The Michigan Gaming Control Board (MGCB) has added fixed-odds wagering on horse racing to the state’s online sports betting catalog.
Michigan bettors can now place fixed-odds wagers on horse racing through licensed online sportsbooks, under the same licensing requirements, responsible gaming tools, and age and residency checks that apply to the state’s sports betting market.
According to the regulator, the standard consumer protections of Michigan’s regulated sports betting market will apply equally to fixed-odds horse racing wagers. The bets will run only through the licensed online sports betting platforms that already operate in the state.
Under the change, licensed operators may offer fixed-odds horse racing bets alongside the other options already approved in the MGCB’s online sports betting catalog.
In a fixed-odds wager, the payout odds are locked in at the moment the bettor places the bet. Odds in traditional sports betting work in the same way.
Pari-mutuel wagering, the long-standing format for horse racing, follows a different method. All wagers go into a common pool, and the final distribution of that pool determines the payouts. For this reason, pari-mutuel odds can shift up until post time.
“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.”
Williams said the addition of fixed-odds wagering to the MGCB’s catalog “lets us meet that demand while continuing to support a fair and well-regulated horse racing market in Michigan.”
