INSIGHT SPORTS BETTING
Michelle Fischer Vice President, SIS Content Services
“Fixed odds betting is slowly coming to fruition for horse
racing, as several states have begun the move to
introduce legislation. New Jersey’s efforts
are well documented, but the state’s
complex legislation means that progress has been limited.” Michelle Fischer
On the other hand, the developments in Colorado are far more encouraging. Te Colorado Department of Revenue – Division of Gaming has recently approved rules to allow horse racing to be offered by sportsbook operators. We could see fixed odds horse racing become a reality in the state as early as this summer.
Stakeholders within Colorado have been exemplary in their approach to push forward fixed odds and could very well become the benchmark for other states to follow suit. Further afield, Louisiana and New York are also known to be progressing with some sort of legislation. For horse racing, these are encouraging movements in the right direction to bring the sport closer to sportsbooks.
CONTENT TO DRIVE ENGAGEMENT
Te divergence of the pari-mutuel model may initially raise concerns for some US racetracks. Te fear that fixed odds betting could cannibalise domestic racing is understandable, but a financial model designed to direct funds back into the sport is a logical solution. While some horse players will convert to the fixed odds model or shop for the best betting value, the objective has to be to attract the sports bettor, who does not currently wager or watch horse racing.
Simply put, the pari-mutuel model has worked well, but no longer has a monopoly as other forms of sports betting and gaming are growing in popularity and capturing the attention of a vast customer base.
Even table tennis, a sport that has a limited audience, is capable of generating strong engagement for sportsbooks. For instance, in Colorado, the sport provided just over $100m in handle last year. Much of this is driven by the frequency of betting opportunities.
Horse racing is a global sport with a tremendous number of events taking place across all hours of the day worldwide. Sportsbooks demand a huge volume of content, a requirement that horse racing can undoubtedly meet.
With fixed odds, we can attract a wider range of casual bettors who
WIRE / PULSE / INSIGHT / REPORTS P41
do not necessarily need specific racing intelligence in order to engage with the product. In addition, unlike the pari-mutuel model, it is far more approachable as bettors know for sure what the payouts will be before a race starts. In fact, fixed odds betting actually complements the tote system in offering opportunities it cannot, including proposition wagers, favorite versus the field, or how many wins a trainer or jockey will have on a card.
At SIS Content Services Inc., we firmly advocate the need for fixed odds betting in the US. For more than 35 years, SIS has been at the forefront of facilitating fixed odds betting content for retail and online sportsbooks worldwide. Crucially, we have over 30,000 international horse races ready to be made available for bettors.
Te danger for horse racing in the US is that it will become forever known for a few marquee races if it does not evolve in the midst of increased sports betting legislation. Undoubtedly, fixed odds wagering has to be the future of horse racing in order to take the sport forward and attract the attention of sports bettors.
“The danger for
horse racing in the US is that it will become forever known for a few
marquee races if it does not evolve in the midst of
increased sports
betting legislation. Undoubtedly, fixed odds wagering has to be the future of
horse racing in order to take the sport
forward and attract the attention of sports bettors.” Michelle Fischer
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