In order hopefully to revive attendance at the tracks and/or fuel a resurgence in gambling (either in person or virtually), the last year has seen some recent wagering developments and changes at different horseracing tracks in the United States. At Ellis Park Racing and Gaming (Henderson, Kentucky) in the Evansville, Indiana metro area, penny wagering has been tried since the 2022 season to influence gambling revenues. Meanwhile, starting in 2022 Monmouth Park in New Jersey now offers “fixed odds” wagering as an alternative to parimutuel wagering for patrons who do not like the possible fluctuations in odds before a race starts. Kentucky and New Jersey official documents that have been posted over the last few months show that the results of these efforts are mixed at best. Finally, if fixed odds wagering comes to Kentucky, and if tax laws are not changed, the effect of such wagering could have profound impacts on parts of the state’s budget and various state and non-profit programs.
Lambert, Thomas E., "Recent Impacts of Penny and Fixed Odds Wagering: What Does the Future Hold?" (2023). Faculty Scholarship. 883.