A step closer to Exchanges in America - It would be interesting if they set up their own exchange (should have happened in the UK and Australia) which would mean better funding for the Racing industry and introduce competition to the market place.
New Jersey's exchange betting legislation, Bill A2926, was passed by the state Assembly Monday by a unanimous vote, and now heads to the Senate. The bill names the New Jersey Sports and Exposition Authority as the entity that would be in charge of establishing an exchange wagering platform. A spokesman for the NJSEA said Tuesday that it has not yet been decided if they will apply for a license if final approval is granted. "The legislature will be going on summer break, so it will probably be the fall before the bill gets final passage," said John Samerjan, the NJSEA's vice president of public affairs. "It's premature to say what will happen if it is approved." But, according to Samerjan, the NJSEA has been working with the state's horsemen on the issue, including division of revenue, and the outlook was positive. "Looking at it going forward, it seems to have popularity in other places around the world, primarily Europe," Samerjan said. "This is is line with some of the new ideas that people have tried to come up with for the state."
NJ Exchange Betting Bill Passes Assembly
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Some more news about America:
"Betfair on Tuesday were accused of being prepared to pay more money back to overseas racing jurisdictions than they will give towards the funding of the sport in Britain in an attempt to introduce their betting exchange model to the US market.
The BHA said comments by Betfair's US head Stephen Burn confirming that regulators in California had been offered ‘veto rights' if exchange wagering was not providing a fair return had raised eyebrows in the UK.
Amid opposition in the US, particularly from racehorse trainers, a Betfair-sponsored bill aimed at legalising exchange betting in California underwent alterations at the weekend which would delay its introduction until May 2012 at the earliest.
In an interview on the influential racing blog The Paulick Report, Betfair's global director of horse racing Burn said: "If the racing industry and its regulators do not like what they see, if and when an exchange is out there, then they have full veto rights - under the proposedCalifornia legislation - to turn exchange wagering off."
Relations between Betfair and the BHA have soured lately over levy contributions, resulting in the company ceasing payment of an additional £1.5m voluntary sum, and the BHA's head of
communications Paul Struthers said Burn's interview raised a number of issues, on integrity and in-running betting which "there is barely a reference to", as well as funding.
"What is clear, however, is that Betfair are more than willing to pay a higher rate back to racing overseas than they do here and Stephen states that they would be ‘making sure a fair return goes to those providing the product and to the players'.
"This is exactly what we are calling for and yet is something that Betfair, and other betting operators, vehemently oppose.
"The draft legislation in California that is advocated by Betfair includes a power of vetofor horseracing if, following a commercial negotiation, the exchanges do not agree to return an acceptable sum to the sport. If they don't agree terms, exchanges cannot legally accept bets.
"On the positive side, it seems that what Betfair is advocating
represents a viable replacement solution to the levy, if our government introduced such ‘right to bet' legislation and it was expanded to all betting companies.
"If horseracing and betting could not agree on a fair ‘right to bet' price, then betting companies could not legally take bets.
"Given that all parties seem to be agreed that the levy is no longer fit for purpose and that, in America, Betfairare keen to ensure that a fair return is paid back to the sport for their right to accept bets, then perhaps we are more in agreement then we previously thought.
"As it stands, though, we could not possibly recommend to any international racing jurisdiction that they allow exchanges, or any other betting company, to operate on the same financial terms that they operate here."
Responding to the BHA, Burn said Betfair pay a fair price to racing in the UK but that the sport's representatives want to "victimise our customers and suggest they be penalised for betting with Betfair".
He added: "If given the opportunity in California, we will sit down with the regulator and work out a commercial deal for all sides including the customer, the horsemen, the racetracks and the operator.
"We are not proposing to operate an exchange on the same financial terms as in the UK because, unlike the UK, we are starting from a completely different point.
"It is worth keeping in mind that there is a different tax system here freeing up more money to go directly to the sport.
"Crucially, wehave racing regulators in the US who understand that it is important to allow companies to run their businesses as efficiently as possible. They realise that working together to service the customer will, in the long run, be of more benefit to the sport."
