Roughly two decades ago, racing generally leveraged many of its pre-existing locations as acceptable zones for gambling and in many jurisdictions, landed comfortable deals to share in slot revenues. There could be some places where racing may try to secure this.
But sports betting often produces far smaller margins than slot play. The number of outlets to be licensed in some states could far exceed the number of racetracks, and those independent locations will fight relentlessly to leave racing out, far more than racing will fight to be included. Passive deals where racing can be cut into the mix are unlikely to have much impact.
Our more active suggestion — racing must compete. We believe the most meaningful way racing will benefit, directly, is to meet the exploding sports betting industry where it is — with fixed-odds and exchange offerings to its existing and potential customers, and the development of new ways to bet on the sport.
Furthermore, the cost of a racing wager — takeout — must decline if racing is to survive in this market. Virtually all sports bets are placed with fixed-odds, as you heard, and customers are accustomed to it. They want to know the payoff they'll win. So who has the burden to ensure that racing does this?
Racetracks, many of which have slots facilities or full-fledged casinos as part of their business, will certainly seek to be in the sports betting business. Some already are - Monmouth, Parx pictured below , Penn National and Charles Town the latter three of which have full casinos on their property have already launched sports books. But will these tracks exploit this opportunity to generate increased revenue for themselves, or will racing be a part of that in some capacity?
They must ensure that any sports betting bill their jurisdiction considers clearly identifies horse racing as one of the sports upon whose outcomes sports betting licensees can offer wagering products. This would automatically legalize fixed-odds betting on horse races along with other sports, allowing racing to compete on the same terms. The path to structuring a deal is, admittedly, less clear. The mechanics of this are not simple, and every jurisdiction is in a different place in the sports betting legalization cycle at present.
New Jersey, without question, is farthest along. FanDuel also operates a sports book at The Meadowlands. English bookmaker William Hill has partnered with Monmouth Park since , launching a sportsbook in mid, shortly after the Supreme Court ruling enabled such an action. Racing cannot grow or thrive solely in a market where it continues to offer only its existing menu of pari-mutuel options — win, place, show, exacta, trifecta, superfecta, high-five, double, pick three, pick four, pick five, pick six and whatever outrageously expensive jackpot varietals one could imagine.
It should not go unnoticed that there ARE some clear benefits to pari-mutuel betting that should ensure its survival — notably the ability to earn potentially huge payoffs through exotic wagering, risks that bookmakers offering fixed-odds returns are generally unwilling to take.
Seth Klarman, billionaire investor and fund manager, and also passionate horse owner whose runners have accounted for more than 3, starts, recently gave a rare interview to The New Yorker regarding the state of the global markets. How could the future of North American horse racing wagering look? Here is just a small sampling of the possibilities.
Machine-learning should help automate pricing these markets to please both the market-makers and the customers. Pari-mutuel pooled trifectas, superfectas and multi-race Pick n wagers still have a place in the future, filling a market gap that fixed-odds operators are unlikely to want. A robust fixed-odds market should enliven development of the tote to focus on offering better service for exotic wagers, integrating technology available today with predictive pricing on those markets.
Commensurate with the growth of fixed-odds and exchange wagering, racing must improve the integrity functions of the sport. This includes all of the current requirements of stewards, but brought to a much higher standard of public disclosure and reporting. The status quo is far too casual. Fixed-odds and exchange wagering also require vigorous monitoring to protect both the integrity of the sport and the betting customers. The Board of Directors of the Thoroughbred Idea Foundation comprises a wide cross section of the sport — owners, breeders, horseplayers, former jockeys, industry executives — all business people who have enjoyed great success on the track and quite a bit away from it as well.
Our group is well aware of the dynamics that exist beyond our industry, and this paper implores the industry to embrace much-needed change. Furthermore, there is a fairly narrow window of time to accomplish this and still remain competitive in the minds of the American consumer, maybe two or three years, and a bit longer in some states that are slower to adopt legal sports betting. Action is required. The Round Table meeting in August featured a presentation by consultants from McKinsey who rightly noted the rise of sports betting, but contrary to our opinion, suggested racing had little reason to worry about the loss of customers, or cannibalization, due to sports betting.
Racing needs to change. Concurrently, they should also address the pricing scheme that exists through tote betting now and adjust it while they can. Different states will have different timelines. Some may strike more favorable terms than others.
Some will approach it in a different fashion. Some will have to adjust models after launch. Horsemen — now is the time to lead and preserve your future by embracing the unassailable change that is sweeping the land. Take the reins and start now. The future of the sport depends on it. Install Flash plug-in on your browser or use Chrome. Login Join.
Betting on Racing in Australia Having a casual punt on a horse race is one the most popular forms of betting in Australia, an activity dating all the way back to early European settlement, ther first official event taking place in Thoroughbred Horse Racing Thoroughbred horse racing has a very rich history in Australia, closely intertwined in the social fabric of many country towns around the country.
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