Needing a boost in interest and revenue in a big way, the American horse racing industry is closing in on a deal that would
. Betfair, which owns TVG Network, is the world's largest betting exchange and would provide the platform. The system has been widely successful in Europe and Australia. Ultimately it is a no-brainer as the pari-mutuel wagering takeout is simply too high to compete with other forms for gambling.
“By introducing a proven new technology, exchange wagering will offer the American horseracing industry a way to ignite new interest in the sport and develop new horseplayers, which many see as priority,” said Eugene Christiansen in a statement. “Exchange wagering has been widely accepted by consumers in the U.K. and Australia where it has served as a successful addition to the existing wagering platforms.”
The release said the study’s major conclusions about exchange wagering in the U.S. is that it would:
--Attract new people into the consumer base of Thoroughbred racing, in particular people who are younger and tech savvy;
--Stimulate patterns of horserace betting not permitted in the traditional tote system, including in-play betting (betting while a live race is in progress) and propositions between wagering parties;
--Restore a measure of price competitiveness to licensed U.S. Thoroughbred betting operations and recapture a portion of the handle lost to offshore rebate shops;
--Complement, rather than cannibalize, the traditional U.S tote system.