Fixed-Odds Horse Racing Is Coming to This State

Las Vegas sportsbook contestAll signs indicate that New Jersey will become the first state to offer fixed-odds betting in horse racing. More importantly, next month N.J. Gov. Phil Murphy will be placing the first such bet July 17 at the Grade 1 Haskell at Monmouth Park.

This is the same location where Murphy made the first legal wager in NJ sports betting history.

On Monday, the Senate voted 40-0 in favor of the “Fixed Odds Bill” after amendments were made to accommodate the horsemen groups and stakeholders. The bill was then declared passed after a unanimous 71-0 vote in favor by the General Assembly.

The bill went to Murphy’s desk earlier this week, according to Bill Pascrell III, a partner at Princeton Public Affairs Group. He has been a leading advocate for the legislation for the past two years.

“Governor Murphy reviewed the legislation leading up to [Monday’s] vote, there aren’t any issues, it’s now just a matter of dotting the i’s and crossing the t’s,” Pascrell said.

Pascrell said Murphy’s general counsel has already instructed the regulators to draft rules, and that the governor looks forward to being the first one to place a fixed-odds horse racing bet in the country…

In responding to national interest about bringing fixed-odds betting to other states, Pascrell has been traveling the country the past two weeks meeting with officials.

“We’ve had a good long call with Colorado … and there are multiple other states that are moving in this direction – I just don’t want to name them so that I don’t upset the apple cart – but I anticipate fixed-odds horse race betting will be in other states by the end of 2021,” said Pascrell…

More on Fixed-Odds Horse Racing

Fixed Odds. Free Data. Horse Racing Industry weighs changes to compete with sports gambling

The sport has a long tradition of pari-mutuel wagering where the odds fluctuate and nothing is set until the horses leave the starting gate. But with the legalization of sports gambling in the United States and its gradually expanding implementation around the country, adding fixed-odds wagering could be a way for the horse racing to adapt and compete in the changing landscape.

“When we had a monopoly, we certainly benefited from that, but it made us very lazy and it’s time to get moving,” said Craig Bernick of the Thoroughbred Idea Foundation that recently raised the possibility of adding fixed-odds betting in horse racing. “If we don’t adjust, I personally think sports betting has a very good chance to destroy most of the horse racing gambling because the price, the familiarity that everyday people have with those sports that they grew up with, the free access to data and the type of bets allowed all favor sports betting over horse racing. We really need to innovate.”

Rich Nilsen’s article about FREE horse racing data

This isn’t the first time horse racing has needed to fend off challenges to its longstanding betting monopoly. There was the addition of lotteries across the United States, then came the proliferation of casino gambling that in some states partially funded horse racing and gave a boost to a fading business model.

The impact of legalized sports betting seems to be heading in the opposite direction.

Even though places like New Jersey’s Monmouth Park have championed the cause and embraced it, it’s not expected to be a financial windfall for horse racing.