Gov. Davis Signs Account Wagering Bill

SACRAMENTO, Calif. (Aug. 13, 2001) - California Gov. Gray Davis signed AB 471, the Account Wagering bill, which goes into effect Jan. 1, 2002. This bill was co-authored by assembly members Robert Hertzberg, Herb Wesson, Mike Briggs, Dion Aroner and senators John Burton and Ed Vincent.

The bill provides the necessary framework for account wagering over the telephone and Internet, under the control of the California Horse Racing Board.

"This shows the necessity of the entire racing community working closely together," said Wes Fitzpatrick, president of the California Thoroughbred Breeders Association. "This is legislation that can have a profound impact on many areas of our business."

The account wagering bill, along with legislation exempting racehorse breeding stock from state sales and use tax signed recently, show the strong support the legislature and governor have demonstrated to the racing industry.

"We are very pleased that the governor signed this legislation," said Doug Burge, executive vice president and general manager of the CTBA.

"We understand there are risks involved with the cannibalization of the wagering dollar, however, there is a large potential for us to show growth in handle, which will boost both purses and incentive awards. The television expansion potential can be a tremendous assist in exposing California horseracing to the general public.

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