26-11-2007 Dakotafair

In-Forum reports the plan of a Kentucky businessman to open a central betting exchange for the North American horse racing industry in North Dakota.

Joe Riddell, a real estate broker from Lexington, said the betting exchange would cost $1 million to set up and would then generate $30 million per year in tax revenues using North Dakota's fiber-optic system to eliminate the existing lag time in tote betting.

A recent study conducted by the National Thoroughbred Racing Association revealed that the low refresh rate of totalisator systems caused many US bettors to place their bets with offshore bookmakers.

North Dakota was protagonist in 2005 of a failed bid to become an internet poker jurisdiction. Apparently Riddell's North Dakota betting exchange would have to go through a similar path requiring ND Legislature to vote on the proposal. The Racing Commission already stated that it doesn't have the authority to regulate a betting exchange.