Approval gives Michigan bettors a new way to wager on horse races following demand for expanded wagering formats
The Michigan Gaming Control Board (MGCB) has added fixed-odds wagering on horse racing to the state’s online sports betting catalogue.
The move allows the state’s 12 licensed online sports betting operators to offer fixed-odds wagers on horse racing, bets in which the payout odds are locked in at the time the wager is placed.
“This change reflects where the horse racing industry itself is heading,” said MGCB executive director Henry Williams. “Bettors have told us they want the same, straightforward, locked-in odds experience they’ve grown accustomed to with sports betting.
“Adding fixed-odds wagering to our catalog lets us meet that demand while continuing to support a fair and well-regulated horse racing market in Michigan.”
Standard consumer protections that apply to Michigan’s regulated sports betting market, including licensing requirements, responsible gaming tools, and age and residency verification, will apply equally to fixed-odds horse racing wagers.
Fixed-odds wagering differs from pari-mutuel wagering, the long-standing format in which all wagers are pooled, and payouts are determined by the final distribution of that pool, meaning the odds can shift up until post time.
Michigan’s commercial and tribal operators saw online sports betting revenue increase by 27 per cent to $55.5 million in September, as total handle rose 5 per cent to $544.8 million.