Since the legalization of online sports betting in the USA in 2018, horse racing has stood apart as a separate entity. However, a new chapter is unfolding as Bet365 breaks ground by offering fixed odds wagering on horse racing in Colorado, marking a significant shift in the landscape.
Teaming up with BetMakers, Bet365 is now providing fixed odds wagering on horse racing from across the globe through their online sports betting platform and app in Colorado. This move is a testament to the evolving relationship between horse racing and online sports betting sites in the United States.
In a strategic move, Bet365 and the Woodbine Entertainment Group in Ontario agreed to introduce pari-mutuel wagering through Woodbine pools, setting a new precedent in the industry. By offering fixed odds, bettors can secure their odds at the time of placing a bet, eliminating the impact of pool fluctuations.
BetMakers’ technology is instrumental in enabling Bet365’s foray into fixed odds race betting, emphasizing the appeal of this betting form to horse racing enthusiasts in the U.S. market. Although fixed-odds wagering on horse racing remains illegal in Canada, the U.S. sports betting market is gradually embracing this innovation.
CEO of BetMakers, Jake Henson, foresees a promising future for horse racing in the U.S. as operators show a growing interest in this product. The high frequency of horse racing events can potentially deliver substantial engagement and returns, making it an attractive proposition for operators.
Currently, BetMakers is focusing on thoroughbred racing, offering fixed odds wagering on races from various locations such as Philadelphia Park, Australia, New Zealand, South America, Ireland, and the UK through the Bet365 platform in Colorado. While fixed odds markets are limited to one state presently, this move has the potential to redefine horse racing betting in the U.S. in the long run.
In the UK, where Bet365 is headquartered, a longstanding partnership between betting sites and racetracks has paved the way for fixed odds wagering on horse racing. Online sportsbooks in the UK already offer this feature, with many sites guaranteeing the best odds to attract bettors.
The dynamic landscape of the U.S. sports betting market has witnessed rapid changes since its widespread legalization six years ago. With the introduction of features like sports betting apps, live streaming, and same-game parlays, operators are constantly striving to gain a competitive edge.
As Bet365 introduces fixed odds wagering on horse racing and expands into advance deposit wagering (ADW), the industry is poised for further transformation. The Bet365 racing app offers betting on major events globally, providing a comprehensive wagering experience for horse racing enthusiasts.
With Bet365 becoming the fourth online sportsbook to venture into the ADW space in the U.S., joining the likes of BetMGM Horse Racing, DK Horse (DraftKings), and FanDuel Racing, the competition is heating up. This move signifies a shift towards offering a diverse range of betting options to cater to the evolving preferences of bettors across the nation.
As the industry continues to evolve and embrace new technologies, the convergence of online sports betting and horse racing is reshaping the betting landscape, offering both operators and bettors a plethora of opportunities in the ever-evolving world of sports wagering.
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