Betting man seeks angles

Posted on | August 25, 2010 | No Comments

It’s unclear to seasoned observers whether the speculators behind Cadiz Inc, a company pushing an outlandish plan to tap desert groundwater for Southern California cities, plan to go for actual water, or are content to capitalize on the stock market on the sheer prospect of mining it. Cadiz founder Keith Brackpool likes to play all the angles.

To appreciate just how many angles, check out Capitol Weekly’s report today on a Brackpool-backed bill in the California legislature seeking to change rules as to how one can wager on horse-racing.

“One key component added to the bill is exchange betting,” reports the Weekly. “This is a type of betting that allows players to essentially bet against a horse, or bet that a horse will finish in a particular spot in a race, or take innumerable other possible positions. Unlike traditional betting, where the track provides odds on particular horses, the house merely facilitates complex bets between willing parties. People can stake out positions and even sell them to others bettors prior to a race.”

Brackpool, a generous donor to [and/or employer of] a string of powerful politicians including former California Governor Gray Davis, Schwarzenegger Chief of Staff Diana Kennedy and Los Angeles Mayor Antonio Villaraigosa, was appointed by Governor Schwarzenegger to the state horse-racing board last September and became chairman in January. The Weekly reports that he also owns several politicians, excuse me, horses.

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