NYRA Bets Approved As Michigan’s Fourth Online Horse Racing Betting Operator
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On Monday, the Michigan Gaming Control Board declared NYRA Bets as the fourth authorized online horse racing betting operator in Michigan.
Michiganders now have the option to place advance deposit wagers on pari-mutuel horse races worldwide through the addition of The New York Racing Association subsidiary to the list of available platforms, alongside TVG, Churchill Downs, and Xpress Bet.
In a statement announcing the provisional license, MGCB Executive Director Henry Williams stated that horse racing enthusiasts in Michigan now have an additional choice to utilize mobile wagering and place bets on horse races from any location within the state.
NYRA Bets operates Belmont Park, home of Belmont Stakes
Aqueduct Racetrack, Belmont Park, and Saratoga Race Course are the three largest thoroughbred horse racing tracks in New York State, all of which are operated by NYRA Bets.
The Belmont Stakes, one of the prestigious Triple Crown races in horse racing, takes place at Belmont Park. Similarly, Churchill Downs, another prominent betting brand in Michigan, organizes the Kentucky Derby.
Baltimore’s Pimlico Race Course is home to the Preakness Stakes, which is the third race in the prestigious Triple Crown.
Michigan has long history with horse racing betting
Since 1933, Pari-mutuel horse racing has been operational in Michigan. Nevertheless, numerous horse racing tracks across the state have closed down over the years. The sole remaining active track is Northville Downs, located in metro Detroit.
In order to support the growth of both the sport and the agricultural industry, the state of Michigan introduced mobile horse racing wagering to its betting options. This was made possible through a set of new gambling laws passed by Governor Gretchen Whitmer in December 2019. As part of these changes, Michigan’s Horse Racing Law of 1995 was modified to permit race meeting licensees to collaborate with third-party firms to facilitate betting on live and simulcast races from around the globe.
Firstly, the bettor sets up an account with a third-party facilitator. Afterwards, they have the convenience of using either a mobile device or computer to place bets on pari-mutuel races. These wagers can be made using the funds they have deposited into their account.
In June 2020, the approval of TVG by the MGCB marked the beginning of mobile wagering on horse races. This was followed by Churchill Downs’ approval in September 2020, and Xpress Bet’s approval in March 2021. Throughout 2020, Michiganders engaged in online horse race wagering, amounting to a total of $35.8 million. These wagers resulted in the generation of $839,123 in state tax revenue.
In 2020, Detroit casinos collected $130.8 million in sports wagers, following its launch in March at the three downtown gambling halls. As a result, sports betting in Detroit contributed $690,865 in taxes to the state and $844,391 to the city of Detroit.
The NYRA Bets license remains effective in Michigan until December 31, 2024, unless the operator fails to uphold their contract or any regulatory modifications come into effect.
