The Limited Gaming Control Commission (LGCC) in Colorado has approved the trial of fixed-odds horse wagering in the state. This decision, which was made last month, will allow gambling companies to offer fixed odds products for a period of two years.
Colorado is now only the second state, after New Jersey, to offer fixed-odds betting on horse races. This move comes after years of efforts to get fixed odds approved and has received support from several operators in the state.
Initially, Colorado allowed companies to request permission to offer fixed-odds betting on horse races in 2022, and this measure was set to expire in November. However, the new rule, approved on November 16, will now expire in 24 months.
During this time, gambling operators are expected to request permission to offer fixed odds on horse races.
Fixed-odds horse racing allows customers to lock in their odds, potentially capitalizing on beneficial offers. Unlike traditional pari-mutuel betting, fixed odds do not change based on betting volume, providing high rollers with a sense of security.
While America’s biggest operators currently do not offer fixed-odds horse racing, emerging companies are more likely to explore this vertical. In fact, Bally’s wrote an open letter to the LGCC expressing their support for the trial period of fixed-odds wagering on horse races. The casino corporation believes that this new vertical will allow Colorado’s sportsbooks to reach an expanded audience of fans and increase betting volume.
With this approval, Bally’s and other companies are optimistic about the potential success of fixed-odds betting in the state. This development marks a significant milestone for the gambling industry in Colorado.