Michigan Gaming Control Board allows fixed-odds horse racing on online sportsbooks
Regulation1 min read
In brief
- The MGCB said licensed online sports betting operators may offer fixed-odds horse racing wagers from Friday.
- Fixed-odds bets lock in payout odds when placed, unlike pari-mutuel wagering where odds can shift until post time.
- Licensing, responsible gaming and age and residency checks apply to the new wagers.
The Michigan Gaming Control Board said licensed online sports betting operators in Michigan may offer fixed-odds wagers on horse racing from Friday. The MGCB announced the addition to the state's online sports betting catalog.
In fixed-odds wagering the payout odds are locked in when the wager is placed, as in traditional sports betting. Pari-mutuel wagering, the long-standing format, pools all wagers and sets payouts by the final distribution of that pool, so odds can shift until post time.
Bettors will place these fixed-odds horse racing wagers on the online sports betting platforms that are already licensed and running in Michigan. The consumer safeguards used across the state's regulated sports betting market will extend to these horse racing bets as well, covering licensing requirements, responsible gaming tools, and age and residency verification.
Henry Williams, executive director of the MGCB, described the shift as a reflection of the direction the horse racing industry is taking. He said bettors have asked for the same simple, locked-in odds they know from sports betting, and he believes the addition "lets us meet that demand while continuing to support a fair and well-regulated horse racing market in Michigan."
“This change reflects where the horse racing industry itself is heading”