The Virginia Racing Commission approved a new license
The regulator granted its approval to a satellite wagering facility on West Broad Street, Henrico County in Richmond.
US.- After the closure of Colonial Downs’ off-track betting parlours, the Virginia Racing Commission approved a new license for a satellite wagering facility on West Broad Street in Henrico County.
The Virginia Equine Alliance, which is a consortium of horse racing and breeding groups, had filed for the license for Breakers Sports Grille, 9127 W. Broad St. The commission approved the license unanimously paving the way for what will be the first new off-track betting facility in Virginia since Colonial Downs closed its doors.
According to Darrell Wood, a spokesman for the alliance, a firm timetable for opening has yet to be established to carry out negotiations over which tracks’ races will be available for wagering, to decide which renovations will be made at the bar and restaurant to accommodate betting terminals and to examine other issues related to other equipment. “Obviously we’re looking to get this thing open as quickly as possible,” he added.
The commission regulates pari-mutuel wagering on horse racing, in which all bets are pooled to provide the payouts for winners, less a percentage for the management. In Virginia, 80 percent of every dollar wagered goes to winning bets, while the remaining 20 percent is divided among various equestrian and breeding groups, including those represented by the alliance, as well as the commission itself.
David Lermond, the commission’s acting executive secretary, estimated that the Breakers operation could pull in a “handle” or total amount of money wagered, of about US$5 million in the first full year of operation.
