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Fixed-Odds Wagering Legislation in the US

28 June 2021, 11:19
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The latest news on gambling reports, that the Senate and Assembly of New Jersey have unanimously passed a fixed-odds betting bill on June 21st, legislating this type of wagering in the state. The states’ governor Phil Murphy is yet to approve the law.

Fixed-Odds Wagering Legislation in the US

The regulation legalizes fixed-odds betting at the racetracks as well as at the simulcast outlets for the state residents. The operators, however, will have to acquire approval from the horsemen to conduct their services.

The first horse racing event under the new legislation is going to take place on Haskell Day, on the 17th of July.

Experts’ insights on the perspectives of bookmaking in the US

During the online conference “Gaming Summit North America 2021”, a panel of betting experts has discussed the future of horse betting in the United States and explored the possibilities of new state-by-state regulations.

Dallas Baker, the Head of International Operations at BetMakers, has outlined that the betting industry in the US, compared to the European countries and Australia, is still undeveloped. The legislation of fixed-odds betting, however, can benefit the industry, as it creates “a game within a game”, making the betting market healthier, more dynamic, and liquid. While New Jersey is the first to pass the fixed-odds wagering bill, it sets the example for all other states, that will be quick to follow.

Fixed-Odds

Martin Lycka, the Senior Vice President for American Regulatory Affairs and Responsible Gambling as well as the board member of the EGBA, has reminded us that 31 of the US states are already implementing the betting regulation. The four states of California, New York, Texas, and Florida proved to be the most challenging in terms of legislation.

Mario Malave, the CEO, and co-founder of betting operator Wagr, has expressed a deep interest in online betting in the US states of Tennessee and Virginia. As those states operate with online-only wagering models, Mario hopes they could follow the lead of Maryland, where online betting was legalized earlier this year. Online wagering allows more operators to enter the market, helping the industry to grow and develop, the expert has noted.

All experts have stated that the states of California and New York could become the next “crown jewels” of betting in the US, due to the vast majority of sports events and fans there.

Read more: Recent legislation of gambling in Europe

Read more: What is the Las Vegas legal gambling age?

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