Exacta announces system modification following Kentucky Supreme Court decision

(PRESS RELEASE) -- Exacta Systems announced today that it will introduce a new Historic Horse Racing system in Kentucky following a decision of the Kentucky Supreme Court. In its ruling on whether HHR as currently operated in Kentucky fell within the Kentucky statutory requirements, the Kentucky Court wrote that wagering "requires that patrons generate the pools based on wagering on the same discrete, finite events." The Court also held that initial seed pools should not be permitted. As the Court interpreted Kentucky law and announced these requirements, the decision necessarily impacts all HHR system providers and operations in Kentucky.

"While we are disappointed with the Court's decision, we do appreciate the clarity that the Court has provided as it pertains to HHR in Kentucky," commented Exacta Systems President Jeremy Stein. "After several years of litigation, we now have certainty on how HHR systems must operate in the state."

"In anticipation of this ruling, Exacta has devoted several months of development time to produce an alternate HHR system that complies with the Supreme Court decision," continued Stein. "After reading opposing legal briefs and hearing the questions asked at oral arguments, we wanted to have an alternative system in place that addressed the objections raised by opposing counsel and the various Justices, as a contingency in the case of a negative ruling. The updated Exacta system is fully compliant with the requirements as articulated by the Supreme Court, and we are excited to present our updated system to the Kentucky Horse Racing Commission in the coming days."