New York Racing Association supports proposal for fixed-odds betting on horse racing

Representatives of NYRA have appeared before a state Assembly committee hearing.

US.- Representatives of the New York Racing Association (NYRA) have appeared before a state Assembly committee hearing to express support for a proposal to allow fixed-odds betting on horse racing via New York’s online sports betting sites. According to reports, the NYRA said the move could generate nearly $30m in new revenue for the state.

Democratic Sen. Joseph P. Addabbo Jr’s senate bill S8433 proposes the addition of fixed-odds wagering on horse racing via mobile sportsbooks, but it has stalled since its introduction in the summer. The NYRA argues that placing horse racing alongside other sports on mobile betting platforms could attract bettors primarily interested in football, basketball or hockey.

Jeffrey Cannizzo, vice president of government affairs for NYRA, said: “We see this as an opportunity to drive new revenue to our industry, to the state, and down to the shareholders and stakeholders, which are horsemen, breeders, and owners.”

NYRA’s racing operations head, Andrew Offerman, said the sector’s prize money structure had remained “relatively flat” from 2016-2024. He compared it to Kentucky, which has seen prizes grow after the legalisation of historic horse racing machines.

He stated: “HHR implementation has dramatically changed (Kentucky’s) purse structure and put incredible competitive pressure on New York’s horsemen (and) our racetracks to continue to generate quality racing that competes with Kentucky.”

Assemblywoman Carrie Woerner, chair of the chamber’s Standing Committee on Racing and Wagering, said horse racing in New York faced significant challenges, including cost pressures in terms of training, labor, operations and regulatory compliance, and competition from other forms of gaming and entertainment.

New York online sports betting handle sets new record in October

The New York mobile sports betting handle hit a record $2.64bn in October. That’s a rise of 13.3 per cent year-over-year and 15.3 per cent from September. It’s also 6 per cent more than the previous record of 2.48m set in January.

According to the New York State Gaming Commission, revenue was $238.7m, up 35.4 per cent year-on-year. The hold was 9.03 per cent.