Community Corner
Proposal Advances To Place Fixed Odds On Horse Racing Bets At Casinos
A Louisiana legislative committee advanced a proposal Monday that would allow the state's casinos to take fixed-odds bets on horse racing.
April 17, 2023
16:41
Brief
Find out what's happening in Across Louisianafor free with the latest updates from Patch.
In A Flash
Proposal advances to place fixed odds on horse racing bets at casinos
By: Greg LaRose - April 17, 2023 4:41 pm
Find out what's happening in Across Louisianafor free with the latest updates from Patch.
Canva image
A Louisiana legislative committee advanced a proposal Monday that would allow the state’s casinos to take fixed-odds bets on horse racing, bringing those wagers in line with most other bets at sportsbooks.
There was no opposition to House Bill 564, sponsored by House Speaker Clay Schexnayder, R-Gonzales, when brought up before the House Commerce Committee. The legislation would let casinos depart from the pari-mutuel form of wagering that’s standard at racetracks.
For example, a bet placed with 5-to-1 fixed odds pays off at that rate no matter what subsequent bets are made on a race. Pari-mutuel bettors compete against one another, in a sense, and can impact odds as more money is bet on a horse.
Pari-mutuel wagers are pooled and split evenly among winning bettors. Because final odds can’t be calculated until betting is closed, the odds can change between when a bet is placed and the payoff is determined.
Ed Fenasci, executive director of the Louisiana Horsemen’s Benevolent and Protective Association, appeared before the House Commerce Committee in support of Schexnayder’s bill. In an interview, he said the proposal would open up horse racing to a growing segment of gamblers.
To entice the sportsbooks to participate, the proposal lowers the share of fixed-odds profits casinos forward to the state’s licensed racing association from 25% to 15%. Fenasci told the committee the 25% rate wouldn’t be feasible for casinos to turn a profit.
GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
SUBSCRIBE
Republish
Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Please see our republishing guidelines for use of photos and graphics.
Greg LaRose has covered news for more than 30 years in Louisiana. Before coming to the Louisiana Illuminator, he was the chief investigative reporter for WDSU-TV in New Orleans. He previously led the government and politics team for The Times-Picayune | NOLA.com, and was editor in chief at New Orleans CityBusiness. Greg's other career stops include Tiger Rag, South Baton Rouge Journal, the Covington News Banner, Louisiana Radio Network and multiple radio stations.
Related News
Gambling proponents have a new plan to ask Texas voters to… by Patrick Svitek February 5, 2023 
States are learning on the fly about sports betting… by Stephen Elliott, Stateline March 25, 2023 
Pols on parade: Louisiana elected officials celebrate Mardi… by Greg LaRose February 20, 2023
The Louisiana Illuminator is an independent, nonprofit, nonpartisan news organization driven by its mission to cast light on how decisions are made in Baton Rouge and how they affect the lives of everyday Louisianians, particularly those who are poor or otherwise marginalized.
