From the Pasadena Star-News, an article about how exchange betting in California will be postponed until May 2012, instead of being available immediately. Californian opponents of this move noted that this would only allow 7 months of exchange betting until the end of the Mayan Calendar in December 2012.
Senator Calderon brokers racetrack deal
As the state Legislature Monday began its last week of the 2010 session, a deal brokered by Sen. Ron Calderon, D-Montebello, softened some of the controversy surrounding a proposal to introduce exchange betting in California.
For much of the past week tempers flared in Sacramento over a bill sponsored by multi-national gambling conglomerate Betfair.
That original proposal, authored by Assembly Speaker John Perez, D-Los Angeles, sought to: increase the amount of money tracks could take from bets; attract the Breeder's Cup to California on a permanent basis; and legalize a new form of betting, known as exchange betting.
Exchange betting allows horse players to take side bets and set their own odds – essentially betting on losers.
The Perez bill – which would have taken effect immediately upon passage – was stalled in the state Senate, thanks in large part to opposition from Magna International Developments (MID) and members of California Thoroughbred Trainers.
Calderon's deal essentially pushed back implementation of exchange betting in California until May 2012, to allow tracks and the California Horse Racing Board to study its effects, according to Adam Gray, a legislative aide for Calderon.
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