Source: http://www.thoroughbrednews.com.au/inte ... 1&keyword=
And a discussion amongst some Americans in the comments section:
http://www.paulickreport.com/blog/lets- ... ntil-2012/
"Betfair on Tuesday were accused of being prepared to pay more money back to overseas racing jurisdictions than they will give towards the funding of the sport in Britain in an attempt to introduce their betting exchange model to the US market.
The BHA said comments by Betfair's US head Stephen Burn confirming that regulators in California had been offered ‘veto rights' if exchange wagering was not providing a fair return had raised eyebrows in the UK.
Amid opposition in the US, particularly from racehorse trainers, a Betfair-sponsored bill aimed at legalising exchange betting in California underwent alterations at the weekend which would delay its introduction until May 2012 at the earliest.
In an interview on the influential racing blog The Paulick Report, Betfair's global director of horse racing Burn said: "If the racing industry and its regulators do not like what they see, if and when an exchange is out there, then they have full veto rights - under the proposedCalifornia legislation - to turn exchange wagering off."
Relations between Betfair and the BHA have soured lately over levy contributions, resulting in the company ceasing payment of an additional £1.5m voluntary sum, and the BHA's head of
communications Paul Struthers said Burn's interview raised a number of issues, on integrity and in-running betting which "there is barely a reference to", as well as funding.
"What is clear, however, is that Betfair are more than willing to pay a higher rate back to racing overseas than they do here and Stephen states that they would be ‘making sure a fair return goes to those providing the product and to the players'.
"This is exactly what we are calling for and yet is something that Betfair, and other betting operators, vehemently oppose.
"The draft legislation in California that is advocated by Betfair includes a power of vetofor horseracing if, following a commercial negotiation, the exchanges do not agree to return an acceptable sum to the sport. If they don't agree terms, exchanges cannot legally accept bets.
"On the positive side, it seems that what Betfair is advocating
represents a viable replacement solution to the levy, if our government introduced such ‘right to bet' legislation and it was expanded to all betting companies.
"If horseracing and betting could not agree on a fair ‘right to bet' price, then betting companies could not legally take bets.
"Given that all parties seem to be agreed that the levy is no longer fit for purpose and that, in America, Betfairare keen to ensure that a fair return is paid back to the sport for their right to accept bets, then perhaps we are more in agreement then we previously thought.
"As it stands, though, we could not possibly recommend to any international racing jurisdiction that they allow exchanges, or any other betting company, to operate on the same financial terms that they operate here."
Responding to the BHA, Burn said Betfair pay a fair price to racing in the UK but that the sport's representatives want to "victimise our customers and suggest they be penalised for betting with Betfair".
He added: "If given the opportunity in California, we will sit down with the regulator and work out a commercial deal for all sides including the customer, the horsemen, the racetracks and the operator.
"We are not proposing to operate an exchange on the same financial terms as in the UK because, unlike the UK, we are starting from a completely different point.
"It is worth keeping in mind that there is a different tax system here freeing up more money to go directly to the sport.
"Crucially, wehave racing regulators in the US who understand that it is important to allow companies to run their businesses as efficiently as possible. They realise that working together to service the customer will, in the long run, be of more benefit to the sport."
Source: http://www.thoroughbrednews.com.au/inte ... 1&keyword=
And a discussion amongst some Americans in the comments section:
http://www.paulickreport.com/blog/lets- ... ntil-2012/
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dan_payne182
- Posts: 93
- Joined: Wed Oct 28, 2009 3:46 pm
Considering the size of the country it should mean a massive increase in volume if an exchange model kicks off? Not heard of many US horse traders either, so might even get a bit easier for us with more real money kicking around?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
If it eventually goes through and they use Betfair then yes the volumes will obviously go up but that is a long way off - they say the earliest the bill can be introduced is now May 2012 so almost 2 years away assuming it went straight through which I would be very surprised if it did.
Something else to bear in mind is that Americans prefer to bet on the exotics on their racing as opposed to Win and Place markets but perhaps with better odds that an exchange could bring they might be more inclined to try Win and Place.
Other issues are the timings of American racing which is a shambles as no State cares what the other is doing so you can end up some nights with 5 meetings all going off in 5 minutes then nothing for about 25 mins. Also they start whenever they want, the timings are just a guide not a rule. Sometimes they fly through a card and can be an hour or more ahead by the end but likewise they sometimes take an age and be running an hour late.
