As online gambling continues to rake in billions of dollars each year, U.K.-based Betfair is betting that legalized online gambling is in the near future for the U.S. To position itself for that eventuality, Betfair is building a Silicon Valley team focused -- for now -- on online horse-race betting that is legal and is making a push to attract younger audiences. "We want to bring the Facebook generation to the track," says Gerard Cunningham, head of Betfair's U.S. operations.

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