BetMGM works on a policy of advanced deposit wagering. Now BetMGM users will be able to use NYRA’s platform to place wagers on thoroughbred, quarter, and harness horse races held in the over 200 NYRA controlled locations.
BetMGM and NYRA’s partnership is going to be an innovative development in the world of sports betting. President of NYRA Bets, Tony Allevato, believes that this partnership is proving to the world the importance of horse racing in the field of sports betting.
NYRA Bets is the fourth largest platform for sports betting in the USA, and BetMGM also operates in over 10 States. Their partnership will bring together two financial powerhouses in the field of online gambling.
In 2020 NYRA’s handle was $225 million. According to the Oregon Racing Commission, this figure shows a steady increase in NYRA’s total handle since its launch in 2016. In 2020 NYRA recorded a 103% rise in its handle from 2019, which was just $110.5 million.
BetMGM is among the top three online casino gaming performers in the USA. It has a 22% share of the total US gambling market.
The NYRA and BetMGM partnership represents a major turning point in the sports betting market of the USA. There is a possibility that New Jersey will introduce fixed-odds wagering very soon. From 1st July 2021, New York will also allow mobile sports betting solicitation services.
But both NYRA and BetMGM have made it clear that their collaboration will not extend to the area of fixed odds wagering if and when it is introduced. Senior Communications Director of NYRA, Patrick McKenna, has stated that their partnership with BetMGM will only be with regards to advanced deposit wagers in pari-mutuel horse racing betting pools.
BetMGM’s Head of Public Relations, Elisa Richardson, has clarified that BetMGM will also have its own deposit methods and customer service providers for horse racing wagers.
The BetMGM and NYRA partnership show that betting on horse races is all set to become even more exciting and sophisticated in the coming months.