Sports betting is taking over the United States. One of the leading states in the American sports betting market is Colorado, with hundreds of millions being placed in bets every single month. All sports are fair game for betting in Colorado, but the same cannot be said about horse racing.
This has caused a lot of frustration in the state. If people can bet on European soccer, Russian table tennis, and cricket, why can’t they bet on American horse racing events like the Kentucky Derby?
This has caused horse racing to drop in popularity, and there is now a law being considered that could change the wagering landscape in the state. Fixed-odds betting could be coming to the state.
Change Coming for Colorado Horse Racing?
Colorado lawmakers are now considering a legislative change to allow people to bet on horse racing. There is a modest level of support, but it should pick up steam as it continues to be discussed.
The state’s sole race track is heavily supporting horse race betting to increase the sport’s popularity. People all over the world are favoring horse race betting in Colorado.
Michelle Fisher, the VP at Sports Information Services, spoke at a recent Colorado Department of Revenue meeting. Sports Information Services provides technology to betting operators. She said;
“Horse racing has become very stagnant. As sports betting has proliferated around the country, including in Colorado, horse racing is getting left behind. When you’re not on the list of sports on a sports betting site, are you still a sport?”
Colorado’s Department of Revenue is the group behind the model. They regulate horse racing and sports betting, so they will make the decision if a change occurs. There have been multiple meetings over the past month to discuss the issue at hand.
Colorado would become the second state to adopt horse race betting through their mobile sportsbooks if they changed the rules. The New Jersey legislature recently changed its rules last year, making them the industry leader.
The change would give bettors the ability to wager fixed odds for horse racing and parimutuel betting. This is used by the major racetracks like Churchill Downs and Santa Anita. Under fixed odds betting, the odds will not shift before the race starts.
If a bettor locks in a wager at 10-1, it would stay constant. However, this would give sportsbooks an advantage because they would set their own odds. Sportsbooks would not have to comply with odds from a national service under this legislation.
No Models Besides New Jersey
Fixed odds horse betting on sportsbooks is fairly nonexistent in the United States. The Department of Revenue does not have an excellent grip on the betting landscape because of this fact.
New Jersey has been having success with fixed odds wagering, but this is the one state to model. It would help to have a larger sample size.
Fixed-odds wagering is very popular overseas in countries like Australia and New Zealand. The gaming industry wants CO to test out fixed-odds wagering because it will help provide a spark to expand the form of gambling throughout the United States.
There were $75 million in horse racing bets placed in the first ten months of 2021. The fixed odds aspect of the potential legislation could help the state reach even higher numbers in this category.
There is one racetrack in Colorado, and the leaders are on board. This is one chance to resurge the horse racing industry following the effects of COVID-19. Bruce Seymore, the executive director of Bally’s Arapahoe Park, the state’s lone racetrack, is excited about the future industry. He said;
“The horse guys are on board with it, but it’s more the people with the betting apps that want it to happen. They want it so you can sit at home and play on your computer rather than come to a brick and mortar facility.”