Please have a look at our feature story on Tampa Bay Downs on the Paulick Report here.
An interesting note on Tampa, as relayed in the article is the large handle growth they have had since the year 2000. During that time they have lowered takeout and been fairly horseplayer friendly on a number of issues.
In addition we have been asked several questions about the weighting system. We have linked our metrics on all articles, and at the right of the page here, however for a point of clarification: The metrics and weighting are based on factors which drive handle, via horseplayer satisfaction. Here is a short explanation that we have relayed to this question:
The HANA ratings are not what people think via a vote, or otherwise, rather how tracks score via available metrics on items that have horseplayer value and drive handle.
The complete list of metrics and weights are linked on the article. The weights were assigned based on elasticity of demand factors as follows.
1. Takeout (highest weight, elasticity = -2.3). Handle grows inversely proportional to takeout. We know anecdotally this is true, but we also know from study and empirically. In the last published study a reduction of takeout results in the highest increase of handle (elasticity of demand=-2.3). So tracks that have a lower takeout compared to one another is the largest factor, because the tracks with lower takeout are better for the player, increase the bet, and help grow customer satisfaction, which should help racing.
2. Field size is next. It has an elasticity of -.60. A field size which has one more horse per race grows handle by about 5%, allows bettors to bet more money, receive more value and is better for the game.
3. Wager variety is weighted next. We do not have a hard study on this, however players do want options, because there are a lot of sharks swimming in the pools. giving players options tends to up the bet empiricially. The e here is probably between -0.2 and -0.6.
4. Handle was in response to horseplayer feedback last year, like from horseplayer Nick Kling (who wrote a good article about this on his site) who asked for a field quality component. Small pools cause some problems. A track could have 10% takeout, but be a tough place to play, if for example a pick 3 pool has $400. If you hit three ten to one shots you are getting paid nowhere near fair odds and it acts like a takeout increase. This also addresses purse size, without giving points to slot tracks. The e on field quality is a low -0.06 as a stand-alone figure, but it is probably a bit higher when wagering is considered. this was weighted 4th.
5. Last was signal distribution. This is a new item, and it is hard to measure, however it could be one of the most important items in racing today in terms of its future from a player perspective and otherwise. When the signal was messed up at FG this year, handle was off 20+%. When the signal fee is high it squeezes wagering dollars out of peoples pockets as a takeout hike. We have received feedback that this should be weighted higher next year, so we will do some digging and try to find a more applicible weighting level based on that study.
Bill - a retired engineer from Houston Texas - crunches all those items, compares them track to track and the ratings are calculated.
We have no idea who will rank where until Bill hits the button. He then reports the figures, we report them to you via places like the Paulick Report, and after the exercise all data is posted on our website so players can have a look.
If you would like to know more about the weighting schemes, or to read references on studies by Thalheimer, Cummings et al, that helped weight the system please visit the HANA website.
HANA's was formed to give horseplayers a voice. Now is your chance to have your voice heard and read by racing. What do you like as a player at Tampa, what do you dislike? How can they do better, in your opinion? Please let them know at the Paulick Report.
Alert!
Wednesday, March 31, 2010
Tuesday, March 30, 2010
2010 Track Ratings: #4 Gulfstream Park
Please have a look at our feature story on Gulfstream on the Paulick Report here.
HANA's was formed to give horseplayers a voice. Now is your chance to have your voice heard and read by racing. What do you like as a player at GP, what do you dislike? How can they do better, in your opinion? Please let them know at the Paulick Report.
HANA's was formed to give horseplayers a voice. Now is your chance to have your voice heard and read by racing. What do you like as a player at GP, what do you dislike? How can they do better, in your opinion? Please let them know at the Paulick Report.
Monday, March 29, 2010
2010 Track Ratings: #5 Oaklawn Park
HANA's feature story on Oaklawn Park is released on the Paulick Report here.
HANA's was formed to give horseplayers a voice. Now is your chance to have your voice heard. What do you like as a player at Oaklawn, what do you dislike? How can they do better, in your opinion? Please let them know at the Paulick Report.
HANA's was formed to give horseplayers a voice. Now is your chance to have your voice heard. What do you like as a player at Oaklawn, what do you dislike? How can they do better, in your opinion? Please let them know at the Paulick Report.
