Betfair Online Betting Exchange Coming May 2012
Posted on Dec 13, 2011 in Online Casino Bonuses
The notion that online gambling is against the law in the USA is completely wrong, and if you allow me to share a few very important points you will see exactly why the claim is preposterous. To begin with, online betting on horse races has not been banned by the government, and it never has been. It is completely legal in all the states which permit horse betting in offline, and the law makes absolutely no distinction between the two.
TVG is just one of numerous organizations offering conventional pari-mutuel wagering on horse racing. TVG was purchased last year by London based gambling firm BetFair. Shortly after this purchase BetFair opened an office in San Francisco, California which currently employs around 75 personnel. The plan is to unleash a service in May 2012 which could not merely enhance betting on horse races, but also has the potential to radically improve upon the suffering horse racing industry of the USA.
Currently enjoying an annual turnover of just over $500 million, Betfair has developed a new concept for the world of betting which they are calling Exchange Betting. The idea is that, in theory, online gamblers can actually place bets against each other. Confused? Okay. For example, imagine a punter puts a bet on a horse to win. Rather than another gambler simply betting on another horse to win, they can now wager against you. In other words, they can bet that you specifically will lose.
The concept of Exchange Betting hasn’t technically been authorized, but a law passed in 2010 means it will become a legal practice as of May 2012. Betfair intends to open its online exchange on this date, with the hope that racing fans will relish the opportunity to bet against one another, a welcome break from the traditional way of gambling.
“You can continue betting in the middle of a race.” BetFair’s Head of Office at San Francisco, Stephen Burn explained. “Betting can in fact continue right up until the results are posted, so if there is a photo finish, you would could bet anytime before the final result is called.”