Park in Grand Island, Neb., will open its meet a week later than usual in 2011 but will maintain its schedule of 31 days as the Nebraska State Racing Commission approved a 92-day live season of state racing at its meeting Thursday in Lincoln.