The New York Racing Association (NYRA) is pushing for a significant change in the state’s sports betting landscape. The organization wants to allow fixed-odds horse-race betting on mobile sportsbooks, which could generate nearly $30 million in tax revenue and provide a much-needed boost to the horse racing industry. This move would enable horse racing to reach a wider audience, including the massive population of sports bettors in New York, who currently wager over half a billion dollars every week on mobile sportsbooks.<\/p>\n
NYRA representatives recently testified before a state Assembly committee, voicing their support for fixed-odds betting on horse racing via online sports betting sites. They argued that this change could drive new revenue to the industry, the state, and stakeholders, including horsemen, breeders, and owners. The proposed legislation, introduced by Democratic Sen. Joseph P. Addabbo Jr., would allow mobile sports wagering operators to accept fixed-odds wagers on horse races if they enter into an agreement with an entity like NYRA.<\/p>\n
The potential benefits of fixed-odds wagering on horse racing are substantial. It could provide access to New York’s huge online sports betting audience, which is currently not available to the horse racing industry. With over $565 million wagered on mobile sportsbooks in a single week, the potential for growth is significant. In contrast, approximately $868 million was wagered on thoroughbred horse racing in the entire United States in October, according to Equibase. By allowing fixed-odds wagering, NYRA hopes to offset some of the expenses that are currently challenging the horse racing industry in New York.<\/p>\n
Andrew Offerman, senior vice president of racing operations for NYRA, highlighted the competitive pressure from Kentucky, which has authorized historic horse racing and seen significant growth in prize money. This has put pressure on New York’s horsemen and racetracks to generate quality racing that can compete with Kentucky. The implementation of fixed-odds wagering could help level the playing field and provide a much-needed boost to the industry.<\/p>\n
Despite the potential benefits, there are challenges to implementing fixed-odds wagering on horse racing. The legislation has stalled in the New York State Senate, and only four states have legalized fixed-odds wagering on horse racing, including New Jersey. The vast majority of betting on horse racing in the United States is done using the pari-mutuel model, and it’s unclear how stick-and-ball sports bettors will respond to fixed-odds wagering.<\/p>\n
However, NYRA is enthusiastic about the opportunity to provide horse racing content to a wider audience. Partnerships like the one with Caesars, which allows users to toggle between the operator’s online sportsbook and racebook, are part of this effort. As Jeffrey Cannizzo, vice president of government affairs for NYRA, said, “The more people we get horse racing in front of, the better it is for all of us.”<\/p>\n
In conclusion, the New York Racing Association is pushing for a significant change in the state’s sports betting landscape by allowing fixed-odds horse-race betting on mobile sportsbooks. While there are challenges to implementation, the potential benefits are substantial, and the industry is enthusiastic about the opportunity to reach a wider audience. For more information on this topic, visit Here<\/a><\/p>\n If you’re interested in learning more about horse racing and sports betting, start by researching the different types of wagers and betting models, including pari-mutuel and fixed-odds wagering, to better understand the industry and make informed decisions.<\/p>\n","protected":false},"excerpt":{"rendered":" Introduction to Horse Racing and Sports Betting in New York The New York Racing Association (NYRA) is pushing for a significant change in the state’s sports betting landscape. The organization wants to allow fixed-odds horse-race betting on mobile sportsbooks, which could generate nearly $30 million in tax revenue and provide a much-needed boost to the […]<\/p>\n","protected":false},"author":1,"featured_media":713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img.covers.com\/cms\/covers\/6c0e1e02-5f9d-4630-8f0c-fe3d5609f1ec.jpg","fifu_image_alt":"","footnotes":""},"categories":[14],"tags":[],"class_list":{"0":"post-712","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports"},"_links":{"self":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/comments?post=712"}],"version-history":[{"count":1,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/712\/revisions"}],"predecessor-version":[{"id":714,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/712\/revisions\/714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/media\/713"}],"wp:attachment":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/media?parent=712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/categories?post=712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/tags?post=712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Smart Tip for Readers<\/h2>\n