Parimutuel wagering has historically been the only option at U.S. horse tracks but a new push to bring fixed odds to the sport has finally arrived in Colorado. Those in the know believe this will be a boon for horse tracks in the Centennial State and could provide additional impetus for it to grow to other venues.
A New Approach
The European sports betting company, bet365, has a presence in Colorado and will be offering fixed odds racing through a partnership agreement with SIS Content Services. Although fixed odds made its debut in America at New Jersey horse tracks, this will be the first time a licensed mobile sportsbook operating in the USA will offer the unique feature on its betting menu.
The traditional pari-mutuel wagering system that has been installed at U.S. horse tracks since time immemorial are dynamic odds that fluctuate, as all odds do, including those on sporting events. But what makes parimutuel wagering different than fixed odds is that the bettor cannot lock in their odds at the time of his or her bet.
Parimutuel wagering has odds that will continue to fluctuate and it won’t be until a moment or two after the race goes off that the customer will be able to see the final odds on all the horses running in the race, including their own.
However, betting on horses at fixed odds instead of parimutuel means that the odds are locked at the moment the bettor places their wager. It works identically to betting on sports where the line or odds one receives at the time of the bet are fixed despite any changes in the point spread or the odds that come afterward.
Business Booster
It is theorized that fixed odds will be more familiar to those who bet on sports and will allow them to understand horse racing odds better. Parimutuel wagering is generally understood by an older demographic that grew up with horse racing but whose popularity has waned since its heyday decades ago.
Thus, it is not surprising that Vice President of SIS Content Services Michele Fischer believes fixed odds horse racing will attract a younger audience that is currently unacquainted with horse racing.
“The launch of fixed-odds horse racing betting on Colorado sportsbooks puts horse racing on equal footing with other sports and hopefully attracts a new fan base and revenue for our racetrack partners.
“This is a great first step in expanding the horse racing audience, and I commend the Colorado horse racing stakeholders, the Colorado Division of Gaming, and bet365 for their vision and support. Horse racing provides sportsbooks with exciting year-round 24/7 content throughout the world.
“It will take time in the US, but I expect that more sports wagering operators and states will include horse racing on their sports catalogs.”
Across-the-Board Gains
Shannon Ruston, Executive Director of Operations & Racing at Bally’s Arapahoe Park, was also enthusiastic and stated, “We are thrilled to be able to put horse racing on Colorado sportsbooks for fixed-odds wagering. Working with SIS, we crafted a commercial framework that benefits local racing, while giving sportsbooks access to thousands of races. Our belief is that this development will secure a better future not only for Arapahoe Park but also for the racing ecosystem as a whole in Colorado.”
Kim Oliver, president of the Colorado Horsemen’s Association, shared Ruston’s enthusiasm by stating, “We are committed to ensuring that horse racing in Colorado is economically viable for the participating owners and trainers, who are the backbone of the sport. Fixed-odds betting will produce a new revenue stream and exposure for horse racing. This launch represents a pivotal moment for our group.”