Also Media rights are a bit of an issue and the inrunning issue is quite big due to the huge picture advantages the Canadians had which ultimately lead to them stopping offering IR on the markets several years ago.
Finally if they have any brains they will set up their own exchange and not be held to ransom by Betfair. Keep the profits 100% within the sport rather than in Andrew Black's et als pocket to spend on more Racehorses. There is talk of leasing the technology from Betfair but if they had the brains they would set up their own as they could make Betfair look small fry in the future and the profits could be huge for them.
Something else to bear in mind is that Americans prefer to bet on the exotics on their racing as opposed to Win and Place markets but perhaps with better odds that an exchange could bring they might be more inclined to try Win and Place.
Other issues are the timings of American racing which is a shambles as no State cares what the other is doing so you can end up some nights with 5 meetings all going off in 5 minutes then nothing for about 25 mins. Also they start whenever they want, the timings are just a guide not a rule. Sometimes they fly through a card and can be an hour or more ahead by the end but likewise they sometimes take an age and be running an hour late.
Also Media rights are a bit of an issue and the inrunning issue is quite big due to the huge picture advantages the Canadians had which ultimately lead to them stopping offering IR on the markets several years ago.
Finally if they have any brains they will set up their own exchange and not be held to ransom by Betfair. Keep the profits 100% within the sport rather than in Andrew Black's et als pocket to spend on more Racehorses. There is talk of leasing the technology from Betfair but if they had the brains they would set up their own as they could make Betfair look small fry in the future and the profits could be huge for them.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Bidders jockeying to claim Monmouth Park
A British-based company that runs the world's most popular betting exchange is a potential bidder for Monmouth Park, the state-owned thoroughbred track that Gov. Chris Christie wants to unload.
Betfair, which claims to have 3 million customers who bet more than $80 million per week, is not the only high-profile entry in the race to take the showcase Oceanport track private.
Other front-runners include Morris Bailey, who led a purchase of the Resorts Atlantic City casino for $31.5 million last year; and Jeff Seder, founder and CEO of Blow Horn Equity, which bid in a planned sale last year — later canceled — of two Maryland Jockey Club racetracks.
Christie three weeks ago said state officials would issue a request for proposals for the sale of Monmouth Park, along with rights to operate off-track wagering sites. Christie hasn't ruled out leasing the track.
Seder said he's been waiting to see the RFP, a document that specifies terms for a transaction.
"They say they'll decide soon (on issuing an RFP)," Seder said. "I've been trying since last October to get financial info so I can bid intelligently."
Assemblyman John Burzichelli, a Democrat from Gloucester County, said he "wouldn't be surprised if the RFP was circulated in the next couple of days." Burzichelli has sponsored numerous horse racing industry bills.
State officials took steps to lease both Monmouth Park and the Meadowlands Racetrack as a package in 2004 but backed off, despite standing to collect as much as $300 million annually from the winning bidder. The potential price was inflated because the Meadowlands was considered a logical site at the time for installation of slot machines. Christie says he is against expanding casino gambling outside Atlantic City.
Churchill Downs Inc., which hosts the Kentucky Derby and owns four racetracks as well as other slot and gaming operations, was involved in the 2004 bidding. Spokeswoman Julie Koenig declined to say whether the company still has an interest in coming here.
Betfair wants to raise its stake in the New Jersey racing industry, said Stephen Burn, the chief executive officer for the TVG horse racing television network, a Betfair subsidiary.
The company broadened its U.S. presence in 2009 when it bought TVG for $50 million.
Betfair has successfully lobbied to bring exchange wagering to New Jersey. The new eBay form of gambling, where bettors with opposing opinions are paired at fixed odds, was signed into law by Christie on Jan. 31, though the program is on hold until the betting rules are reviewed by the state Attorney General's Office.
Burn said Betfair is anxious for a formal sale or lease process to begin.
"We're keen to understanding any opportunities that will increase our presence in New Jersey," Burn said. "We've been in the state for a number of years with New Jersey tracks being featured on TVG since the late 1990s."
