Sports betting has shown steady growth across the United States in the three years since the Supreme Court overturned a federal ban on the activity, with more than $53 billion legally wagered on sports since June 2018.
More and more states are authorizing sports betting, with Canada close to approval as well. New Jersey lawmakers have recently passed legislation that would permit fixed odds wagering on horse racing, allowing bookmakers there to set betting prices on horses as they do on baseball, football and other sports.
Are there opportunities for horse racing to grow, even though the amount already being wagered on sports far exceeds horse racing’s annual betting handle? While fixed odds wagering opens up new types of bets and guaranteed payoffs, could it have unintended consequences on racing’s traditional pari-mutuel pools or on the computer-assisted “whales” who get rebates in return for their betting volume?
To discuss these and other issues, Pat Cummings, executive director of the Thoroughbred Idea Foundation (www.racingthinktank.com), joins Ray Paulick and Joe Nevills in this week’s edition of the Friday Show. Ray and Joe also review Woodbine’s Star of the Week, LNJ Foxwoods’ Boardwalk, a Constitution filly who won her first graded stakes last week in the Whimsical Stakes.
Watch this week’s show, presented by Monmouth Park, below:
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