New York Senator Joseph Addabbo, who holds the position of chairman for the Racing, Gaming, and Wagering Committee has introduced a bill that would allow online gambling operators to offer fixed odds wagering on horse racing.
It is the second time in the past two year that similar legislation has been proposed. The previous bill also introduced by Sen. Addabbo failed to pass through either chamber.
The latest bill, S2343, includes a provision to allow the installation of self-service betting kiosks at various licensed locations throughout the state.
In the past, The New York Racing Association (NYRA), which operates the three major racetracks in New York, has backed the legalization of fixed-odds betting on horse racing. Presently, the only approved form of horse racing betting in New York is parimutuel wagering, which sets the odds based on the distribution of bets in a pool. Fixed-odds wagering, on the other hand, enables a bettor to secure a price on a result.
NYRA spokesman, Patrick McKenna, said:
“the legalization of fixed-odds betting 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.”
Fixed-odds betting on horse racing is legal in New Jersey, however, it hasn’t produced significant revenue for the racing industry there. One of the reasons for this is the limited options available and the restriction to state residents. Officials from the New York Racing Association have held discussions with BetMakers, the fixed-odds partner of Monmouth, over the past several months to allow fixed-odds betting on NYRA’s races within the state.
The bill proposed in New York would authorize the New York Racing Association (NYRA) to provide fixed odds on its races, at least to New York residents, through its NYRABets mobile-betting platform. Additionally, other sports betting operations would be permitted to offer these wagers through agreements reached with NYRA.
McKenna added:
“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.”
Since New York legalized mobile sports betting, the state has approved nine operators including both BetMGM and Caesasr Entertainment. As it stands, NYRA currently has partnership agreements with both mobile sports betting license holders.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.