If a casino decides, betting on the Kentucky Derby can return to normal this year.
Just in time for the Run For The Roses, Churchill Downs Inc. and the Nevada Pari-Mutuel Association have reached an agreement.
The deal between the two parties, which will end a three-year dispute over the horse race simulcast signals, will be finalized once it is approved by the Nevada Gaming Commission.
The conflict between the two parties, which began in 2019, arose from Churchill Downs demanding payment from Nevada sports and racebooks for its simulcast signal and betting. This issue has now been resolved, allowing horse racing enthusiasts to return to enjoying the action at some of their preferred tracks.
Even though Nevada casinos were permitted to accept wagers on the Kentucky Derby in 2020, the betting possibilities varied slightly. Some bets weren’t accepted by sportsbooks, while others had restricted winning potential because they were managed by individual casinos rather than the customary pari-mutuel pool.
New deal in time for Kentucky Derby
The new agreement will enable Nevada’s race and sportsbooks to broadcast races from various tracks owned by Churchill Downs Inc.
The key aspect of this agreement is that, for the first time in three years, Nevada casinos will have the ability to broadcast the Kentucky Derby and accept traditional pari-mutuel wagers on the largest event in horse racing this weekend.
Bettors of horse races in Nevada will also have the opportunity to watch and place bets on races at all Churchill Downs tracks, which include:
- Louisville, KY – Churchill Downs
- New Orleans, LA – Fair Grounds
- Florence, KY – Turfway Park
- Hot Springs, AR – Oaklawn Park
Churchill Downs seems set to augment its roster with a few more tracks later this year, with Nevada sportsbooks also gaining the rights to broadcast these races.
Betting The Kentucky Derby
The Kentucky Derby is the country’s most renowned horse race. It is in high demand, prompting an abundance of special events related to the race at state-wide casinos.
I particularly enjoy the enormous, complimentary watch party held in the South Point’s ballroom. The casino offers abundant seating and remote betting stations. Despite the already affordable prices compared to other Las Vegas casinos, drink tickets are readily provided for those placing bets.
The sports and racebook counters are often crowded with beginner horse race bettors due to the appeal of special events and parties. Casinos are now able to provide pari-mutuel betting which is traditional. However, it’s unfortunate that not every Nevada sportsbook offers this well-known type of bet.
An increasing number of sportsbooks in Nevada exclusively provide fixed odds betting. This kind of horse racing betting is akin to that of golf.
Fixed odds bets only payout for particular outcomes such as winning a race. Casinos might also provide head-to-head challenges akin to golf tournaments.
Pari-mutuel wagering is defined as a shared bet among individuals, where bettors essentially purchase a portion of a race pool. The winners then divide the pool money, deducting the racetrack’s takeout.
Over the course of the three-year disagreement, horse race wagering in Nevada has undergone significant changes. Not every casino provides traditional pari-mutuel horse gambling. This type of betting encompasses win, place, show, exactas, trifectas, among others.
Not every retail sportsbook makes this information readily available, which can lead to confusion. This issue was evident in 2019 when a race bettor in Reno failed to see a sign at a William Hill retail site.
Kentucky Derby confusion
Operators of sportsbooks in Nevada provide various types of horse race betting, a fact that often goes unnoticed. Beginners in betting may not discern the difference until they reach the counter to wager. By then, it may be too late to locate a sportsbook that accepts the specific type of wager they intend to place.
Sportsbooks have the option to provide either pari-mutuel betting or fixed odds. Although the odds may appear similar to novice horse bettors, they are in fact different.
As bets are placed throughout the day, pari-mutuel odds vary. On the other hand, fixed odds, as suggested by their name, remain constant and don’t fluctuate as frequently.
The television broadcast of the horse race will only lead to further confusion.
The odds displayed on the day of the races will vary from the fixed odds listed in a sportsbook. Additionally, traditional pari-mutuel exotic bets such as exactas, trifectas, and others will be featured in the TV coverage.
Besides the confusion with TV, various sportsbook operators provide diverse betting types at different venues. For instance, certain William Hill locations offer pari-mutuel betting, while others exclusively provide fixed odds.
William Hill isn’t the sole sportsbook operator providing varied horse race betting options across distinct retail locations. Even though signs, similar to the ones in Reno, are put up, they aren’t always visible to everyone.
In Las Vegas, South Point and Westgate are two independent casinos that provide traditional pari-mutuel betting.
All casinos in Las Vegas run by Station Casinos and Boyd Gaming provide pari-mutuel betting.
Pari-mutuel, fixed odds, or both might be offered by Caesars, MGM Resorts, and William Hill. Before placing a bet, it’s probably best to inquire at the counter.
On their Nevada sports betting apps, Boyd Gaming, Station Casinos, and Wynn all provide pari-mutuel betting options.
Unlike most sports betting apps which only provide fixed odds for the Kentucky Derby and other horse races.
