On Wednesday morning, bet365 and SIS Content Services announced they had struck a deal to begin offering fixed-odds horse betting in the state of Colorado.

The new market is available immediately, with this Saturday’s Saudi Cup — a card that features $33.5 million in purse money and Horse of the Year runner-up White Abarrio — sure to be a focal point for Centennial State horseplayers interested in betting on thoroughbred racing like they do on other sports. Fixed odds mimic those in traditional sports betting, where a bettor locks in a price at the time of their bet. Conversely, North American horse betting traditionally occurs in parimutuel pools, where odds can move right up until a race starts and everyone winds up with the same price.

With the Colorado announcement, bet365 becomes the first operator to offer fixed-odds horse betting and sports betting on the same U.S. platform. MonmouthBets offers wagering exclusively on horse racing, and while FanDuel has a shared wallet for U.S. sports and horse betting customers, they must toggle between the operator’s sportsbook and ADW platform to make bets of each type. Additionally, fixed odds are not currently available. 

“The launch of fixed-odds horse racing betting on Colorado sportsbooks puts horse racing on equal footing with other sports and hopefully attracts a new fan base and revenue for our racetrack partners,” Michele Fischer, vice president of SIS Content Services, said in a press release. “I commend the Colorado horse racing stakeholders, Colorado Division of Gaming, and bet365 for their vision and support. … It will take time in the U.S., but I expect that more sports wagering operators and states will include horse racing on their sports catalogs.”

Landmark offering hard won

While a relative newcomer in the U.S., bet365 is a well-tenured European operator with deep ties to SIS. Hence, bet365 has long offered fixed odds on horse races in other countries, which undoubtedly played a large role in its first-mover status in the States. 

“We have seen the popularity of fixed odds betting in horse racing in other markets, and as sports betting becomes more ingrained across the U.S., it will certainly provide a boost to engagement,” a bet365 spokesperson said in the release.

For its part, SIS offers odds and related data for some 140 tracks in 14 countries, including Argentina, Australia, Chile, Ireland, Uruguay, and the United States. If bet365 takes full advantage of this portfolio, its offerings would dwarf those of MonmouthBets in New Jersey, which is the only other state to permit fixed-odds horse betting thus far.

Two Louisiana tracks, Delta Downs and Evangeline Downs, will be the first available for fixed-odds betting on bet365, with Bally’s Arapahoe Park — Colorado’s lone commercial racetrack — soon to follow.

The approval of fixed-odds horse wagering in Colorado was hard won, with Arapahoe brass and the state’s horsemen’s association needing some convincing before coming around. But once they did, the Colorado Limited Gaming Control Commission unanimously supported the concept this past November.

“We are committed to ensuring that horse racing in Colorado is economically viable for the participating owners and trainers, who are the backbone of the sport,” said Kim Oliver, president of the Colorado Horsemen’s Association. “Fixed-odds betting will produce a new revenue stream and exposure for horse racing. This launch represents a pivotal moment for our group.”

Photo: Kathryn Scott Osler/The Denver Post via Getty Images