Betfair Is Planning Online Gambling On Horses In CA
The economy of California has not being doing too well lately. It seems even the horseracing industry of the state is going through a slump. In just a decade, there has been a 10 percent drop in the total bets on races in the state. Track attendance is also down by almost 33 percent. But, the future looks better because horseracing betting is soon going online.
The famous online gambling company, Betfair, has come forward to revitalize horseracing in California. According to David Yu, the Chief Executive Officer of the company, Betfair would be spending a lot of time in 2011 with the regulators in the state to come up with a system that can give the ailing horseracing industry all the revenue it needs. The company also wants to reach out to the consumers to ensure that they understand the new laws very well.
A Bold Move
California is the first state in the country that has legalized what is now known as “exchange wagering.” The new regulations will come into effect from May 2012. As a first step toward that goal, the state is now working closely with Betfair.
This is quite a bold move because, traditionally, online gambling or betting is not allowed on the US soil. In other words, Americans are allowed to place their bets, but the website must not be located in the United States. What is great about this news is that new exciting opportunities are opening up with the coming together of Betfair and the authorities in California.
Several other online gambling companies are now realizing that there are actually plenty of opportunities, even within the framework of the US regulations. It is also an eye-opener for many that an internet gambling company can come to the rescue and revitalize this ailing sector. There are many other sectors that are not doing too well. Perhaps there is some hope after all, it seems.
Not wanting to go beyond the legal parameters, David Yu has also mentioned that he wants the market to be well-regulated, and there should be mechanism that can protect the interest of the consumer. He also notes that a tax framework must be in place for placing bets and winnings from online horseracing.
Betfair Opens Office In California
Betfair’s global director of racing, Stephen Burn, has further revealed that the company has already opened an office in San Francisco. The company is also planning to hire a lot of people and wants to increase the workforce to 100 soon. Of course, job creation is great news indeed in this time when the national unemployment rate is touching 10 percent.
Burn is actually quite excited about the opportunities ahead. He is also very excited about online horseracing in California. He is even reassuring horseracing and online gambling enthusiasts and asking them not to be worried about the doom that has set into US horseracing. He says that the California model can soon be applied to the other states, and the horseracing industry all across the country will earn much more revenues as a result.
Betfair is based in London, and is one of the biggest sports betting companies.