Online Horse Betting In California
The horseracing industry in California was once extremely popular, but it has been on a rough patch in recent times. Betfair plans to turn things over and is quite confident that it will be able to restore California’s horseracing industry to its past glory. David Yu, the Chief Executive Offices of Betfair has stated over the next year that the company will be working closely with the regulators in California to formulate new laws that are clear to the consumers and to develop a system that properly funds the state and the horseracing industry.
Other operators are now sitting up and taking notice because the USA is full of immense possibilities as online gambling is legal in certain states of the US.
Yu is hoping to see well regulated markets with laws that protect the consumers. Yu also believes that there must be a proper tax framework in place as well.
Betfair has certainly made a bold and very wise decision to venture into the horseracing industry especially since the State of California passed a bill in September that permits horse betting through online exchanges. California is one of the first states in the US to legalize what is being known as “exchange wagering”. Although this law will only take effect by May 2012, Betfair is preparing itself well in advance to venture into the California horse racing industry. A new office has been opened in San Francisco as revealed by Stephen Burn, Betfair’s Global Director for Racing. The company has also planned to quadruple its workforce in 2011 to about 100 in order to take on this new and promising challenge.
Betfair is one of the most popular online gambling operators in the UK and if they play their cards right, this could be a sensational business venture.
Tags: sports betting