Sunday, March 28, 2010
2010 Horseplayers Association of North America’s Proprietary Track Ratings
2010 Horseplayers Association of North America’s Proprietary Track Ratings to be Released This Week. Top Five Tracks to Be Announced Exclusively on the Paulick Report
HANA: “Signal distribution & handle size added to this year’s ratings, based on horseplayer feedback.”
FOR IMMEDIATE RELEASE
(March 28, 2010 Charlottesville, Virginia) – The Horseplayers Association of North America is proud to announce its second annual Track Ratings List will be released beginning this week. The top five rated North American racetracks will be announced exclusively on the Paulick Report.
“After several months of tabulation and discussion, we are very happy to be able to release this year’s track ratings,” said HANA President Jeff Platt. “We are especially proud to have the ratings evolve by adding new metrics based on horseplayer feedback. We would also like to thank the folks at the Paulick Report for releasing them on their website.”
“The Paulick Report is excited about the opportunity to publish HANA’s exclusive ratings, which I believe provide a very important service to the industry,” said Ray Paulick. “Among the variety of things they do to give a voice to the horseplayer, HANA’s annual ranking of tracks is probably the most valuable. It gives racetracks a chance to evaluate their business models from the customer’s perspective, a very important tool as we all strive to make this industry the best it can be.”
Last year we released our top 65 tracks in North America based on the player-friendly measurable metrics of field size, takeout level, and wager variety. This year, we will again be using the same metrics for our base rating system, however, in response to horseplayer and media feedback, we will also be adding a signal distribution grade and handle size, and incorporating those two items into the final scores.
The fees tracks charge for their signal have been in the news the past year or more, because several tracks have raised, or are looking to raise their fees, as a way to increase revenues. As well, some tracks are not as accommodating as others in offering their signal out to all ADW’s. A high fee hurts the at home player, because less can be offered to them in terms of soft innovations, and player rewards. A signal with limited distribution also causes hardship, because players have to get more than one ADW account to play the tracks they want to play. With Internet wagering being racings only growth segment in 2009, HANA and horseplayers believe tracks who maximize this medium by being player friendly and trying to grow our sport, should get a higher score than those who do not.
In addition, handle per race was deemed important because most horseplayers do not like betting very small pools, and in many cases one receives a de-facto takeout hike by playing exotics into them. We think this metric addresses some of the feedback from members and non-members about adding a quantitative field quality component, as well.
We look forward to releasing this year’s list and hope horseplayers everywhere follow the Paulick Report, and give both the tracks themselves and HANA their feedback on their likes and dislikes about our rated tracks.
At the conclusion of the list, we will again be adding our full 2010 numbers for all 69 rated tracks as a player resource on our website.
To look at our methodology and algorithm for the ratings system, click here.
To contact us at HANA, please email us at info @ hanaweb.org.
The Horseplayers Association of North America is a grassroots group of horseplayers, not affiliated with any organization, who are not pleased with the direction the game has taken. HANA believes that both tracks and horseman groups have become bogged down with industry infighting and have completely forgotten something: The importance of the customer. HANA hopes, through proactive change on several key issues (including but not limited to), open signal access, lower effective takeouts, wagering integrity, affordable data and customer appreciation, the industry’s handle losses can be reversed. HANA is currently made up of over 1500 horseplayers (both harness and thoroughbred) from almost all states and Canadian provinces. It currently represents over $70,000,000 of yearly racing handle.
Our web address is http://www.horseplayersassociation.org and interested horseplayers can sign up there for free. We are horseplayers, just like you and we are trying to make a difference. We need, appreciate, and ask humbly for your support.
HANA: “Signal distribution & handle size added to this year’s ratings, based on horseplayer feedback.”
FOR IMMEDIATE RELEASE
(March 28, 2010 Charlottesville, Virginia) – The Horseplayers Association of North America is proud to announce its second annual Track Ratings List will be released beginning this week. The top five rated North American racetracks will be announced exclusively on the Paulick Report.
“After several months of tabulation and discussion, we are very happy to be able to release this year’s track ratings,” said HANA President Jeff Platt. “We are especially proud to have the ratings evolve by adding new metrics based on horseplayer feedback. We would also like to thank the folks at the Paulick Report for releasing them on their website.”
“The Paulick Report is excited about the opportunity to publish HANA’s exclusive ratings, which I believe provide a very important service to the industry,” said Ray Paulick. “Among the variety of things they do to give a voice to the horseplayer, HANA’s annual ranking of tracks is probably the most valuable. It gives racetracks a chance to evaluate their business models from the customer’s perspective, a very important tool as we all strive to make this industry the best it can be.”
