A Louisiana legislative committee advanced a proposal Monday that would allow the state’s casinos to take fixed-odds bets on horse racing, bringing those wagers in line with most other bets at sportsbooks.
There was no opposition to House Bill 564, sponsored by House Speaker Clay Schexnayder, R-Gonzales, when brought up before the House Commerce Committee. The legislation would let casinos depart from the pari-mutuel form of wagering that’s standard at racetracks.
For example, a bet placed with 5-to-1 fixed odds pays off at that rate no matter what subsequent bets are made on a race. Pari-mutuel bettors compete against one another, in a sense, and can impact odds as more money is bet on a horse.
