Betfair Online Betting Exchange Coming to California in May 2012

Published Thursday, December 01, 2011 -

The idea that online gambling is illegal all over in the USA is false and here are the facts that prove it.
First of all, internet wagering on the horse races has never been outlawed by the government and it is legal in states that allow it. A company called TVG is one of several companies offering traditional pari-mutuel betting on horse racing in states where it's legal. TVG was acquired in 2009 by BetFair, a London UK  online gambling firm. To that end BetFair, recently opened a technical hub which employs about 75 people in San Francisco, California. The firm is planning to release a product in May that could not only transform betting on the horse races but could also save the declining fortunes of the U.S. horse racing industry.

BetFair which claims an annual global revenue of just over $500 million has developed the exchange concept of betting, in which online gamblers place bets against one another. As an example if a punter wants to bet on a particular horse to win and another bettor thinks that particular horse won't finish first, BetFair will broker the bet and take a commission.
Exchange betting has not yet been authorized in California, but a law passed last year will make it legal starting in May, which, is when BetFair plans to open its online exchange.
Not only does BetFair let racing fans bet against one another, it allows them to bet in ways they can't with traditional wagering.

Stephen Burn, Head of BetFair's San Francisco office, comments, "You can keep betting in the middle of a race," Burn continued to explain, betting can continue until the results are posted, so "if there's a photo finish, you can keep betting until a result is announced."
Whether or not the advent of exchange betting will save the horse racing industry, remains to be seen. Stay posted.


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