|
|
|
 |
Online Horse Racing Industry Continues to Flourish
LOUISVILLE, KY --
In a press release this afternoon, Louisville-based Churchill Downs reported 4th quarter 2007 earnings. The report indicated that sales were up nearly 10% year-over-year, a figure some have attributed to the protectionist policy the US government has enacted toward the horse racing industry.
With the passing of the UIGEA at the end of the 2006 fiscal year, the horse racing industry was given a free pass to continue operating as normal, while all other forms of online betting were torn-down.
According to gaming analyst Mike Pritchards, "The UIGEA has really set the stage for the horse racing industry. The new law essentially eliminates the competition (other forms of betting) for the horse racing industry."
For those of you not familiar with the UIGIEA, also known as the Unlawful Internet Gambling Enforcement Act, its new legislation that was enacted by Congress and signed into law by President George W. Bush. The law essentially forbids American citizens from placing bets over the internet using a credit card or ATM card with illegal offshore betting sites. An exemption was carved out for the online horse racing industry.
The Bush administration and many Republicans in Congress who supported the bill have been criticized heavily for being soft on the horse racing industry. Many believe large special interest groups helped influence the decision to exempt horse racing.
Pritchards says, "there is something that doesn't make sense here. Americans can place a bet on a horse, but we cannot wager on a classic past-time such as poker."
Despite the 10% year-over-year sales increase, Churchill Downs took a 4th quarter loss due to some creative accounting. If you would like to place an online horse racing wager, you may do so at Churchill Downs sister-site, http://www.twinspires.com/content/
Previous Gambling Law News Articles
Post A Comment
|
 |
|
|
|
