Betfair to Offer Online Horse Race Betting in California

Published Saturday, December 04, 2010 -

David Yu, Betfair’s Chief Executive Officer, stated that his company will spend the next year working closely with regulators in California to ensure that new laws are clear to consumers and to establish a system that pumps enough revenue into the state and the horseracing industry. This bold comment from an out going and aggressive online gambling operator makes other operators sit up and take notice of the possibilities in the USA as regulations for internet betting become viable in certain US states. 
In an interview from San Francisco California Yu also said, “We like to see well-regulated markets,” adding, “You should have regulation that protects consumers, and there should be a tax framework in place.”
Betfair the British online gambling company, is confident it can revitalize California’s flagging horseracing industry. Betfair has the experience to do it because it has spent a decade bringing legal sports betting to the internet and has now targeted California just after the state recently passed a bill allowing horse betting through online betting exchanges.
Betfair’s global director of racing Steven Burn said the firm has opened an office in San Francisco, where it’s likely to more than quadruple its workforce next year to about 100 employees. Burn commented, “There’s potentially massive upside there for us,” he added, “We don’t share the doom and gloom that other people have been coming up with about U.S. horseracing.”
Betfair’s exchange is unique in that it lets Internet users worldwide bet on sporting events, including horseracing with the majority of its 3 million customers living outside the U.S.A. Horseracing accounts for about 35 percent of revenue, with the company reporting a 13 percent increase in fiscal 2010 sales to 340.9 million GBP.
Burn said. “The more liquidity you get, the more attractive the markets become, and you have this snowball effect,” “We can build the exchange for all of America and operate it from California.”



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