Key Moments:
- NYRA projected that fixed-odds horse betting could add nearly $30 million in annual revenue for New York State
- Mobile betting handle in October reached $2.64 billion, marking a 13.3 percent year-on-year increase, with revenue at $238.7 million
- Kentucky’s adoption of historic horse racing machines has intensified competitive pressure on New York’s racing industry
Push for Fixed-Odds Horse Betting
The New York Racing Association (NYRA) has appealed to state lawmakers to permit fixed-odds horse betting via mobile sports wagering platforms. Advocates for the proposal believe this strategy could deliver millions in additional revenue and make the state’s horse racing industry more competitive against other gambling markets.
During a recent hearing before a state Assembly committee, NYRA officials, including vice president of government affairs Jeffrey Cannizzo, voiced support for new legislation that would allow horse racing bets alongside traditional sports like football and basketball on online sportsbook apps. The NYRA estimates that fixed-odds betting could yield close to $30 million in extra revenue each year for New York, strengthening financial support for racetracks, horsemen, breeders, and owners.
How Fixed-Odds Differ from Existing Betting Options
At present, horse wagering in New York mostly uses the pari-mutuel system, where odds shift until the race starts. In contrast, fixed-odds allow bettors to lock in prices when they place bets—a system common in markets such as the UK and Australia.
Senate Bill S8433, introduced by Democratic Senator Joseph P. Addabbo Jr. in the summer, contains the fixed-odds proposal. Its progress stalled in the legislature, leading NYRA to intensify its advocacy.
Jeffrey Cannizzo stated, “We see this as an opportunity to drive new revenue to our industry, to the state, and down to the stakeholders, which include horsemen, breeders and owners.”
According to NYRA representatives, young sports bettors using mobile apps rarely engage with horse racing because the product remains separate from mainstream sportsbook offerings. They argue that incorporating fixed-odds horse betting may help bridge that gap. Meanwhile, NYRA’s head of racing operations, Andrew Offerman, reported to the committee that prize money in New York has remained mostly unchanged from 2016 through 2024—unlike Kentucky, where the introduction of historic horse racing machines has grown prize funds. Offerman said, “That change has put incredible competitive pressure on New York,” and warned of the risk that trainers and owners might relocate.
Legislative and Market Outlook
Committee chair Assemblywoman Carrie Woerner noted that the horse racing industry is contending with mounting costs across training, labor, operations, and regulation, while facing stiff competition from alternative gambling and entertainment sectors.
The deliberations over fixed-odds betting coincide with a record performance in New York’s online sports betting market. The New York State Gaming Commission reported that mobile betting handle in October set a new record at $2.64 billion, reflecting a 13.3 percent year-over-year increase. Revenue for the month was $238.7 million, a 35.4 percent rise, with a betting hold rate of 9.03 percent.
Advocates claim that tapping into the burgeoning digital sportsbook market could help stabilize the horse racing sector, which is regarded as having cultural importance but is under financial strain. The ultimate fate of the proposal remains unclear, yet the discussion highlights concerted efforts to modernize horse racing for the digital age.
Summary of Recent Market Figures
| Month | Mobile Betting Handle | Year-on-Year Increase (%) | Monthly Revenue | Revenue Increase (%) | Betting Hold (%) |
|---|---|---|---|---|---|
| October | $2.64 billion | 13.3 | $238.7 million | 35.4 | 9.03 |
- Author
Daniel Williams
