Cantor Gaming, the sports wagering division of the global financial services firm Cantor Fitzgerald, has reached out to the horse racing participants in California to develop an agreement that would make it a strong candidate for an intrastate Internet gambling website.
The company announced it has entered into an exclusive provisional agreement under which Cantor Gaming would provide Horse Racing United the technology and supporting infrastructure required for a world-class intrastate poker platform.
California does not as yet have a law permitting Internet gambling, however, a number of political leaders have indicated a willingness to propose the state take advantage of the opportunity to leverage its size and generate revenue through taxing Internet poker.
In 2001, a law was passed that granted the California horse racing industry exclusive legal rights to conduct Internet wagering on horse racing within the state. Thus, the racing industry is the only industry authorized to conduct online gaming under this law.
Horse Racing United is a not-for-profit organization that represents the interests of substantially all Thoroughbred racing and breeding within California. Its membership includes Santa Anita, Del Mar, Golden Gate Fields, Oak Tree Racing Association, the Thoroughbred Owners of California (TOC), California Thoroughbred Breeders Association and California Authority of Racing Fairs.
In order for the Internet gambling website to come to pass, there must be legislation passed in Sacramento and the Horse Racing United group must chosen as a licensee. The group is credited with being responsible for some 50,000 jobs within the state and with creating some $2.5 billion in total economic impact on an annual basis.
“We are currently the only industry authorized to conduct online gaming, which contributes a significant and growing percentage of our industry’s revenue and tax dollars,” said Josh Rubinstein, senior vice president of development for the Del Mar Thoroughbred Club.
“Cantor Gaming’s technological capabilities and infrastructure support can help Horse Racing United provide California with a state-of-the-art platform for online poker,” he added.
Lee Amaitis, Cantor Gaming’s president and CEO, added, “In concert with its affiliates, Cantor Gaming has more than 800 professionals in California, serving gaming, financial, real estate and other industries. As a leading innovator in mobile casino gaming and race and sports wagering, Cantor Gaming is excited about the potential opportunity to support the state’s effort to generate significant new sources of revenue during these challenging budget times.”
Cantor Gaming currently operates the race and sports books in seven Las Vegas casinos.