Published: August 24, 2010 2:49 pm ET

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Legislation to raise takeout rates, supported by tracks and horsemen, has been introduced in the California state legislature. Although without much fanfare, the bill -- AB 2414 -- also would allow exchange betting in the state, and naturally has the support of the giant Betfair.

The English-based betting exchange already has established a strong California presence with its acquisition of TVG, the all-racing television network.

The current legislative session adjourns at the end of this month, and it is not clear whether the legislation will be considered before adjournment.

(Harness Tracks of America)

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