Fixed-odds wagering has already made it to states like New Jersey and Colorado. It could also be a fixture in Kentucky thanks to a bill just introduced into the state legislature by Republican Representatives Matthew Koch and Michael Meredith.HB 904 is a sweeping piece of legislation with several key components designed to essentially expand and modernize the gambling infrastructure in the state.The contextual background of this bill appears to be an attempt to seriously grapple with the impacts from Computer Assisted Wagering (CAW) on the betting pools.Unlike the fluctuating odds that make up pari-mutuel betting, fixed-odds wagering is a form of betting in which the payout odds are set and agreed upon at the time the wager is placed. Crucially, they do not change.Under this legislation, a new “purse stabilization fund” (to supplement existing purses at live meets) would be supported by a 15% tax on fixed-odds betting conducted on-track, online or via mobile apps.Among other aspects, the bill requires tracks and tote companies to adopt new modern technologies to streamline and expedite betting cycles times. Right now, tote machines across the country update at varying times–typically anywhere between 10- and 30-second cycles.More specifically, the bill requires them “to include commercially reasonable access to the betting odds for retail bettors by Apr. 1, 2027.”The bill also attempts to essentially decouple wagering providers from the prediction market, which is the ability for bettors to make speculative bets on the outcomes of future events.“A track or association that holds a license to conduct horse racing, sports wagering, or a licensee offering fantasy sports contests under this chapter or its affiliate shall not participate in or contract with platforms that offer events contracts through a prediction market or have a beneficial interest in the proceeds of prediction markets,” the bill states.Last year, fixed-odds wagering was also legalized in West Virginia. It followed New Jersey, where it debuted at Monmouth Park in 2022.“I remember us having discussions [on fixed odds] in committee going back 10 years,” said Damon Thayer, a veteran lawmaker with 22 years serving the Kentucky State Senate.“As a fan, I like it. I know when I go to England and Ireland for racing, which I do annually, I prefer to go to the bookmakers so I can shop and get the best price,” he added.“It may be a reaction to the CAWs,” speculated Thayer, about some of the motivation behind HB 904. “There's a lot of justifiable angst out there amongst horse players about the CAWs and their effect on late-changing odds.”Earlier this year, HB 39 was introduced into the state legislature that sought to put CAW players on as even a playing field as possible with average retail players in Kentucky's pari-mutuel wagering pools. It hasn't advanced through the legislature.The current legislature adjourns on Apr. 15, making it a tight timeframe to pass such a sweeping bill during the current session. Lawmakers are scheduled to reconvene in early June for an interim session that will run through December.“That's when the joint committees of House and Senate can meet monthly… They have the purview to discuss bills that have been filed, as well as those for the future,” explained Thayer, about the interim session.“I don't know if they're going to try to push House Bill 904 through right now, or if they're just trying to get it out there for discussion heading into that interim period,” he said. “Representative Koch and Representative Meredith are two of the best minds in the general assembly on all issues related to gaming. I worked with them on HHR and sports betting and pari-mutuel tax reform. They're really thoughtful guys, and I don't think they would do anything to harm horse racing.”The post Fixed-Odds Bill Introduced Into Kentucky State Legislature appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.