FRANKFORT, Ky. – Kentucky is moving closer to offering fixed‑odds wagering on horse races after House Bill 904 advanced again, weeks after lawmakers voted to override Gov. Andy Beshear’s veto.
The measure would allow racetracks to offer fixed‑odds bets to Kentucky residents, giving bettors the ability to lock in a price at the moment they place a wager — a major shift from the pari‑mutuel system that has defined U.S. racing for more than a century.
What Fixed‑Odds Would Mean
Under fixed‑odds wagering, a bettor who takes a horse at 5–1 keeps that price regardless of how the odds move before post time. Supporters say the model mirrors what is widely used in international racing markets and could appeal to younger bettors accustomed to sportsbook‑style wagering.
Sen. Michael Meredith (R‑Oakland), who co‑sponsored the bill with Sen. Matthew Koch (R‑Paris), said the fixed‑odds provision was added after conversations with industry stakeholders familiar with racing abroad. Meredith said the system could help attract bettors frustrated by late odds shifts in pari‑mutuel pools, often attributed to large computer‑assisted wagering (CAW) play.
Regulators Now Take Over
The Kentucky Horse Racing and Gaming Corporation will now be responsible for designing the regulatory framework, including determining which operators may offer fixed‑odds bets and how the system will coexist with traditional pari‑mutuel wagering. No timeline has been set for when fixed‑odds betting might launch.
Churchill Downs Remains Opposed
Churchill Downs, home of the Kentucky Derby, continues to oppose fixed‑odds wagering. The track benefits from the pari‑mutuel model, which guarantees revenue through takeout — typically 15% to 25% of the betting pool — regardless of race outcomes. Fixed‑odds wagering generally operates on thinner margins, creating more financial risk for operators.
The new law does not require Churchill Downs to participate. Other tracks, including The Red Mile in Lexington and Kentucky Downs in Franklin, could choose to offer fixed‑odds betting instead.
Related Churchill Downs Developments
Separately, Churchill Downs Inc. is pursuing the intellectual property rights to the Preakness Stakes and Black‑Eyed Susan Stakes, signaling continued expansion efforts within the racing industry.
