Pricci: If not betting exchanges, how about fixed-odds wagering?
Horse Race Insider John Pricci writes that if recent betting scandals in Britain sour U.S. racing jurisdictions on the idea of betting exchanges, then perhaps the U.S. industry should at least consider offering fixed-odds bets to shake things up:
“Fixed-odds wagering could stand alone, but given that the industry and many of its fans are resistant to change, it probably should be used to complement the existing pari-mutuel model. Both options can be made available at racetracks, bet shops and online.”
“By creating a fixed-odds market, overall handle could grow because of the arbitraging possibilities fixed-odds betting affords. It also is a way to eliminate last-minute odds fluctuations since the price you take at the time you bet doesn’t change.”
“Fixed-odds wagering should be explored as an alternative to exchange betting if the latter isn’t embraced, for whatever reason. It’s time for the industry to take a chance.”