California the First State to Approve Exchange Betting to Help Racing at Thoroughbred Race Tracks.

Schwarzenegger Signs Calif. Takeout Increase

By Jack Shinar
Updated: Thursday, September 23, 2010 4:17 PM
Posted: Thursday, September 23, 2010 3:25 PM
 
California legislation increasing the takeout rate for exotic wagers beginning this winter and making the state the first in the nation to approve exchange betting was signed by Gov. Arnold Schwarzenegger Sept. 23.

Keith Brackpool, chairman of the California Horse Racing Board, made the announcement during the board’s Sept. 23 meeting at Fairplex Park. Brackpool said a formal statement on the signing would be made by Schwarzenegger Sept. 24.

The bill, sponsored by Democratic Sen. Ron Calderon, cleared the state legislature Aug. 31 and was sent to the governor Sept. 8.

The measure authorizes the CHRB to redirect funds from winning bets to overnight purses with a 2%-3% increase in the pari-mutuel takeout rate to help pump up the flagging Thoroughbred racing industry. According to a state Assembly analysis, the change could mean up to $70 million in additional purses, though racing officials estimate the figure at closer to $30 million.

It is to take effect Dec. 26, opening day of the Santa Anita Park winter season.

Races involving two betting interests (such as an exacta or double) would be subject to a 2% increase to 22.68%. A 3% hike would be tacked onto exotic wagers involving three or more wagering interests (trifecta, superfecta, pick three, pick four, pick six, etc.), bringing the deduction for those types of wagers to 23.68%. 

Everyone making such wagers on California races, whether inside the state or out, would be affected. The legislation mandates that the full amount of the new deduction be applied to overnight purses.

Takeout rates for win, place, and show betting will remain unchanged at 15.43%.

The comprehensive measure also authorizes the launching of exchange, or head-to-head, wagering in the state. The implementation of exchange wagering, which was supported by Betfair, the British online wagering company that owns TVG, could not occur before May 2012 and requires CHRB approval.

The law also contains provisions to use some of the takeout increase to promote the Breeders’ Cup financially in years when the event is held in California.

Thoroughbred Race Tracks under the California Horse Racing Board,

Cal Expo
Del Mar
Golden Gate
Hollywood Park
Los Alamitos
Santa Anita

Gee what a Noble Idea. Too bad Michigan is Headed by a Governor that has been determined to KILL Thoroughbred Horse Racing Tracks here. And there is only ONE?

In Michigan NOTHING is offered to help the Industry of any Horse Racing let alone Thoroughbred. Here all they do is make EXCUSES, and actually BLAME HORSE RACING for their Own Downfalls. In fact they Blame Everyone one else but Themselves here in this Wonderful State of Michi-Lose.

Wonder if that will change with the next Governor?

This Bill in California was Sponsored by a Democrat Senator. I guess No Senators, or  Representatives here like Horse Racing. Or DO THEY?

There were Legislators at Pinnacle on Legislators Day. Maybe some could send this on to their Represenative or the ones that was actually at Pinnacle last Sunday. I hear somebody asked why there wasn’t The Michigan Mile anymore?

Well Uh, because Governor Granholm and our other  State Politicians like the Casino’s too much and Horse Racing isn’t anybody’s priority anymore. Very Sad and Unfortunate for the Horse Owners, Breeders, Trainers, Grooms, Hot Walkers, Exercise Riders, Pony People, Vets, Farriers, people in Agriculture who  have Straw, grow the Hay, Stores and Tack Shops that carry Horse Supplies, Horse Feed Suppliers.

Everyone making such wagers on California races, whether inside the state or out, would be affected. The legislation mandates that the full amount of the new deduction be applied to overnight purses.

I am very Happy for my fellow Horsemen and Women in California. Seems to be people there that care not only about you, but the Thoroughbred Industry in whole that has generated so much to every State that has Horse Racing.

And Hopefully before we are DEAD FOR GOOD HERE IN MICHIGAN. Some Senator or Some Anybody can Sponsor something here that will Help Us, Help You.

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Filed under Breaking News, Horse Racing, Michigan News, News, Pinnacle Race Course, Politics, Sports

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