Fixed-odds betting options on horse racing could come to New York residents if a new bill introduced by Senator Joseph Addabbo, Chairman of the state Senate’s Racing, gaming and Wagering Committee, is passed, according to a story from the Thoroughbred Idea Foundation.
Senate Bill 2343 is similar to a measure introduced a year ago, also by Sen. Addabbo, but which was never advanced for a vote, TIF reports.
“There should be no doubt amongst racing stakeholders that our existing pari-mutuel offerings are not enough in today’s competitive market,” said Thoroughbred Idea Foundation executive director Patrick Cummings.
“Fixed odds bets for racing won’t replace pari-mutuel wagering, but rather complement our existing offerings, and meet modern customers with a modern product that they currently enjoy with widespread sports betting options.
“After adjusting for inflation, we estimate that mainstream handle on U.S. racing has declined by roughly two-thirds over the last 20 years. The pari-mutuel status quo with high takeout rates and the constant promotion of low-churn exotic bets have depleted our mass market customers. Fixed odds betting offers racing a chance to recapture those that drifted from the sport while introducing our product to new audiences.”
In a statement from the New York Racing Association published earlier this week by DRF, spokesman Patrick McKenna indicated the measure had NYRA’s support and “presents an enormous opportunity for horse racing to share in the rapid growth and unrivaled success of New York State’s mobile sports wagering marketplace.”
“Allowing mobile sports wagering platforms to offer premium horse racing content would generate untapped gaming revenue for New York State, attract new fans to horse racing, and deepen the sport’s overall economic impact.”
TIF supported the expansion into complementary fixed odds options in its 2019 white paper, which can be reviewed here.
Last year was the first full season with fixed odds offerings for on-track customers at Monmouth Park in New Jersey, where the offering is managed by Australian firm BetMakers. Wider distribution to New Jersey customers, including ADW betting via fixed odds on Monmouth races and simulcasted races, is expected in 2023, the TIF reported.