New York Senator Joseph Addabbo, who holds the position of chairman for the Racing, Gaming, and Wagering Committee has introduced a bill that would allow online gambling operators to offer fixed odds wagering on horse racing.
It is the second time in the past two year that similar legislation has been proposed. The previous bill also introduced by Sen. Addabbo failed to pass through either chamber.
The latest bill, S2343, includes a provision to allow the installation of self-service betting kiosks at various licensed locations throughout the state.
In the past, The New York Racing Association (NYRA), which operates the three major racetracks in New York, has backed the legalization of fixed-odds betting on horse racing. Presently, the only approved form of horse racing betting in New York is parimutuel wagering, which sets the odds based on the distribution of bets in a pool. Fixed-odds wagering, on the other hand, enables a bettor to secure a price on a result.
NYRA spokesman, Patrick McKenna, said:
New York Senator Introduces Bill to Allow Fixed Odds Wagering on Horse Racing New York Senator Introduces Bill to Allow Fixed Odds Wagering on Horse RacingThe bill proposed in New York would authorize the New York Racing Association (NYRA) to provide fixed odds on its races, at least to New York residents, through its NYRABets mobile-betting platform. Additionally, other sports betting operations would be permitted to offer these wagers through agreements reached with NYRA.
McKenna added:
New York Senator Introduces Bill to Allow Fixed Odds Wagering on Horse Racing, the state has approved nine operators including both BetMGM and Caesasr Entertainment. As it stands, NYRA currently has partnership agreements with both mobile sports betting license holders.“Allowing mobile sports wagering platforms to offer premium horse racing content would generate untapped gaming revenue for New York State, attract new fans to horse racing, and deepen the sport’s overall economic impact.”
