|New legislation allowing online and phone betting on California horse racing will be welcomed by TVG (the Television Games Network), the only company that offers players the chance to watch races around the country and bet by telephone.|
TVG is currently available in 7.2 million households in America through cable or satellite networks, and is eager to expand into California, the second biggest market for horse racing behind New York.
The bill to allow online betting on horse racing was passed by Gov. Gray Davis, a reversal of his stance on a similar bill last year when he said that it represented an expansion of gambling.
The new law, which takes effect on Jan 1st 2002, opens the door to TVG who hinted at their plans for the future.
“On a national level, nobody is doing a television network dedicated solely to horse racing.” Said John Hindman, a spokesman for TVG.
The company may face some competition in the future from Magna Entertainment, which has purchased three Californian racetracks already. Owner Frank Stronach, a billionaire auto part maker from Canada, has made no secret of plans to create his own nationwide television and telephone betting system for his racetracks.