Gadgetory

in the u.s. most forms of online gambling are illegal but there's one form of online gambling that's actually completely sanctioned horse-racing has kind of been associated with older aristocratic type people it's not that hip in industry but there's a start-up in New York City that's hoping to apply the Zynga model to make horse-racing pool very jackpot it is a social game that makes it easy to bet watch and win real money on live horse-racing the only leave away to gamble online the United States a lot of people are surprised you can gamble with real money on the internet they think of poker and they think of the other things that were that have gone up and down and where it made a lot of news in the past five years but horse racing's been the only legal way to gamble online the US for at least ten years it's not a magic formula because the ability to do this as existed for a long time no horse racing has been recognized in many states as a legal form of gambling and actually back in the 70s and the 80s they started to accept telephone wagering and then as the internet came along the permissible telephone wagering expanded into into this wager fair mutual horse wagering means you're not betting against the house all the players are actually betting against each other so all the funds go into one pool and the players who are betting set the odds it's not a company built around a loophole because it's never been a loophole there's the interstate horse-racing Act which is a federal statute which recognizes the position that horse-racing has had in the most states in the United States as a legal form of wagering and it allows it to happen across state lines and that's been going on since the 1970s we're like a gas station that sells lottery tickets we're not the house we get a small percentage of every bet place through our site and we want all of our players to win because it's a more fun experience Jovie jackpot first went into beta a couple of months ago so right now it's in a closed beta tonight's kind of reprieve you letting more people in to play and test it out for it it goes it goes public at the beginning of next year so anyone will be able to join inside the industry has been looking for a way to attract younger betters but the problem has always been there's been a bunch of old guys like me trying to sit around and figure out a way we can interest younger people and utilize the Internet in doing so and so when they first contacted me as someone who is knowledgeable from a legal perspective as well as knowledgeable from an industry perspective my reaction was this is the panacea this is what the industry has been looking for and you guys are doing it the right way there's some people who are betting and they have their system and they're handicapping and they they're trying to get an edge to win or they think they have an edge because they have a system to win but then you have the other people who go to the track for one day year they go to the Derby or the preach minutes or the Belmont Stakes then they go and they pick their favorite name or they pick a horse that looks really good and they just do it for the fun of the game and that's our player the real test is probably going to be next month because there's a big industry conference in December that they're going to be demonstrating that and everybody from the industry will be there and that's when you'll get a true reaction but everybody that we presented to to this point in time in the industry they're very excited about it they they once again we recognize it could be the savior to the industry they probably don't understand how it works because they're all guys like me but they recognize it as being the prospective Savior for the industry you