Horse racing officials in New York are pushing state lawmakers to make the sport more accessible to a wider audience through digital means. The New York Racing Association (NYRA) made its case at a recent Assembly hearing, suggesting that allowing online sportsbooks to offer fixed-odds bets on races could give the industry a much-needed lift. This comes at a time when the sport is struggling with increasing expenses and facing tougher competition.
Lawmakers Hear Plan to Bring Thoroughbred Betting to Mobile Apps
NYRA officials told lawmakers that putting horse racing next to popular sports on mobile betting apps could attract bettors who stick to football, basketball, or hockey. They said in their statement that letting sportsbooks offer fixed odds on races could bring in nearly $30 million in new taxes for the state. This approach would also provide extra money to breeders, owners, and others in the industry who are dealing with rising costs to run their operations.
State Sen. Joseph Addabbo Jr. has already put forward a bill to allow this type of betting, though the proposal has not made much progress since it came out in the summer. The bill says any sportsbook wanting to offer fixed-odds racing would first need to strike a deal with a racing group like NYRA. The payments would go to New York’s thoroughbred and harness sectors.
NYRA officials stressed the huge potential reach. Each week, mobile sportsbooks in New York handle over half a billion dollars in fixed-odds wagers. To put this in perspective, nationwide betting on thoroughbred races amounted to less than $900 million for the whole month of October. NYRA pointed out that despite partnerships with big players like Caesars, state laws currently prevent these sportsbook apps from accepting bets on races.
Racing Leaders Push for Online Betting to Attract New Fans and Revenue
The hearing also highlighted the financial troubles the industry is trying to handle. NYRA’s racing operations boss, Andrew Offerman, told lawmakers that New York’s prize money has changed in almost ten years. Kentucky, on the other hand, has seen a big jump in purses after making historic horse racing machines legal, putting New York at a disadvantage. Offerman said that the money from these games has changed Kentucky’s racing scene and put more pressure on New York tracks to keep up.
Lawmakers recognized what was at stake. Assemblymember Carrie Woerner highlighted a recent report showing the industry’s contribution of billions to the state economy and its support for tens of thousands of jobs. She also pointed out that racing faces increasing costs and tough competition from other gambling and entertainment options.
So far, a few states have made fixed-odds horse wagering legal, and its uptake has been gradual. Despite this, NYRA officials felt sure that reaching the huge online sports betting audience could bring new fans to the sport. A representative told the committee that to maintain its position in a changing gambling scene, racing needs to boost its visibility.