Horse racing officials in New York are advocating for reforms that could bring the sport into the digital age. During a recent Assembly hearing, The New York Racing Association (NYRA) proposed allowing online sportsbooks to offer fixed-odds bets on horse races. This move, they argue, could breathe new life into an industry grappling with rising expenses and increasingly fierce competition.
NYRA highlighted that featuring horse racing alongside popular sports like football, basketball, and hockey on betting apps could attract a new demographic of bettors, potentially generating an additional $30 million in taxes for the state. This influx could provide much-needed financial support to breeders, owners, and others who are finding it increasingly challenging to manage operational costs.
Senator Joseph Addabbo Jr. has already introduced a bill aiming to permit this type of digital wagering, although progress has been slow since its introduction in the summer.
NYRA highlighted that featuring horse racing alongside popular sports like football, basketball, and hockey on betting apps could attract a new demographic of bettors, potentially generating an additional $30 million in taxes for the state. This influx could provide much-needed financial support to breeders, owners, and others who are finding it increasingly challenging to manage operational costs.
Senator Joseph Addabbo Jr. has already introduced a bill aiming to permit this type of digital wagering, although progress has been slow since its introduction in the summer. The proposal specifies that sportsbooks interested in fixed-odds racing bets would need to reach agreements with racing organizations similar to NYRA, ensuring that the financial benefits would be funneled back into local thoroughbred and harness racing sectors. This strategy aims to capture some of the substantial wagering traffic that New York’s mobile sportsbooks experience weekly, which exceeds half a billion dollars in fixed-odds wagers. For context, nationwide wagering on thoroughbred races in October amounted to less than $900 million, underscoring the potential untapped market. Despite partnerships with major operators like Caesars, current state laws inhibit these sportsbook apps from accepting horse racing bets.
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