Last week, the Colorado sports betting market became the first to offer fixed odds horse betting from a licensed sportsbook in the state.
Bet365 is the first and only Colorado sports betting app to showcase fixed odds markets alongside its other sports betting offerings.
Michele Fischer, vice president of SIS Content Services, which will provide the racing coverage to bet365, said, “The launch of fixed-odds horse racing betting on Colorado sportsbooks puts horse racing on equal footing with other sports and hopefully attracts a new fan base.”
Mostly international tracks for CO sports betting
Bet365 will feature a primarily international lineup of fixed odds horse betting in its Colorado sports betting app. Delta Downs and Evangeline Downs, both in Louisiana, are the only two domestic tracks available.
“We will be adding more tracks as we move forward (including in the US),” Fischer told LSR. “This is a great first step to expanding the reach of horse racing on sportsbooks.”
The arrangement includes Arapahoe Park in Aurora, CO, and the state horsemen’s association. Industry stakeholders will receive a portion of revenue for race purses and other developments.
Horse betting parlays for Colorado sports betting
Bet365 customers in Colorado can use horse racing in their sports betting parlays.
In December 2023, online parlay betting accounted for nearly 30% of all online Colorado sports betting handle. The Colorado Department of Revenue told LSR it plans to include fixed odds horse betting figures in its monthly reporting.
“We have seen the popularity of fixed odds betting in horse racing in other markets, and as sports betting becomes more ingrained across the US, it will certainly provide a boost to engagement,” a bet365 spokesperson said.
Fixed odds slow to gain US momentum
With fixed odds, bettors lock in a price on a horse when the bet is placed, much like US sports betting. In racing’s traditional parimutuel betting system, odds fluctuate as money enters the pool until the race begins.
While popular in the UK and Australia, fixed-odds horse betting has not gained much traction in the US.
New Jersey is the only other state to offer fixed-odds horse betting. However, it is through a standalone app and not available through NJ sportsbooks.
Hurdles ahead for fixed-odds expansion
SIS will likely need to clear regulatory hurdles to add more US racetracks to its fixed odds lineup.
For example, the New York Racing Association cannot offer fixed odds on its races anywhere since fixed odds horse betting is not legal in New York. That means no fixed odds for Belmont Stakes betting.
Similarly, fixed odds will not be available for Kentucky Derby betting or the Preakness Stakes.
