If you are a gambler there is a good chance that you caught on to the fad of online gambling. Not only are more and more gamblers gambling online with mobile applications, but thanks to the technology available in today’s market gamblers can now bet online. You can bet on anything from basketball to racketball. Betting online is not only growing more prevalent, but betting in land-based casinos and racetracks are growing more popular as well thanks to the ever-changing legality of the market. What kind of impact is this going to have on horse racing?
The Horse Racing Industry Needs Updates
The latest reports show that the revenue made on horse betting is actually down as compared to previous years. If the horse racing industry wants to keep up with these current changes they are going to have to learn to conform. This could mean several things for the industry. First, it could mean that they need to start accepting fixed odds and exchange wagering on its products. It might even mean that the industry needs to create new types of bets to keep customers enticed. As of right now, these current changes in the sports betting market are affecting the wagering structure surrounding horse racing and the way that it drives revenue from major partners. If changes aren’t made soon there could be major repercussions.
Rising Of Integrity Fees
The rise of online virtual horse betting is also raising the question of whether or not horsemen should see a rise in their integrity fees. An integrity fee was first established in Indiana and its main purpose was to give professional sports leagues a dedicated cut of all the money wagered on their products. However, as of right now, there hasn’t been any other state that has conformed to these changes. This could soon change. If online horse betting continues on the path that it is currently on then there is a good chance that more online bookies are going to be looking for a cut of this revenue. Hosting and putting on a racing event is by no means cheap and there is no question that horsemen do their part to earn a cut of the revenue.
Create More Jobs
Most states are looking for effective ways to create more jobs. Well, one way they could do this is by legalizing sports betting. This could bring a lot of new jobs to the horse racing industry. Of course, some of these jobs would only be temporary but the pay should surely be worth it.
Increase Tax Revenue
What state couldn’t use more tax revenue? The answer is zero. Every state could utilize the extra revenue to make infrastructure repairs, build more schools and hire more employees. Increasing state tax revenue is as simple as legalizing sports betting. Of course, all of the state politicians would have to be onboard with the idea, which could be a little difficult to achieve. But, if taxpayers rally together for this agenda, sports betting could become legal in the near future.