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.

The post Colorado Greenlights 24-Month Fixed-Odds Betting Trial appeared first on Keno Wizard.

The Louisiana Illuminator reported that Louisiana’s casinos may soon be allowed to offer fixed-odds bets on horse racing, according to a proposal that advanced on April 17. 

Louisiana Horse Racing Association Shows Support for Fixed-Odds Betting Proposal

Fixed-odds betting would bring horse racing wagers in line with most other bets at sportsbooks, such as basketball or football games. Under fixed-odds betting, a bet placed with 5-to-1 odds would pay off at that rate no matter what subsequent bets are made on a race. Pari-mutuel bettors compete against each other, which can impact odds as more money is a bet on a horse.

The proposal has received support from the Louisiana Horsemen’s Benevolent and Protective Association, with executive director Ed Fenasci stating in an interview that it would attract a growing segment of gamblers to horse racing. 

The legislation also seeks to lower the share of fixed-odds profits that casinos forward to the state’s licensed racing association from 25% to 15% to encourage sportsbooks to participate.

The House Commerce Committee did not receive any opposition to the bill, and it was advanced without issue. If passed, it would mark a significant change for Louisiana’s horse racing industry and could potentially increase revenue for casinos and the racing association.

Louisiana Sportsbooks Profit $37M in December 2022

The Louisiana sports betting industry broke its record revenue in December 2022, bringing in $37 million, with the majority of the revenue generated by mobile sports betting, accounting for $30.5 million, while retail sports betting generated $6.4 million. 

This was the fourth time Louisiana sportsbooks had surpassed $30 million in a month, making it the highest-grossing month for the sports betting industry in Louisiana. Despite a decline in total handle, operators still managed to bring in a profit of $37 million due to a hold of 14% in mobile wagers and 18% in retail tickets, which marked a total win rate of 14.5%. 

Football was a significant contributor to the revenue generated by both mobile and retail sportsbooks in Louisiana, with mobile operators profiting $7.2 million, and retail operators profiting $2.9 million as a result of football-related bets. Even though the state’s revenue was lower in December than in both November and October, it still brought in over $4.3 million in taxes. The revenue loss reported in November was due to a massive payout of $75 million to Texas furniture mogul Jim “Mattress Mack” McIngvale after placing multiple high-stake bets on the Houston Astros winning the World Series. McIngvale’s major winnings resulted in a revenue decline of 206% in November.

The post Louisiana Considers Allowing Fixed-Odds Bets on Horse Racing appeared first on Keno Wizard.