Unfortunately, this would have a hard time flying. Why? Because whenever one party gains money, another, by default, has to lose.
Definitely an interesting idea, however.
I would much rather see the current simulcast contract methods revolutionized. Right now, if the Big M takes a bet for Chicago, Chicago gets about 3% of the bet, and the Big M gets up to 22%. This harkens back to the days when it was believed that simo money was just "extra money" -- however, times have changed.
By the way, does anyone have a lowdown on what tracks/States the internet places push their money through? I know WinTicket is Beulah, but other than that, I'm unsure.