California Nov. 15 moved a step closer toward becoming the first United States racing jurisdiction to offer exchange wagering.
The California Horse
Racing Board unanimously approved the betting platform that allows
individual players to buy and sell, "back" or "lay" wagers. CHRB staff
members suggested they would not anticipate exchange wagering to be
available for California residents until the second half of 2013.
In 2010 California
lawmakers allowed for such wagers, and in August 2011 the CHRB published
notice of its intent to promulgate exchange wagering rules. On Nov. 15
the board approved rules that would allow exchange wagers by state
residents on California horse races.
Rules also could allow
out-of-state residents, who live in states where it is determined to be
legal, to wager on California races.