Betting on horse races just got a whole lot better in Colorado.
Last week, fixed-odds horse race wagering earned approval in the state. Bet365 and SIS Content Services partnered to lead the charge, bringing a new type of horse race bet to Colorado.
Here’s what the debut of fixed-odds wagering means and how you can enjoy it in Colorado.
Arapahoe Park helped create framework for fixed-odds wagering
There is just one active horse racetrack in Colorado, Arapahoe Park in Aurora. Colorado horse race betting can also take place at 11 off-track betting facilities or online.
Bet365 has already been offering horse race betting in Colorado for some time. With the new approval of fixed-odds wagering, Colorado bettors can now place wagers on races within the app. Pari-mutuel wagering is available through apps like TVG.
Shannon Ruston, executive director of operations & racing at Bally’s Arapahoe Park, said Park employees worked with SIS on the framework to add fixed-odds betting.
“We are thrilled to be able to put horse racing on Colorado sportsbooks for fixed-odds wagering. Working with SIS, we crafted a commercial framework that benefits local racing, while giving sportsbooks access to thousands of races. Our belief is that this development will secure a better future not only for Arapahoe Park, but also for the racing ecosystem as a whole in Colorado.”
Fixed-odds betting vs. pari-mutuel wagering
Fixed-odds betting will be familiar to Colorado sports betting enthusiasts. It simply means that the odds you see at the time of the bet represent your payout if the bet wins.
Historically, horse race betting has operated under the pari-mutuel structure. In pari-mutuel betting, the odds are determined by all the bets placed prior to a race. The final odds determine the payout. In other words, you might place a bet on a horse with certain odds, and those odds could (and likely would) change up until race time.
Fixed-odds horse race betting brings a more modern touch to the iconic sport and allows bettors to enjoy horse race betting with unchanging odds at sportsbooks.
What this means for Colorado horse race betting
Some believe fixed-odds betting could bring horse race betting back to the forefront.
For a long time in US history, horse racing was one of the only legal forms of gambling. However, in recent years, the sport’s popularity – and thus, its wagering revenue – has dwindled as casinos, sportsbooks and iGaming have come online.
However, with the advent of sports betting in various legal markets, more bettors than ever now understand how odds and payouts work. Fixed-odds horse race betting speaks to bettors in a language with which they’re already familiar.
It could provide a boost to horse racing and a return to form for the industry.
Michele Fischer, vice president of SIS Content Services, said it could be a game-changer.
“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 and revenue for our racetrack partners. This is a great first step in expanding the horse racing audience, and I commend the Colorado horse racing stakeholders, Colorado Division of Gaming and bet365 for their vision and support. Horse racing provides sportsbooks with exciting year-round, 24/7 content throughout the world. It will take time in the US, but I expect that more sports wagering operators and states will include horse racing on their sports catalogs.”
