Colorado’s Limited Gaming Control Commission (LGCC) has greenlit the trial of fixed-odds horse wagering in the state. Voted last month, the measure would allow gambling companies to offer fixed odds products for two years.
This would see Colorado as the second state besides New Jersey to offer fixed-odds betting on horse races. The move comes after years of intense efforts to get fixed odds approved. A number of operators in the state have already expressed their support of the measure.
Colorado initially allowed companies to request permission to offer fixed-odds betting on horse races in 2022. While that measure was set to expire in November this year, the new rule, approved on November 16, would instead expire in 24 months.
During that time, gambling operators are expected to request permission to offer fixed odds on horse races.
Bally’s Is Optimistic about Fixed-Odds Betting
For reference, fixed-odds horse racing allows customers to lock in their odds, potentially capitalizing on some very beneficial offers. Fixed odds do not change based on betting volume, unlike traditional pari-mutuel betting.
Fixed odds are a fairly new concept in the United States and provide high rollers with a sense of security. While the winnings of a pari-mutuel bet are subject to change depending on how many players make the same bet, fixed-odds betting will always provide the same winnings.
Thanks to this, players can wager with confidence, instead of waiting until the last possible minute to place their wagers.
At the moment, America’s biggest operators do not offer fixed-odds horse racing. Experts believe that emerging companies are more likely to explore the vertical than their established counterparts.
However, Bally’s recently wrote an open letter to the LGCC, praising it for greenlighting a trial period for fixed-odds wagering on horse races. The casino corporation believes that the new vertical would allow Colorado’s sportsbooks to capitalize on an expanded audience of fans and an increased betting volume.
The company seems to be convinced of the success of fixed-odds betting and optimistic about what it would bring to the table.