I would note that the NYRA press release refers to "CAW activity", not being a CAW. My understanding is that, in order to become a CAW and get the benefits that Boscar mentions (very large rebates, tote access, and batch betting capability) the teams have to go through a vetting process and commit to wager very large amounts. When NYRA talks about "CAW activity," I believe they are referring to batch betting. I have read that some non-CAW players have computerized their betting process, but that their bet frequency is limited to 6 bets per second. The frequency of CAW batch bets is much faster than that. The effect of the NYRA rule is to level the playing field, subjecting CAWs to the same cap that is imposed on non-CAW players.

I'll be interested to see hear how much effect this has, particularly in the exacta pools. In a nine-horse field, even subject to the cap, one could bet all of the exacta combinations in 12 seconds. This doesn't seem too restrictive to me, but I'm not running a CAW. There is no limit on the size of bets, so if the CAW's are still betting, they could still have an enormous impact on prices. Their willingness to bet large amounts is a function of the large rebates they receive, and I have no idea whether those percentages are changing.