Schenectady, N.Y.-based off-track betting corporation Capital OTB has been given the go-ahead to launch its Internet wagering program, and hopes to do so within the month.
Approval came Thursday from the New York State Racing and Wagering Board.
Capital OTB President Michael Connery told the Albany Times Union on Friday he expects the company's Internet wagering business to boost the company's handle in excess of $10 million a year.
"No question, it's going to have a major effect on Capital OTB," Connery said.
He added that going online was a necessary step for the company in order to compete with offshore gambling.
Boston-based speech recognition software developer VeCommerce will provide the Internet wagering solution, Telebet-for-the-Web, for Capital's program. VeCommerce also provides the software for Capital's phone betting option.
Last year's Unlawful Internet Gambling Enforcement Act has proved a boon to the U.S. horseracing industry. Carve-outs in the bill have paved the way for companies begin offering account-based wagering this year.
Kentucky-based Churchill Downs, which entered the online market in May with the purchase of BrisBET.com, TsnBET.com and winticket.com, last week merged all three sites into one powerhouse betting site TwinSpires.com.
And in early November, California-based Television Games Network (TVG) launched an account wagering site on behalf of Yonkers Raceway targeting New York-based bettors, exclusively.
In New York, Capital joins New York City OTB and the New York Racing Association, which launched their respective Internet wagering programs earlier this year.