Cantor Gaming enters California online poker agreement
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The terms of the agreement provide that Cantor Gaming would utilize its technology and supporting infrastructure to develop a legal, authorized Internet poker platform throughout the State of California.
Horse Racing United and Cantor Gaming support the State of California passing legislation to legalize online poker gambling, currently under consideration by the California Legislature, which would generate substantial revenue for California at a time of significant budget challenges, provide further support to the California horse racing industry’s 50,000 jobs and $2.5 billion economy and help the state remain competitive as other states consider legalizing online gaming.
The terms of the agreement provide that Cantor Gaming would utilize its technology and supporting infrastructure to develop a legal, authorized Internet poker platform throughout the State of California. The agreement is further subject to Horse Racing United being selected as one of a limited number of licenses to operate an intrastate Internet gambling website. Upon enactment, the legislation would represent positive momentum from 2001 legislation that granted the California horse racing industry exclusive legal rights to conduct Internet wagering on horse racing within the State, making it the only industry authorized to conduct online gaming.
Horse Racing United is a not-for-profit organization representing the interests of substantially all Thoroughbred racing and breeding within California. Members include Santa Anita Park, Del Mar, Golden Gate Fields, Oak Tree Racing Association, Thoroughbred Owners of California, California Thoroughbred Breeders Association and California Authority of Racing Fairs. The breadth and depth of Horse Racing United makes clear that the California horse racing industry is indeed united.
Josh Rubinstein, Senior Vice President, Development of Del Mar Thoroughbred Club said: “In order to provide new revenue for the State, protect California jobs and make sure California is economically competitive, Horse Racing United is committed to working with the State of California to seek a legal Internet poker solution that works for all parties.”
Rubinstein added, “The California horse racing and breeding industry is responsible for the employment of nearly 50,000 Californians, including many lower paid workers who have been hit especially hard by the recession. All told our industry creates approximately $2.5 billion in total economic impact for the State on an annual basis. We are currently the only industry authorized to conduct online gaming, which contributes a significant and growing percentage of our industry’s revenue and tax dollars. Cantor Gaming’s technological capabilities and infrastructure support can help Horse Racing United provide California with a state-of-the-art platform for online poker.”
Lee M. Amaitis, President and Chief Executive Officer of Cantor Gaming, said: “In concert with its affiliates, Cantor Gaming has more than 800 professionals in California, serving gaming, financial, real estate and other industries. As a leading innovator in mobile casino gaming and race and sports wagering, Cantor Gaming is excited about the potential opportunity to support the state’s effort to generate significant new sources of revenue during these challenging budget times.”
He continued: “As other states begin to move to legalize online gaming, California is well-positioned to leverage its size and generate revenue that otherwise would not exist. The passage of this legislation is essential to Horse Racing United being selected as a licensee. If enacted, it will provide additional financial support to California’s Horse Racing industry, adding stability to approximately 50,000 jobs the industry supports directly and indirectly and setting a new chapter in its rich history.”