California Thoroughbred Racing Interests Reach One Year Accord on Interstate Advance Deposit Wagering
Arcadia, CA (Nov. 21, 2008) – The Thoroughbred Owners of California (TOC) announced today that an agreement has been reached with Xpressbet, Twin Spires, Youbet, and TVG on the current interstate ADW impasse. The accord permits those ADW providers to begin accepting interstate ADW wagers today, and resolves related issues for all California Thoroughbred race meets for next year. The settlement agreement was reached as a direct result of the efforts of the Thoroughbred Horsemen’s Group (THG), of which TOC is a founding member.
"This agreement represents substantial progress in achieving goals set by the THG, which are critical to fans and owners everywhere," noted TOC Chair, Marsha Naify. "TOC and THG have steadfastly advocated for broader, non-exclusive distribution of our race signals for wagering purposes. A cornerstone of this accord is that it ensures non-exclusive distribution of our races signals so that fans can wager through the provider of their choice. But most importantly, we have made real progress in ensuring that purses receive a greater share of the revenues earned on ADW wagers."
TOC Board member Pablo Suarez added, "THG and TOC also sought to ensure that – rather than changing takeout rates and raising the cost of a wager for players – the industry worked within itself to implement a more equitable distribution of existing revenues. We can do so by scaling such things as host and source market fees with ADW handle growth. This agreement is a step in that direction, and gives all concerned a starting point from which we go forward, together."
"As a serious player myself, I’m thrilled that we have reached agreement with the four largest ADW companies, and that they are going to be accepting wagers on these signals everywhere," said TOC Director Bob Bone. "My out-of-state friends have made me keenly aware of their frustrations, and I understood their pain. My thanks go out to them for their patience and understanding. I said we’d get through this, and we did!"
"We apologize to California Thoroughbred race fans everywhere for the inconvenience, disappointment, and frustration they endured while these fundamental questions were addressed, but TOC believes that this accord establishes a process by which such impasses may be avoided in the future, and that should be a relief to everyone," said TOC President Drew J. Couto. "TOC is grateful to the THG for its efforts on behalf of California, and owners everywhere. We remain committed to working with and through the THG in the future, as it has clearly proven to be a valuable advocate on issues vital to us all. We also wish to thank our track partners, Chairman Shapiro and members of the California Horse Racing Board, and representatives of Xpressbet, Twin Spires, Magna Entertainment, Churchill Downs and Youbet, all of whom worked hard to resolve the impasse."