For starters, I would suggest the basics: don’t overcharge the lifeblood of the racing industry, the bettors. I would think that simple software, not a regulatory agency could have avoided the recent fiasco in which bettors on New York horse races were overcharged millions of dollars.
New York Budget Calls For Gaming Commission
State legislators have tentatively agreed to create a New York Gaming Commission to oversee all aspects of gambling in New York, including horse racing, lotteries and Indian-run and racetrack-based casinos.
The new commission would consolidate various functions now overseen by the state Racing and Wagering Board and the Division of the Lottery. The commission’s seven-member board would, after an initial start-up period for the panel, serve for no less than five years, and have to have certain financial and background experience in regulatory oversight or management in the gambling or racing industries, though strict revolving door provisions would be established for board members.