Betfair is bullish on the New Jersey racing industry, Burn said — despite Christie repeatedly stating that racing is a losing bet when tracks are owned by taxpayers.
"New Jersey has a fantastic horse racing heritage. Betfair and TVG are absolutely committed to having a role. The racing product at Monmouth Park was vastly superior last summer. Similarly, the Meadowlands presents the most eminent harness racing destination in North America," he said.
Source: http://www.mycentraljersey.com/article/ ... mouth-Park
A British-based company that runs the world's most popular betting exchange is a potential bidder for Monmouth Park, the state-owned thoroughbred track that Gov. Chris Christie wants to unload.
Betfair, which claims to have 3 million customers who bet more than $80 million per week, is not the only high-profile entry in the race to take the showcase Oceanport track private.
Other front-runners include Morris Bailey, who led a purchase of the Resorts Atlantic City casino for $31.5 million last year; and Jeff Seder, founder and CEO of Blow Horn Equity, which bid in a planned sale last year — later canceled — of two Maryland Jockey Club racetracks.
Christie three weeks ago said state officials would issue a request for proposals for the sale of Monmouth Park, along with rights to operate off-track wagering sites. Christie hasn't ruled out leasing the track.
Seder said he's been waiting to see the RFP, a document that specifies terms for a transaction.
"They say they'll decide soon (on issuing an RFP)," Seder said. "I've been trying since last October to get financial info so I can bid intelligently."
Assemblyman John Burzichelli, a Democrat from Gloucester County, said he "wouldn't be surprised if the RFP was circulated in the next couple of days." Burzichelli has sponsored numerous horse racing industry bills.
State officials took steps to lease both Monmouth Park and the Meadowlands Racetrack as a package in 2004 but backed off, despite standing to collect as much as $300 million annually from the winning bidder. The potential price was inflated because the Meadowlands was considered a logical site at the time for installation of slot machines. Christie says he is against expanding casino gambling outside Atlantic City.
Churchill Downs Inc., which hosts the Kentucky Derby and owns four racetracks as well as other slot and gaming operations, was involved in the 2004 bidding. Spokeswoman Julie Koenig declined to say whether the company still has an interest in coming here.
Betfair wants to raise its stake in the New Jersey racing industry, said Stephen Burn, the chief executive officer for the TVG horse racing television network, a Betfair subsidiary.
The company broadened its U.S. presence in 2009 when it bought TVG for $50 million.
Betfair has successfully lobbied to bring exchange wagering to New Jersey. The new eBay form of gambling, where bettors with opposing opinions are paired at fixed odds, was signed into law by Christie on Jan. 31, though the program is on hold until the betting rules are reviewed by the state Attorney General's Office.
Burn said Betfair is anxious for a formal sale or lease process to begin.
"We're keen to understanding any opportunities that will increase our presence in New Jersey," Burn said. "We've been in the state for a number of years with New Jersey tracks being featured on TVG since the late 1990s."
Betfair is bullish on the New Jersey racing industry, Burn said — despite Christie repeatedly stating that racing is a losing bet when tracks are owned by taxpayers.
"New Jersey has a fantastic horse racing heritage. Betfair and TVG are absolutely committed to having a role. The racing product at Monmouth Park was vastly superior last summer. Similarly, the Meadowlands presents the most eminent harness racing destination in North America," he said.
Source: http://www.mycentraljersey.com/article/ ... mouth-Park
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oddstrader
- Posts: 344
- Joined: Fri Apr 16, 2010 4:55 pm
id welcome the move if it was to come about, we need growth as traders just as companies , and with the stagnation of the UK markets introducing some US liquidity would have to be good news for us - i think!LeTiss 4pm wrote:Great!!
That means an extra 5% on our PC to pay for that
i agree with you but i would prefer if they sorted out their api and website problems first.oddstrader wrote:id welcome the move if it was to come about, we need growth as traders just as companies , and with the stagnation of the UK markets introducing some US liquidity would have to be good news for us - i think!LeTiss 4pm wrote:Great!!
That means an extra 5% on our PC to pay for that
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oddstrader
- Posts: 344
- Joined: Fri Apr 16, 2010 4:55 pm
fair point,I agree , the api is just a disgrace, and you cant build a solid building without proper foundations!