Kentucky court rules in favor of Exacta Systems
25 October 2018
(PRESS RELEASE) -- A Kentucky Court ruled yesterday that Exacta Systems' Historic Horse Racing system, games and wagers are pari-mutuel and comply with Kentucky statutes and regulations.
The ruling came after several years of discovery and a trial earlier this year, in which the Family Foundation of Kentucky argued that Exacta's system was not pari-mutuel. After evaluating all written briefs and hearing from expert witnesses on both sides, the Court ruled that "the Exacta System is a 'pari-mutuel system (of) wagering' as defined under 810 KAR 1:001, Section 1 and authorized under the provisions of KRS Chapter 230." The court further wrote "the Exacta machines are structured to operate in accordance with the pari-mutuel system of wagering." Exacta is now the only historic horse racing system to have been declared pari-mutuel by a court of law.
"The Exacta system was designed and built to be pari-mutuel, and to comply with pari-mutuel statutes and regulations in racing states across the country," commented Exacta Systems President Jeremy Stein. "The Exacta system and games underwent extensive scrutiny through the course of several years of exhaustive discovery and a multi-day trial where every aspect of the wagering system was explored in great detail. The finding of the Court was clear and unambiguous, and should settle the question once and for all that the Exacta Historic Horse Racing system and games are pari-mutuel wagers on the outcome of horse races," concluded Stein.
"With this ruling behind us, we look forward to expanding our position as the industry leader in historic horse racing while opening new markets to generate much-needed additional revenue for the horse racing and breeding industries," noted Exacta CEO Ray Reid.