Horse racing bettors based in Kentucky will welcome the latest news to come from the state.
The Kentucky Horse Racing Commission have made it compulsory for the Thoroughbred Idea Foundation (TIF) that bettors have their winnings paid out to the penny.
Previously, Kentucky sportsbooks and all other operators in the United States were able to save pennies by paying out winnings after they have been rounded down to the lowest 10-cent unit with few exceptions to the rule. From now, the dividend will be rounded to the lowest penny to then account for a bigger return to customers.
In the past, the return for every $1 was rounded down to $1.40, while a $2 bet was rounded to $2.80. Now, a $1 wager gets $1.48, with a $2 wager getting $2.96. This will apply to all horse racing betting sites in Kentucky.
Patrick Cummings, TIF’s Executive Director, said: “This is a welcome and long overdue shift in pari-mutuel wagering to pay bettors the entirety of their duly deserved winnings.
“Kentucky is leading the way, and if a horseplayer wants to enjoy the entirety of a winning dividend, they should be betting on races run in Kentucky.”
“This will be the first time in American history a racing jurisdiction is requiring payment to the penny for all wagers and we hope it will not be the last,” Cummings added.
“This should put more money in the hands and accounts of horseplayers and inspire additional churn, something everyone across the sport should seek, yet remarkably eludes us as churn-killing super exotic bets and jackpot bets have expanded.
“Breaking to the penny will put millions of dollars back into the hands of horseplayers each year, wherever they are betting on Kentucky racing.
“Until other states make the change, Kentucky will have the advantage.”