Exchange Betting Coming To California?

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Bo Derek probably didn’t get upstaged much during her heyday in the 1970s and ‘80s, when she was one of the world’s most recognizable sex symbols. But when her name goes before the Senate Rules Committee Wednesday morning, she’ll likely be overshadowed by another appointee to the California Horse Racing Board.


That appointee would be the board chairman, Keith Brackpool. Neither actually has to show up for the hearing, but Brackpool now finds himself in the middle of a bitter fight over AB 2414, a bill authored by Assembly Speaker John Perez, D-Los Angeles, that would make huge changes in horse race betting in the state — including authorizing a kind of betting that reminds some of the complex financial instruments that nearly brought down the economy two years ago.

One key component added to the bill is exchange betting. This is a type of betting that allows players to essentially bet against a horse, or bet that a horse will finish in a particular spot in a race, or take innumerable other possible positions. Unlike traditional betting, where the track provides odds on particular horses, the house merely facilitates complex bets between willing parties. People can stake out positions and even sell them to others bettors prior to a race.

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Posted via email from Michael Pizzolla On ValueCapping™, Horse Racing, And Technology

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