US sports betting is hotter than ever before. Many US states are legalizing betting on online sports, to the celebration of many. Despite a long and interesting tradition, there’s still something missing.
American horse racing betting dates as far back as 1665. That’s when the first organized racing track the Newmark Course started its business. Moreover, the location of the horse racing track was in Salisbury, New York.
Since then, horse racing betting has gone through many highs and lows, much like sports betting. At one stage, there were more than 300 racing tracks in the 19th century.
Horse Racing On The Rise in the USA
In the Uk and the rest of the world horse racing was the sport of aristocrats. In the United States, anti-gambling sentiments in the early 20th century led to its downfall.
Since 1908, parimutuel betting has been on the scene, turning the trend around. This continued even after the world wars, despite some tough times.
As we speak, there are more than 110 racing tracks in the States. The sports betting handle in horse racing was almost $11 billion in 2018, which is no small sum. Controversially, the trend isn’t good after the repeal of the PASPA that led to more sports betting offers.
That’s because parimutuel betting is still the king in horse racing betting. It’s good for conservative fans, but it puts newcomers and casual sports bettors off. The next step? US horse racing betting must offer fixed odds betting instead.
New Jersey Paves the Way for Horseracing
New Jersey will lead horse race betting since the US state is in the best position to do so. It is the third biggest sports betting market, just after the United Kingdom and Germany.
What makes fixed odds betting different is that sports bettors know the odds. It’s like classic sports betting on US sports like the NFL. So, sports bettors are familiar with it from the word “go”.
In parimutuel betting, the odds are constantly changing. Furthermore, it will continue to do so even into the actual race. It favors bigger sports bettors more than casual bettors.
Of course, some fans of horse racing betting will need to make the switch. The focus is on sportsbooks to give them all the info they need. As such, this will enable them to switch from parimutuel betting to fixed odds betting.
Why Fixed Odds Betting is The Best
Fixed odds betting is the king in horse racing betting across the world. In Australia, for example, fixed odds betting has improved interest and revenue.
The comparisons and differences are astonishing. Australia has only a tenth of the US population, yet it has better betting numbers.
Also, younger horse racing bettors prefer fixed odds betting. That means sports bettors between 21 and 45 years of age. Providing them with a lot of new sports betting markets will help the sport of horse racing industry as well.
The problem is that US horse racing has a big problem and its window of opportunity is closing fast. Other sports are taking over in sports betting and the horse racing handle is dropping by 5% each year.
Unless something happens fast, the downfall might soon grow out of proportion.
Some think that fixed odds betting will destroy parimutuel betting. Quite the contrary, horse racing only grew in countries like Australia and the UK thanks to fixed odds betting.
Race tracks like the Monmouth Park Race Track are on board with the idea and signed deals already. The question is simple.
Will the rest of the community follow and will fixed odds betting take over horse racing betting in the US? Betmakers CEO, Todd Buckingham, believes horse racing will reach new heights.