Exchange wagering approved in California
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The OAL action completes a regulatory process that began two years ago. The Board conducted numerous public hearings before eventually approving 25 rules for the regulation of exchange wagering, including rules covering license applications, operating plans, monitoring systems, and financial and security audits of exchange wagering providers. Those rules were submitted to OAL for review and approval, and some were resubmitted to address OAL concerns.
The Horse Racing Law and regulations require any exchange wagering company to reach an agreement with a racing association or fair and the horsemen responsible for negotiating purse agreements. The provider must submit the agreement along with an application to the CHRB at least 90 days before the expected start of exchange wagering. Exchange wagering can only begin if the Board approves the application at a public meeting. (California Horse Racing Board)