(PRESS RELEASE) -- Gaming industry leaders gathered at the National Council of Legislators from Gaming States winter meeting last Saturday to discuss the transformation of horse racing through historical horse racing and fixed-odds wagering, highlighting the industry’s evolution to meet modern gaming preferences.
Former Louisiana Senate President Patrick Cortez opened the session with historical context, noting that the Fair Grounds Race Course, dating to 1872, represents the deep roots of racing in Louisiana. Today, the state exemplifies racing’s evolution, with Brett Bonin, Assistant Attorney General for the Louisiana State Racing Commission, describing a complex gaming landscape including “four tracks with slots and approximately 30 OTBs that can run unlimited video poker and potentially 50 HHR machines.”
Joe Morris, Senior Vice President of Racing at Caesars Entertainment, highlighted HHR’s transformative impact on racing economics. “To help that industry that’s a couple hundred years old, they tie casinos to it,” Morris explained, noting how Churchill Downs now offers the nation’s highest Thoroughbred purses through HHR revenue. He also pointed to Kentucky’s success, where HHR has spurred new racetrack development and created “the highest dollar [Standardbred] program anywhere.”
The panel emphasized fixed-odds wagering as crucial for industry modernization. “Unfortunately, in racing, we have a dying customer base,” Morris said, contrasting this with sports betting’s younger demographic. He detailed Caesars’ planned “one wallet system” to integrate sports betting and horse racing, aiming to attract new bettors through convenient access to both products.
Bill Pascrell III, representing BetMakers Technology Group, noted that while fixed-odds betting isn’t a “panacea,” it is standard in 90% of global racing markets. “Every punter in sport in America will understand the value proposition,” Pascrell explained, emphasizing that implementation requires partnership with “tracks, commissions, and horsemen, period, full stop.”
West Virginia lobbyist Phil Reale, preparing fixed-odds legislation in West Virginia, focused on accessibility for new bettors. “A college kid who goes to the track… they don’t care about perfect conditions or what a furlong is. They just want to know if I put 10 bucks on this horse, how much am I gonna get back.” Reale dismissed concerns about fixed-odds cannibalizing pari-mutuel wagering, noting they target different demographics.
The speakers collectively portrayed an industry balancing tradition with innovation. Morris emphasized how HHR helps “level the playing field” for states without traditional casino gaming, while fixed-odds wagering emerged as a key strategy for attracting younger bettors and ensuring the sport’s long-term viability. The discussion highlighted racing’s adaptation to modern gaming preferences, with both HHR and fixed-odds wagering representing crucial tools for maintaining competitive racing programs and expanding the sport’s appeal to new generations of bettors.