fixed odds

The Kentucky legislature has overridden the governor's veto on a sweeping bill that opens the door to fixed odds wagering in the state and bars a cap being placed on the number of mares bred to a stallion there, among its many facets. HB 904, first introduced into the state legislature by Republican Representatives Matthew Koch and Michael Meredith, was approved by state lawmakers earlier this month. Governor Andy Beshear, however, vetoed the bill and issued a statement Monday explaining his decision by arguing the bill would authorize two executive...

The Kentucky legislature has passed a sweeping bill that opens the door to fixed-odds wagering in the state and bars a cap being placed on the number of mares bred to a stallion there. In its final passage Wednesday, the 150-page bill passed out of the state House on a 64-19 vote, with 17 no-votes. It was delivered to Governor Andy Beshear's office on Thursday with a veto-proof majority. HB 904 was introduced into the state legislature by Republican Representatives Matthew Koch and Michael Meredith. Unlike the fluctuating odds that...

A floor amendment has been added to HB 904--a sweeping piece of legislation seeking to legalize fixed-odds wagering in Kentucky--that is designed to essentially ensure no limit can be imposed on the number of mares bred to a stallion in the state. It requires that the Kentucky Horse Racing and Gaming Corporation select and use an entity to act as "a registrar of Thoroughbreds" in the state, meaning it could choose an organization other than The Jockey Club, which is the current breed registry for the U.S., Canada and Puerto...

Last week, Republican Representatives Matthew Koch and Michael Meredith introduced into the Kentucky state legislature a sweeping gambling bill with several key components, including legalized fixed-odds wagering in Kentucky along with efforts to essentially expand and modernize its gambling infrastructure. Unlike the fluctuating odds that make up pari-mutuel betting, fixed odds is a form of betting in which the payout odds are set and agreed upon at the time the wager is placed. Crucially, they do not change. Among other aspects of the bill, it requires tracks and tote companies...

A bill that would authorize fixed odds betting on Thoroughbred and greyhound racing was filed Monday in the West Virginia Senate. If enacted, 5% of each licensee's adjusted gross wagering receipts from fixed odds wagering would go to a fund to supplement purses for Thoroughbreds and greyhounds. The money bet via Thoroughbred fixed odds would go to Thoroughbred purses; the greyhound revenue would be earmarked for greyhound purses. According to the text of Senate Bill 576, "Any content authorized for fixed odds wagering on horse races from West Virginia, or...

by Walter Toner Rainy afternoon on Cape Cod and I had a few minutes to kill, so flipped the channel to TVG for a quick flutter. I selected the filly Just Like Magic, approaching the gate at 7-5 as the recipient of a $10 win wager in the 3rd race Oaklawn (3/28). She charged up the rail and won. Final odds were 3-5. WTF. Sorry for the crudeness. Racing will never engage the next generation of punters with 15-27% takeout and NO fixed odds, when they can bet on sports...

MonmouthBets, the first legal and regulated mobile application for fixed odds betting on horse racing in the United States, has launched announced BetMakers Technology Group Friday. Approved by the New Jersey Division of Gaming Enforcement, the MonmouthBets app is now available for New Jersey residents to accept wagers on mobile devices ahead of Monmouth Park's 78th season beginning Saturday, May 13. In addition to being able to place bets on Monmouth Park races, New Jersey horseplayers can now place fixed odds wagers on races from Tampa Bay Downs, Canterbury Park,...

Edited Press Release The 2023 National HBPA Annual Conference closed with a lively discussion with three prominent horsemen who questioned the need, validity and overreach of federal legislation pitched as the so-called savior of racing while the industry heads into a challenging economic and logistical future. Bret Calhoun, Ron Faucheux and Jason Barkley participated in the Trainer's Talk panel moderated by multiple Eclipse Award-winning journalist and media specialist Jennie Rees and talked about everything from the Horseracing Integrity and Safety Authority, challenges facing small to mid-sized stables, finding and keeping...

The ever-expanding business of betting in America is in a difficult-to-predict flux right now, and one entity's risk is another's potential reward. "The gaming industry, generally, and horse racing, as a part of that, is one of the most dynamic industries on the scene today," Patrick E. Brown, a New York-based attorney who specializes in gaming and public policy, told TDN in a phone interview. "There's the obvious increase in sports betting and fantasy wagering, plus new technologies and advances making it so easy to wager. It's also way more...

HOT SPRINGS, Ark.--Dave Basler sees betting on table tennis in Asia and envisions it being replaced with horse racing in America's burgeoning sports books. "We can fill that void a lot of times during the day so that they don't have to play table tennis from China or cricket from Australia--things that people have no idea about," Basler, the executive director of the Ohio HBPA, said Thursday during a morning session of the National HBPA Conference at Oaklawn Racing Casino Resort. "That's not just attractive to sports books, that's attractive...

Despite COVID shutdowns, a total of $21.52 billion was wagered legally on sports in the U.S. in 2020, about twice what was bet on horse racing, and the gap will be even greater this year and for years to come. Sports betting is growing exponentially and an argument can be made that some of its success is coming at horse racing's expense. It's surely siphoning off dollars that otherwise might be available to racing's pari-mutuel pools and it has to be drawing existing and potential customers away from racing. Yet,...

Fixed Odds wagering will be available at Monmouth Park in the coming weeks after Gov. Philip Murphy signed legislation Thursday approving the new bet, with implementation awaiting regulatory approval from the New Jersey Racing Commission and the Division of Gaming Enforcement. Monmouth Park, working in conjunction with BetMakers Technology Group, will be the first racetrack in the country to offer Fixed Odds wagering, a popular bet in Europe and Australia. "We appreciate the continued support from Gov. Murphy and the state legislature, as well as Assembly Speaker Craig Coughlin and...