New York pushes fixed-odds horse betting to revive the industry
New York’s horse racing industry has urged lawmakers to allow fixed-odds betting on races through the state’s mobile sports betting platforms, arguing the move could unlock millions in new revenue and help the sector compete with rival gambling markets.
Representatives from the New York Racing Association (NYRA) made their case this week during a hearing before a state Assembly committee, backing proposed legislation that would place horse racing alongside mainstream sports such as football and basketball on online betting apps.
NYRA said the introduction of fixed-odds wagering could generate close to $30 million in additional annual revenue for the state, while also providing a much-needed financial boost to racetracks, horsemen, breeders and owners.
Why fixed-odd betting?
Currently, most horse betting in New York relies on the traditional pari-mutuel system, where odds fluctuate until a race begins. Fixed-odds betting, by contrast, allows punters to lock in a price at the time of placing a wager, a format already familiar to sports bettors and widely used in markets such as the UK and Australia.
The proposal is contained in Senate Bill S8433, introduced by Democratic Senator Joseph P. Addabbo Jr. during the summer. However, the bill has stalled in the legislative process, prompting NYRA to renew its efforts to gain political support.
Speaking to lawmakers, NYRA vice president of government affairs Jeffrey Cannizzo said integrating horse racing into mobile sportsbooks could expand the industry’s reach. “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,” he said.
NYRA officials argue that many online bettors, particularly younger users, already engage heavily with mobile sports betting but rarely encounter horse racing because it sits outside mainstream sportsbook platforms. Allowing fixed-odds horse betting, they say, could change that dynamic. Industry leaders also warned that racing’s financial structure has struggled to keep pace with competing jurisdictions. NYRA’s head of racing operations, Andrew Offerman, told the committee that prize money in New York had remained largely flat between 2016 and 2024.
He compared the state’s position with Kentucky, where the introduction of historic horse racing machines, a form of electronic wagering linked to past races, has significantly increased prize funds. “That change has put incredible competitive pressure on New York,” Offerman said, warning that trainers and owners could increasingly relocate elsewhere.
Lawmakers acknowledged the challenges facing the sector. Assemblywoman Carrie Woerner, who chairs the Standing Committee on Racing and Wagering, said horse racing faced rising costs linked to training, labour, operations and regulatory compliance, while also competing with other forms of gambling and entertainment.
Record growth in NY betting market
The discussion comes at a time when New York’s online sports betting market is enjoying record growth. According to the New York State Gaming Commission, mobile betting handle reached a new high of $2.64 billion in October, up 13.3 percent year on year. Monthly revenue rose to $238.7m, representing a 35.4 percent increase, with a betting hold of 9.03 percent.
Supporters of the bill argue that allowing horse racing to tap into this booming digital market could help stabilise a sector widely viewed as culturally significant but financially under pressure.
Whether lawmakers act on the proposal remains uncertain, but the debate highlights growing efforts to modernise horse racing and ensure it remains competitive in an increasingly digital betting landscape.
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