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California Account Wagering Revenue Beats Expectations

"Racetrack operators have seen some financial benefit. Del Mar, which wrapped up its meeting on September 11, generated $25,124,892 in handle through account wagering, a figure that track officials say exceeded expectations. Hollywood Park, which concluded its spring/summer meet on July 22, also reaped the benefits of account wagering.

"…Television Games Network started to offer account wagering in California in late January, and in the first half of the year handled $63,877,652 through its Oregon wagering hub. By the time third-quarter figures are released in October, TVG easily will have cleared the $100-million mark in handle for the year. The first half figure is a 143% increase from its second half total in 2002 when TVG handled just $26,243,039.

"…One looming question has been how the boom in account wagering will affect simulcast handle at California tracks, which has decreased slightly.

"…`There's no question that account wagering has been doing well, but what I want to start determining is if account wagering is attracting new players or just cannibalizing older players,' said Roger Licht, vice president of the California Horse Racing Board and president of the CHRB's pari-mutuel committee.

"…`We do not want account wagering, or any of the effects of account wagering, to have an adverse effect [on the horsemen],' Licht said.

"…Now that its account-wagering product is fully operational in California, TVG may soon shift some of its focus toward expansion into other markets, which could eventually include international markets…"

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