The dream of letting Louisiana’s sports bettors parlay pigskin with ponies is inching closer to reality.
Members of the Louisiana Gaming Control Board voted unanimously on Aug. 20 to approve the implementation of rulemaking procedures in connection with fixed-odds horse racing offered by the state’s sportsbooks.
- Louisiana has begun the rulemaking process to allow fixed-odds horse racing bets via sportsbooks.
- The new system would let bettors lock in odds and combine horse racing wagers with other sports bets.
- Lawmakers hope it boosts racing revenue, though the financial impact remains uncertain and could take months to determine.
The proposed rules, which will take time to implement, aim to ensure sports wagering operators have their own rules for accepting and settling fixed-odds bets for horse races (such as how scratched horses are treated for a race).
Those rules also lay out how operators can request to offer fixed-odds wagering on horse racing and the approvals required for in-state and out-of-state races. For example, a Louisiana-based operator would need Churchill Downs’ consent to offer a fixed-odds wager on the Kentucky Derby.
In addition, there are proposed financial reporting requirements, including that operators must provide data on straight wagers, parlays involving only horse racing, “and parlay wagers involving horse racing events combined with other approved sports events.”
The injustice of @WattAreTheOdds getting better Royal Ascot prices than me prompted this screed about the potential of fixed-odds wagering in Canada and the U.S. https://t.co/0qY3rmuShw @Covers
— Geoff Zochodne (@GeoffZochodne) July 14, 2025
The “notice of intent” for the rules says interested parties can submit written comments no later than the end of the business day on Sept. 10.
By law, the notice for new rules must come at least 90 days before taking action on those rules. A report must be filed to the state legislature, and the rule could be reviewed by an oversight committee.
In other words, it could take months before the rules for fixed-odds wagering on horse racing are in effect and the first fixed-odds wager is taken by a Louisiana-licensed operator. The process, though, has at least begun.
You get what you bet
Legislation approving the new feature for Louisiana sports betting was passed nearly unanimously by the state legislature last year, and then signed into law by Gov. Jeff Landry. The passage of H.B. 547 made Louisiana the fourth state to legalize fixed-odds betting on horse racing, after New Jersey, Colorado, and West Virginia.
Fixed-odds wagering is as the name suggests: you bet on a horse with odds to win of 5/1, and that price and potential payout are locked in. This is different from the predominant way of betting on horse races in the U.S., which is the pooled, pari-mutuel model of wagering. With pari-mutuel betting, a horse with odds of 5/1 when you wager might go off with shorter or longer odds by the time the race begins.
The thinking in Louisiana (which already has apps offering pari-mutuel wagering) was that fixed-odds wagering could attract more bettors to horse racing, including by letting them combine a horse bet with those of other sporting events. The bill legalizing fixed-odds wagering also created a new fund to collect 5% of the net proceeds from the new model of horse betting, with the money earmarked for the racing and breeding industries.
One of H.B. 547's sponsors, Republican Rep. Chad Boyer, told a legislative committee last year that fixed-odds wagering would provide bettors with a “more predictable and attractive alternative” to the traditional pari-mutuel system.
“Fixed-odds betting is already gaining traction in other states, [and] allows a wager to be locked in at the posted odds, much like sports betting,” Boyer said. “By adopting this model, we not only offer a more competitive product to racing fans, but we also create a new revenue stream that will directly support our local racing associations through a dedicated purse supplemental fund.”
The horse racing industry has struggled to maintain and grow pari-mutuel wagering handle in recent years. Fixed-odds wagering, which is familiar to every stick-and-ball bettor, could help draw in new horseplayers.
It's something prediction markets don't offer, either. The federally regulated exchanges may offer wagering opportunities for other sports, but prediction markets have thus far steered clear of horse racing and the federal wagering legislation that governs the sport.
Nevertheless, exactly how much money fixed-odds wagering will bring in for Louisiana’s horse racing industry is unclear.
The legislature's Legislative Fiscal Office (LFO) said it was “unable to quantify the anticipated increase, as the magnitude of fixed-odds wagering on horse racing in the state is speculative and will largely depend on the extent to which it is adopted by racetracks, sports books, and gambling apps.”
If you want to know what former NFL QB Jake Delhomme is up to, the answer is winning horse races and testifying (successfully!) in support of fixed-odds wagering in Louisiana:
— Geoff Zochodne (@GeoffZochodne) May 27, 2025
With Sports Betting in Mind, Fixed-Odds Horse Racing Gains Momentumhttps://t.co/OybJK3qcm6 @Covers
Furthermore, the LFO noted that only three other states had legalized fixed-odds wagering on horse racing, giving it limited historical data to measure.
“Additionally, the impact on overall revenues from horse racing remains unclear, as fixed-odds wagering could expand the betting market and potentially cannibalize pari-mutuel wagering,” the office added.
Still, the bill clearly had its supporters. Among them were former NFL quarterback and thoroughbred racehorse owner Jake Delhomme.
“It's not an expansion of gaming, it's just joining in on what's going on throughout the United States, and to get our product to where we can generate more revenue to come back to the state,” Delhomme told committee members last year.
