Exchange wagering delayed in California

This most recent delay will come as a blow to operator Betfair as it had hoped to have its Betfair TVG subsidiary conducting exchange wagering from San Diego’s Del Mar Racetrack as early as this month.

“The concept of exchange wagering has been a polarising issue among the stakeholders in California racing and this action will give us additional time to study this betting alternative and consider if it is in the best interests of the industry in our state,” said Mike Pegram, Chairman for the Thoroughbred Owners of California.

TOC President Lou Raffetto added, “We will continue to seek alternative revenue sources and have not slammed the door closed on the concept of exchange wagering. We are simply putting this contentious issue on the back burner until we can analyze it further and, hopefully, build a consensus within the industry.”

The Thoroughbred Owners of California took its decision despite strong lobbying from Betfair TVG and the 75-year-old Del Mar Racetrack with officials from the California Horse Racing Board state agency due to meet later this month in order to discuss the issue.
'This is a bleak day for California horse racing,' read a statement from Betfair TVG.

“Not only has the TOC turned down millions of dollars of guaranteed revenue in 2012, it has aligned itself to a track ownership group with a long record of broken promises. We look forward to a fuller explanation of their motives because, presently, any rational observer who takes time to examine the full facts behind this decision will struggle to comprehend it.”