Michigan to allow fixed-odds horse racing bets online
Michigan has authorised licensed online sportsbooks to offer fixed-odds horse racing wagers, expanding the betting products available through the state’s regulated market.
The Michigan Gaming Control Board (MGCB) confirmed the change on November 3, with the authorisation taking effect on October 30.
“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.”
Under the new arrangements, bettors can accept fixed prices when placing horse racing wagers, rather than relying exclusively on traditional pari-mutuel pools.
Fixed-odds betting allows customers to know their potential return when a wager is accepted.
By comparison, pari-mutuel betting calculates dividends from the total betting pool, meaning final odds can change until wagering closes.
Licensed Michigan online sportsbooks may offer fixed-odds horse racing betting alongside, or instead of, pari-mutuel products.
The regulator will continue overseeing the activity under Michigan’s existing gambling framework, which was launched in January 2021.