Last year we released our top 65 tracks in North America based on the player-friendly measurable metrics of field size, takeout level, and wager variety. This year, we will again be using the same metrics for our base rating system, however, in response to horseplayer and media feedback, we will also be adding a signal distribution grade and handle size, and incorporating those two items into the final scores.
The fees tracks charge for their signal have been in the news the past year or more, because several tracks have raised, or are looking to raise their fees, as a way to increase revenues. As well, some tracks are not as accommodating as others in offering their signal out to all ADW’s. A high fee hurts the at home player, because less can be offered to them in terms of soft innovations, and player rewards. A signal with limited distribution also causes hardship, because players have to get more than one ADW account to play the tracks they want to play. With Internet wagering being racings only growth segment in 2009, HANA and horseplayers believe tracks who maximize this medium by being player friendly and trying to grow our sport, should get a higher score than those who do not.
In addition, handle per race was deemed important because most horseplayers do not like betting very small pools, and in many cases one receives a de-facto takeout hike by playing exotics into them. We think this metric addresses some of the feedback from members and non-members about adding a quantitative field quality component, as well.
We look forward to releasing this year’s list and hope horseplayers everywhere follow the Paulick Report, and give both the tracks themselves and HANA their feedback on their likes and dislikes about our rated tracks.
At the conclusion of the list, we will again be adding our full 2010 numbers for all 69 rated tracks as a player resource on our website.
To look at our methodology and algorithm for the ratings system, click here.
To contact us at HANA, please email us at info @ hanaweb.org.
The Horseplayers Association of North America is a grassroots group of horseplayers, not affiliated with any organization, who are not pleased with the direction the game has taken. HANA believes that both tracks and horseman groups have become bogged down with industry infighting and have completely forgotten something: The importance of the customer. HANA hopes, through proactive change on several key issues (including but not limited to), open signal access, lower effective takeouts, wagering integrity, affordable data and customer appreciation, the industry’s handle losses can be reversed. HANA is currently made up of over 1500 horseplayers (both harness and thoroughbred) from almost all states and Canadian provinces. It currently represents over $70,000,000 of yearly racing handle.
Our web address is http://www.horseplayersassociation.org and interested horseplayers can sign up there for free. We are horseplayers, just like you and we are trying to make a difference. We need, appreciate, and ask humbly for your support.
Wednesday, March 24, 2010
Winners Bonus Downunder
Yesterday’s Daily Telegraph contained a report by Ray Thomas about a planned 10% win bonus on the NSW TAB for on-course punters.
Whilst there are some questions about how the bonus will be applied, the rumoured initiative – which is odds on to happen if Ray’s mail is true to form – should be welcomed by punters, particularly if it becomes a regular occurrence.
Importantly, the planned bonus suggests that Tabcorp believes that the price of wagering is an important factor for punters. Important enough, they think, to draw punters back to the race track. Surely it can’t be too much of a stretch for racing administrators to recognise that take out rates will influence more than simply who punters choose to bet with – it will also influence what products they choose bet on.
More here
Whilst there are some questions about how the bonus will be applied, the rumoured initiative – which is odds on to happen if Ray’s mail is true to form – should be welcomed by punters, particularly if it becomes a regular occurrence.
Importantly, the planned bonus suggests that Tabcorp believes that the price of wagering is an important factor for punters. Important enough, they think, to draw punters back to the race track. Surely it can’t be too much of a stretch for racing administrators to recognise that take out rates will influence more than simply who punters choose to bet with – it will also influence what products they choose bet on.
More here
Friday, March 19, 2010
Convenience & Price
There was a nice bookend of pieces linked from Equidaily.com yesterday.
The first from columnist and horseplayer Richard Eng spoke of the Monmouth experiment this year. Like quite a few people in racing, and we have spoken of this many times on the blog, Richard believes that subsidy money in a grand experiment should be used to subsidize demand as well.
What I suggest is a reduction to 10 percent takeout in the straight pools, win, place and show. The takeout is currently 17 percent. The 7 percent difference is in essence a subsidy for horseplayers. Between higher returns to bettors and more handle because of an improved racing product, the Monmouth churn in straight pools should explode. The increased revenue will theoretically offset givebacks by the track and simulcast outlets.
Considering Monmouth is courageous enough to make this great experiment, why not include us players, too?
