California Approves Exchange Betting Regulation

The California Horse Racing Board (CHRB) has accepted new rules to allow exchange betting in the Golden State.

California gambling laws were first changed by the State Legislature to approve exchange wagering in 2010 after the development of rules by the racing board. The review of the rules is still supposed to be undertaken by the California Office of Administrative Law (COAL) within the coming 30 days.

After the COAL approval, the California racing industry can be set to start the implementation of betting oversight technology and training the staff. Financial agreements between racetracks and wagering providers such as Betfair and TwinSpires will be the next step. The result would in turn require another approval from the California Horse Racing Board before exchange betting can finally begin.

The final legal green light is still dependent upon the COAL review. Experts fear there could be delays caused by emerging concerns on any of the twenty-five rules on California sports betting that the new legislation influences.

Betfair has already been provided with a provisional license that is subject to further review by COAL. Churchill Downs’ TwinSpires is rumored to apply for the same license in the very near future.

According to online gambling news in United States, the two sports betting operators were told to purchase computer hardware and software that is suitable for being used in the Californian racing board exchange wagering regulation.

There’s a heavy license fee involved for exchange betting services. Estimates put the hardware, software, and training costs at over $530,000.