Horse Racing Looks on Ways to Compete with Sports Betting

In the past, horse racing had a monopoly in betting. However, things have changed in recent years, and it is losing its place in the gambling industry. The sport has a tradition of fluctuating odds. In fact, odds can change until horses go out of the starting gate.

However, the legalization of sports betting in the US can bring change to horse racing. Fixed odds in horse racing can help it become competitive in the changing sports betting landscape. Proponents of horse racing became lazy and failed to innovate over time. As a result, it failed to adapt to the current gambling scene.

It is not the first time horse racing felt the pressure of losing its wagering monopoly. The first time was when lotteries became legal in the US. Then horse racing’s monopoly was challenged after the rise of casino gambling. In fact, some states had to subsidize horse racing to survive.

Horse Racing in Time of Legal Sports Betting

With the legalization of sports betting, horse racing revenue is on a decline. Although New Jersey is still supporting horse racing, it is not enough to improve revenues from horse race betting.

In sports betting, a wager placed is locked in at the odds at the time. This doesn’t exist in horse racing, where lines move based on the bets received. In fact, an underdog can become a favorite over time. It removes the benefit of betting on an upset to happen.

Avid horse racing fans and bettors understand the risks they take when they bet on a race. However, that risk doesn’t exist in fixed-odds wagering that’s part of traditional sports betting. By using fixed-odds, horse racing will become competitive, according to sportsbook pay per head reviews.

Also, horse racing should make its product available at sportsbooks. Shareholders should consider that sports betting is here to stay and changes are necessary to survive in the changing weather. Also, now is the best time to learn how to be a bookie.