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Legality of exchange wagering debated

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From northjersey.com a debate is going on about the legality of exchange wagering. Interesting debate legally, but there are many ways of reading the Federal law, and if the state legislatures have the will, they may just find a way.

State Sen. Ray Lesniak, D-Union, said Thursday that a proposed new form of betting on horse racing in New Jersey is illegal under current federal law — but he supports passage of a bill including exchange wagering anyway.
Horse racing advocates and BetFair — a British company that runs exchange wagering in England — for months have been advocating to make New Jersey the first state to bring the new betting to the United States.

RECORD FILE PHOTO
Horse racing advocates and BetFair — a British company that runs exchange wagering in England — for months have been advocating to make New Jersey the first state to bring the new betting to the United States.

“We’re not going to back down — we’re going to move forward and make sure that the horse racing industry survives and that Atlantic City gets a boost as well,” Lesniak said.

But Barbara DeMarco, a lobbyist for the state’s thoroughbred horsemen, said the group has received a legal opinion that exchange wagering is legal. She added that California signed an exchange wagering bill into law earlier this year, with the betting to begin in 2012, “so the precedent has already been set.”

For the rest of the article: http://www.northjersey.com/news/_Legality_of_exchange_wagering_debated.html

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

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