Betting exchange wager to get underway in California

[CyberChamp]

Betting exchange wager to get underway in California
Thursday, December 08, 2011 - by Tom LaMarra, USTA Web Newsroom Correspondent


Tucson, AZ --- California residents are poised to become the first in the United States to wager on harness races through a betting exchange.

Under a 2010 law, exchange wagering is permitted to be offered in May 2012 as long as the necessary approvals are in place. There can be multiple operators, but TVG Betfair is the most prominent, having spent roughly $10 million on the California project.

Under the law, wagers can be placed by California residents on Standardbred, Thoroughbred, and Quarter Horse races.

Exchange wagering, considered pari-mutuel, offers bettors a chance to make their own odds on a certain outcome. Other players then bet against that outcome. As in pari-mutuel race betting, a commission is charged.

Stephen Burn, chief executive officer of TVG Betfair, said the company believes horse racing needs to take advantage of its current status as the only legal form of online wagering in the U.S.

[pezz97]

I definitely would not take part in it

[beans and weenies]

I am a confused not too smart sometimes gambler. I really haven't a clue .  I would probably bet thru a betting exchange if the mood moved me but I really don't have a clue.

[CyberChamp]

I'm curious as to whether there is $$$ to be made on betting against "beatable" heavy favorites...but I can't see myself bring a big bankroll to play in the exchange.

[sea biscuit]

I am a confused not too smart sometimes gambler. I really haven't a clue .  I would probably bet thru a betting exchange if the mood moved me but I really don't have a clue.

In simplistic terms this is how it works.

In traditional bookie betting

High Street bookmaker offers odds of 3-1
Punter Jim places a

[tonyb147]

I'm curious as to whether there is $$$ to be made on betting against "beatable" heavy favorites...but I can't see myself bring a big bankroll to play in the exchange.

This could go both ways. If you have a stone cold lock that you love you may be able to find someone who doesn't like him. Rather than take 4/5 or the tote board someone may be offering 6/5 or higher. This gives you an opportunity to "make" a little value on one that you like.

Not picking on Jack but this is something he talks about all the time. "I'll book any action on this rat at 3/5.........".

I'm definitely interested but not diving in immediately. For me the money to be made is Andy on a trotter at 3/5 or less. I'll take all that action. 

[Mr. B]

I am guessing that since you have to be a California resident, this type of wagering won't apply to most of you.  Unless I am reading the rules incorrectly, and you know friends who live in California!   

[CyberChamp]

For me the money to be made is Andy on a trotter at 3/5 or less. I'll take all that action. 

 
 
Genius!!!!   

And don't forget "Coco"!!!   

[Brush and Crush]

 
Genius!!!!   

And don't forget "Coco"!!!   

[sea biscuit]

Video

http://www.betfair.jobs/about-us/the-betting-exchange

Has anyone seen this video I posted?

Don't know how it really works but you can actually bet on a horse after the race has started and during the course of the race.

Not only would I like to know who is on top and in the two hole but more importantly the early fractions of the race.

In the video they gave an example of the Breeders Cup Zenyatta's race and her odds fluctuations during the race.

Interesting to say the least.

[CyberChamp]

Very interesting, SB!

One would have to be very quick on the keyboard and have a fast internet connection to make bets while a race is in progress.  On top of that, our feeds are never "real time" or anywhere close to "real time", so that doesn't help.  Interesting concept, however, and I can see something like this working well with longer events like basketball and football.

Heck, a savvy capper could take the gambling out of wagering by hedging bets.  Also, a well written computer program might be able to remove the risk all together by exploiting anomalies, especially in events with multiple betting interests.

Might have to enroll a partner in California to check this out.

[sea biscuit]

Might have to enroll a partner in California to check this out.

You'll have to wait until at least May 2012.

http://www.drf.com/news/no-california-exchange-betting-till-2012-bill-says

I think exchange betting in the US might be just as popular as it is in Britain after customers get the hang of it.

[Just Saying]

As a side note: There's always the jobs lost from advances in technology. If you can get everybody betting online there won't be any need for grandstand help.(or a grandstand for that matter)

Change is inevitable, but employed, productive people are much happier than idle folks on welfare, ekeing by on a Gov check.

It'll be interesting to see how the exchanges shake out. Might be the future of wagering.