Proposed Betting Exchange In California USA Moves Forward
The Assembly Government Organization and Appropriations Committee in the state of California USA has approved a proposed bill that will see the implementation of a betting exchange in the state. Bill 2414, proposed by Assembly Speaker John Perez, if passed without any changes would increase the amount of money horseracing tracks can take from bets while also making moves to attract the prestigious Breeder's Cup to California on a permanent basis.
Magna International opposed the proposition because a portion of the bill would allow bettors to take side bets and set their own odds. Magna International Developments, owns the Santa Anita Park and Golden Gate Fields racetracks, and are members of the California Thoroughbred Trainers.
State Senator Ron Calderon became an intermediary for the situation and concluded a compromise with Magna International that saw the proposed legislation go to a vote. The compromise saw Magna International Development withdraw its opposition to the plan and the legislation subsequently pass unanimously through the state’s Assembly which will move the bill to the next stage, the Senate.
Usually once a bill is passed by the Senate it would come into effect immediately, but in this instance the compromise outlined by Senator Calderon would see implementation of exchange betting delayed until May 2012. This was done in order to allow California Horse Racing Board officials to determine the effects that the legislation will have on the horse racing industry.
The Pasadena Star News newspaper, reported recently that opposition to Bill 2414 is still strong and coming from ‘primarily from thoroughbred trainers and the owners of Churchill Downs in Kentucky’
California Thoroughbred Trainers, Vice-President, Darrell Vienna, said, "We remain opposed to this Bill,"
Trainers are distrusting of the betting exchange idea because they think it will open a door to corrupt practices such as race fixing which they claim has been seen in the U.K. and Australia.
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