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I dont think the biggest impact will neccesarily be taken customers away from racing but how it may open up gambling on horses in markets that its not in yet due to very strict laws about betting on anything.
I know where I live the indian casinos hold the cards, its tough to bet, if it becomes legal you will see american casinos and other forms of online wagering, and I have to assume that trickles down to horse racing. Texas is another state I imagine this would help racing out with.
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