Exchange betting would open a new dimension to US horse players. One cautionary note, though: The legislation in California authorizing exchange betting also includes a provision that allows California to raise the take, the amount the state takes out of each bet. This is not a good thing for the handicapper/investor at the racetrack.
Betfair Plans Web Gambling on Horses in California as State Law Lifts Ban – Bloomberg
Betfair Group Plc, a British online- gambling company, is wagering that it can revitalize California’s slumping horseracing industry.
The London-based company, which has spent a decade bringing legal sports betting to the Web, set its sights on California after the state passed a bill in September allowing horse betting through online exchanges.
Betfair has opened an office in San Francisco, where it’s likely to more than quadruple its workforce next year to about 100, said Stephen Burn, the company’s global director of racing. California’s law, the first in the nation to legalize so-called exchange wagering, takes effect in May 2012.