Monmouth has a fairly good takeout grade of C+ for 2009. They have, as has the Meadowlands, the best pick 4 takes around, and they provide value. But I, like Rich wonder, if they go to a 50 day meet, get field size up, and lower takeout, they could easily be the best (or near best) track to play in terms of horseplayer value in North America. If their meet goes well this year it would be something to think about for 2011.
Second up, the Trackmaster blog has a piece on playing from home.
When I’m out at the track these days, it’s mainly to have a good time and enjoy the sport up close with family or friends. My gambling results are usually not that great and I’m ok with that, because when I play seriously it’s from home. Most of the time I’m out with people who are relatively unfamiliar with the sport and wagering in general so most of my time is spent educating them on the finer points and how to place bets. I love introducing new people to the sport and if my handicapping suffers from it, so be it.
I could not agree more. My time at the track now is a social one. And I do not mind that a bit. The track, its sights and smells, the camaraderie, the splitting tickets to have some fun, is all good.
He makes a good point about laptops, however. Tracks are simply not laptop friendly, and with so many people using them for race replays, software and the like, it is something that tracks must do better. I remember going to a track about a year ago on a vacation and asked if I could plug in my laptop and use it at a simulcast center. I had all my forms, software and everything I use to handicap on the computer. After some time, the manager came out and said no. I was planning to give them some good revenue, by betting through the windows but they refused. Because I had done so much work I went to my hotel room, made my bets through an ADW for the races, and that was that.
I am not sure that is a proper way to do business. When bettors want to give you money and support your live racing, you should never turn them away.
The first from columnist and horseplayer Richard Eng spoke of the Monmouth experiment this year. Like quite a few people in racing, and we have spoken of this many times on the blog, Richard believes that subsidy money in a grand experiment should be used to subsidize demand as well.
What I suggest is a reduction to 10 percent takeout in the straight pools, win, place and show. The takeout is currently 17 percent. The 7 percent difference is in essence a subsidy for horseplayers. Between higher returns to bettors and more handle because of an improved racing product, the Monmouth churn in straight pools should explode. The increased revenue will theoretically offset givebacks by the track and simulcast outlets.
Considering Monmouth is courageous enough to make this great experiment, why not include us players, too?
Monmouth has a fairly good takeout grade of C+ for 2009. They have, as has the Meadowlands, the best pick 4 takes around, and they provide value. But I, like Rich wonder, if they go to a 50 day meet, get field size up, and lower takeout, they could easily be the best (or near best) track to play in terms of horseplayer value in North America. If their meet goes well this year it would be something to think about for 2011.
Second up, the Trackmaster blog has a piece on playing from home.
When I’m out at the track these days, it’s mainly to have a good time and enjoy the sport up close with family or friends. My gambling results are usually not that great and I’m ok with that, because when I play seriously it’s from home. Most of the time I’m out with people who are relatively unfamiliar with the sport and wagering in general so most of my time is spent educating them on the finer points and how to place bets. I love introducing new people to the sport and if my handicapping suffers from it, so be it.
I could not agree more. My time at the track now is a social one. And I do not mind that a bit. The track, its sights and smells, the camaraderie, the splitting tickets to have some fun, is all good.
He makes a good point about laptops, however. Tracks are simply not laptop friendly, and with so many people using them for race replays, software and the like, it is something that tracks must do better. I remember going to a track about a year ago on a vacation and asked if I could plug in my laptop and use it at a simulcast center. I had all my forms, software and everything I use to handicap on the computer. After some time, the manager came out and said no. I was planning to give them some good revenue, by betting through the windows but they refused. Because I had done so much work I went to my hotel room, made my bets through an ADW for the races, and that was that.
I am not sure that is a proper way to do business. When bettors want to give you money and support your live racing, you should never turn them away.
Wednesday, March 17, 2010
Roger Way Joins HANA as First State Rep
We are pleased to announce that Roger Way of California has joined HANA as its very first State Representative. Roger has been a dedicated California horseplayer for many years, and has always been a keen observer of everything California and racing. Whether it be through emails to racings leaders, following CHRB meetings, or speaking to fellow horseplayers, he has been there, watching learning and letting his voice be heard.
"I have been a fan of horse racing since I was 14 years old, and made my first bet at Del Mar a winning one on a horse named "Speedmark" for $18.60. My Dad placed the bet for us and we had a good meal that night and we needed one. My experience with horse racing has been in California for the most part."
