Fixed-Odds Horse Race Betting Bill Filed in New York

Most of the online gambling news coming out of New York seems centered on the filing of new online casino bills. While Governor Kathy Hochul has indicated she is not in favor of such legislation at this time, State Sen. Joseph Addabbo and others are still going to pursue said legislation until it no longer makes sense to keep beating this dead horse in 2024.

Speaking of horses, Sen. Addabbo, chairman of the New York Senate’s Racing, Gaming, and Wagering Committee, has filed other gambling legislation of interest. With support from Representative Gary Pretlow of Westchester County, the two men have filed similar bills in support of horse race fixed-odds wagering. Both individuals filed similar legislation in 2022 and 2023, only to see their respective bills never make it to committee. They are ready to give it another go.

What's Being Proposed

Sen. Addabbo and Rep. Pretlow are hoping to get Gov. Hochul onboard with the concept of allowing horse race betting platforms to accept fixed-odds bets on races being held at New York racetracks like Aqueduct, Belmont Park, and Saratoga.

Note: Most horse racing betting is done based on a pari-mutual wagering model. Such a model allows bettors to wager on horses or groups of horses with the money going into a pari-mutual pool. The final odds or possible payouts are not known until the pari-mutual pool is closed and the state removes its "take-out." The remaining funds in each pool are then paid to winning bettors.

When horseplayers make wagers at fixed odds, they know immediately what their potential returns will be. The fixed odds are determined by bookmakers who will adjust the odds up or down and money comes in on particular horses.

It's noteworthy that fixed-odds horse race betting has been used for more than a century in many parts of Europe. Major racetracks are lined with licensed bookmakers who are posting competitive fixed odds in the hope of claiming as much wagering support as possible. It's a popular betting model because horseplayers are left with the sense they are getting fair odds that aren't being unduly influenced by large bettors.

It's noteworthy that the New York Racing Association (NYRA) has come out in support of these fixed-odds betting measures. They did so with the belief that the addition of a new wagering platform could breathe life into a major horse racing industry that has been struggling for well over a decade.

The Hill to Climb

Sen. Addabbo is hopeful that Gov. Hochul will realize the state is headed for a serious fiscal crisis. The state needs tax revenue and the Senator believes the legalization of online casino gambling and fixed-odds horse race betting could bring in a significant amount of it. His fear is the fixed-odds legislation will get dumped with online casino gambling, hurting the chances of both.

In a Bloodhorse interview, Sen Addabbo stated:
“You can’t cut yourself out of a deficit … The idea is you look for revenue. I don’t know what governor would allow New Yorkers to do something in an unsafe manner and lose $1 billion in betting revenues.”