The last minute attempt to rush through an exchange betting rule in California has been slowed
.
Democratic State Senator Ron Calderon reportedly brokered a deal -- his office emphasized it was a compromise and not complete consensus -- to postpone until May of 2012 the effective date of a bill sponsored by Betfair and pushed by Assembly Speaker John Perez.
The postponement gives horse racing in the state 20 months to work on rules and implementation, and allows the impetuous racing board time to think about what it enthusiastically endorsed last week.
In the face of delayed Senate confirmation of his reappointment and that of three of his board members including actress Bo Derek, Board Chairman Keith Brackpool acknowledged the delay would “give everyone in the industry time to work through their issues and come up with regulations.”
The weekend bartering wound up with two powerhouses -- Betfair and Magna International Developments -- playing their best political cards. Opposition by California’s thoroughbred trainers also played a significant role in the reversal.
The bill, which had been amended in the Assembly under Perez’s leadership, originally proposed takeout increases on exotic bets -- still an important issue in the bill -- and had exchange betting added in a last-minute bid for quick passage.
(Harness Tracks of America)
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