As sports betting, a form of fixed-odds gambling, continues to spread across the country, few seem to remember that racetrack. Monmouth Park paved the way for this feeling through its legal battle that went all the way to the Supreme Court.
Monmouth’s efforts will see a sportsbook added to the track property, a mobile platform, and fixed-odds betting on races for New Jersey residents. According to a survey conducted by BetMakers Technology Group, which admits to having a dog in the fight, horsemen expect such an option to come in their home state.
According to the survey, about four out of five horse players want fixed odds bets as an option.
Jake Henson, CEO of BetMakers Technology Group said: “BetMakers understands the driving forces behind the horse betting ecosystem to thrive, including providing horse players with more options to bet on. bet. “The 83% of equine players surveyed want fixed odds added to pari-mutuel bets in a race a resounding number that speaks to the opportunity racing has in the United States to tailor a product to match. suitable for a new generation of horsemen.”
I agree with Henson, but at this point it’s like another case of horse racing dragging its feet. It’s commendable that FanDuel and DraftKings offer a shared wallet option on their sports betting apps. Players can deposit to one account and bet on all sports and can click to place bets on the same platform.
It’s a nice option but it shows that there is little interest in these sites to offer fixed odds betting on horse racing, which will give better results to the bettors. sports, because that’s the way they’re used to betting. In addition, this will be an opportunity to participate in races in many sports.
To me, it is not true that more than five years after Monmouth’s victory in the Supreme Court, racing has seen very little expansion of fixed odds betting while sports like football, baseball and basketball have benefited from increased legal betting interest in their sports.
BetMakers is the only provider of legal, regulated fixed odds on horse racing in the United States through its MonmouthBets platform. Fixed odds have also been legalized in Colorado but do not yet exist there, while several other states are working on legislation to do the same.
I don’t like the shared wallet approach that puts horse racing into a niche sport. The survey backs this up, as other notable findings include insights into the potential cross-effects of fixed odds in American sportsbooks. Two-thirds (67%) of sports bettors surveyed said they would be more likely to bet on horse racing if it was available in their sports betting app. A similar number (66%) confirm that they would be more likely to bet on horse racing if they had access to fixed-odds valuation.
Other key findings from the survey include:
• 64% of U.S. equestrians surveyed have bet on horse racing through a method outside of the pari-mutuel system, including foreign sportsbooks or racebooks.
• The top bet for US horsemen is win, place, show (32%).
• More than half of the U.S. horsemen surveyed have bet more than $200 on a typical race day, with 32% betting between $200 and $499 on a typical race day and 20% betting from 500 to 999 dollars.
