- Casino
- Bitcoin Casinos
- Blacklist
- Real Money Casinos
- Reviews
- Strategy Guides
- Sweepstakes Casinos
- US Online Casinos
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Pennsylvania
- Slots
- Free Slots
- 88 Fortune Frenzy
- A Christmas Carol
- Bandits and Bounties
- El Mariachi
- Fire & Steel
- Gifts from Santa
- It Came from Venus
- Legend of Azteca
- Legend of Horus
- Love Beach
- Mafia Family
- Ogre Empire
- Once Upon a Time
- Project Space
- Riches in the Rough
- Sheriff vs Bandits
- Take the Kingdom
- The Curious Machine
- The Defenders
- The Wild Show
- Viking Voyage
- Wilds of Fortune
- Ancient Slots
- Animal Slots
- Asian Slots
- 15 Dragon Pearls
- Buddha Fortune Hold and Win
- Cai Hong
- Dragon & Phoenix
- Dragon Kings
- Empire of Riches
- Journey to the West
- Lucky Macau
- Make You Rich
- Moon Sisters Hold and Win
- Mr. Macau
- Mythical Creatures
- Oriental Flower
- Prosperous Bloom
- Storm Lords
- Super Rich God Hold and Win
- Thai Blossoms
- Twin Dragons
- Classic Slots
- Food Slots
- Gold Slots
- Horror Slots
- Jungle Slots
- Magic Slots
- Sports Slots
- Slot Developers
- Free Slots
- Poker
- Sports
- Esports
Online Horse Wagering to Provide Lifeline for Dwindling Industry
Laws in New Mexico do not allow residents to place wagers on any of the racetracks in the state, yet nothing stops them from wagering in neighboring Texas or California and depriving track owners and horse breeders of revenue, representatives of the horse racing industry told a legislative panel of lawmakers this week.
Get New Mexico Out of Dark Ages
The people who testified before the Legislature’s Economic Development and Policy Committee in New Mexico called legislators to ease rules around online betting for racetracks and help the industry that is under intense competition for attention from gamblers in the state and anywhere else get a breath of fresh air, reported Associated Press.
“There are no more golden goose eggs for horse racing,” said Izzy Trejo, executive director of the New Mexico Racing Commission, outlining that the industry is “picking up crumbs to try to make the cookie complete with the sports wagering, online wagering, advance deposit wagering” as simple times when tracks were banking on fans placing bets in person and later on via simulcast races are long gone.
Citing statistics in New York where over 90% of sports wagering was done via a mobile device, as well as Pennsylvania where the percentage of people wagering through the mobile channel is even higher, Trejo was adamant that legislators should do what is needed to get New Mexico “out of the dark ages.”
Dwindling Spend on Feed, Fuel, Wages
According to official data, the lost revenue impacted the industry and led to an overall decrease in spending on feed, fuel and labor by nearly 25%, and this decline was been more pronounced in New Mexico where the number of races and horses being bred are dropping.
David Dixon, an economics professor at the University of New Mexico presented lawmakers with figures that supported the decline over a 10-year period of the industry that had an economic impact of $677 million back in 2016.
He also argued that the real economic impact comes from the money spent by horse owners and racetracks on feed, fuel, veterinarian services, supplies and wages, yet statistics show that fewer horses were being bred and fewer races were being held not only in New Mexico but also nationwide.
President of the New Mexico Horse Breeders Association Tom Goncharoff focused on rising horse auction prices that have been setting records for the past two years, outlining that the demand for a good horse is encouraging news for horse breeders. He also mentioned the state is lagging behind its neighbors in terms of sports betting laws.
Chair of the committee, Rep. Antonio Maestas, stated that lawmakers will initiate talks with tribal leaders to discuss areas of the compacts that need to be updated.
Related Topics:
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
Previous Article
Legal
September 16, 2022
Must Read
Legal
April 16, 2024