During the Gaming Americas Q3 Meetup, experts from various related industries discussed fixed-odds horse racing wagering in the United States.
Sports betting news in the US is always much-discussed as each state has its own regulations and, as a result, different conditions for the development of the market. However, horse racing wagering remains an emerging issue across the country as, according to experts, it is a part of its culture.
It’s time to shake the horse racing industry up
The conversation about the current state of horse racing wagering started with the statement that New Jersey became the first state, which legalized fixed-odds bets on horse racing. Speaking about the overall situation, the US market generated $10 billion, while the Australian market – $30 billion. Bill Pascrell, III, Partner at Princeton Public Affairs Group, Inc., and the session moderator, has noted that Australian culture is a little bit different but its numbers are impressive. At the same time, horse racing betting is also a part of the US culture and history. That is why it is important to protect and grow the industry.
Patrick Cummings, Executive Director at Thoroughbred Idea Foundation, said that the US horse racing wagering had an illegal online monopoly. Since 2003, the industry has been doing very poorly, opposed to all metrics in the illegal wagering business. The speaker has added that now is a high time to shake the industry up. It is necessary to reach the customers that haven’t been reached before, modernize business, and improve technology.
According to Patrick Cummings, another crucial question is how horse racing is really doing among mainstream customers. He has underlined that mainstream customers have evaporated, and the task is to bring them back. Among the main challenges for the industry, the expert has named managing the fear of change. Horse racing is a federally protected interest, so it is important for groups to understand the necessity of changes. It will be required to explain things to horse people. The speaker has said that dragging the market into maturity in this country is much needed. Horse racing has been incredibly limited, and it’s time to change this. Moreover, it is important to get customers engaged in this sport.
Dallas Baker, Head of International Operations at The BetMakers Holdings Limited, has added that fixed odds betting is a good thing. It creates the model, which allows the industry to benefit.
Read more: History of betting on horse racing
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