"I have always felt that race fans lacked proper representation and could add important input to make the entire game better, but there was no way to make that happen without an organization that was recognized by the industry. We now have that chance with HANA. Though I recognize there will always be different opinions among horse players because it is our nature to be somewhat contrary to the status quo, we must work for the common good, not just for ourselves."
As HANA's state representative in California, Roger will be in charge of bringing any California issue to the board (and other members). He will also make recommendations on a results-based solution to any problem, and hopefully help resolve those problems with those in charge in California. With track surface issues, takeout hikes and a very tough business environment in the state, he will certainly be kept busy.
Roger has often said "racing is a three legged stool, with horsemen, regulators and track owners, but no horseplayers." We hope Roger helps represent the much-needed fourth leg of that stool in California for HANA and all bettors.
Roger's professional background was in corporate management with a well-known electronics manufacturer. Now retired, Roger plays the horses.
"I still love to play the horses, because it keeps me young at heart."
We are delighted Roger has joined the HANA team to help make horse racing better in California.
To join Roger and all of us at HANA you can right here, for free.
"I have been a fan of horse racing since I was 14 years old, and made my first bet at Del Mar a winning one on a horse named "Speedmark" for $18.60. My Dad placed the bet for us and we had a good meal that night and we needed one. My experience with horse racing has been in California for the most part."
"I have always felt that race fans lacked proper representation and could add important input to make the entire game better, but there was no way to make that happen without an organization that was recognized by the industry. We now have that chance with HANA. Though I recognize there will always be different opinions among horse players because it is our nature to be somewhat contrary to the status quo, we must work for the common good, not just for ourselves."
As HANA's state representative in California, Roger will be in charge of bringing any California issue to the board (and other members). He will also make recommendations on a results-based solution to any problem, and hopefully help resolve those problems with those in charge in California. With track surface issues, takeout hikes and a very tough business environment in the state, he will certainly be kept busy.
Roger has often said "racing is a three legged stool, with horsemen, regulators and track owners, but no horseplayers." We hope Roger helps represent the much-needed fourth leg of that stool in California for HANA and all bettors.
Roger's professional background was in corporate management with a well-known electronics manufacturer. Now retired, Roger plays the horses.
"I still love to play the horses, because it keeps me young at heart."
We are delighted Roger has joined the HANA team to help make horse racing better in California.
To join Roger and all of us at HANA you can right here, for free.
Monday, March 15, 2010
Undercover Bettor
As most know, Churchill COO Bill Carstanjen was the protagonist on last night’s Undercover Boss on CBS. I really enjoyed the show to be quite frank. It is fun to see a fish out of water, when the water is a racetrack – a place we all know as horse owners, fans and bettors. He spoke with many at the track – a trainer, a jockey valet, a press person and a cleaning person.
But I wondered what it would be like if one of the jobs he took was that of a customer?
First Bill would have to wake up really early, or stay up really late, reading the program, or Racing Form. He would have to work at it, because betting is difficult. Then he and his shadow, Bettor Pete, would have to head to the track, pay for parking, admission and head to his spot in the simulcast center. There he would have to track down the changes – always a tough task at a simo-center. And make all necessary adjustments.
Then it would be time to make a bet.
He and Bettor Pete would check the TV monitors and see that an exacta was paying $22 at two minutes to post, but the other track they were following, a similar ex is paying $38.
“Let’s play the $38 one, as it is paying more” COO Bill says.
“Each track decides if it shows payouts in $1 increments or $2 increments. The $22 ex for $1 is actually a better bet than the $38 one for $2. So we should bet the $22 one.” Bettor Pete explains.
"How do you know which track shows $1 and which $2?" asks COO Bill.
"Experience. It took me a long while, though" replies Pete.
"That seems strange, especially for new people racing is trying to attract" says Bill.
"That's the way it works, " says Bettor Pete.
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “Why would racing not show all increments the same, for the good of the customer?”
Then the race would go off, with Bill and the bettor holding a live $2 3-2 ex for $44 smackers if successful. It is looking good. The three horse has a big lead and the two is coming wide…… yes! Victory!
But there is an inquiry. Bill and his bettor are trembling – although it appears there will be no change, after all we saw this type of non-infraction be left up 100 times or more – it is never an easy time for a bettor. Then the tote board goes dim, there has been a change. It is announced, with no real explanation from anyone on camera and the prices are displayed.
“What happened”, says COO Bill. “Is your money just gone?”
“Yes, that’s the way it works” says the bettor. “In places like Australia and Hong Kong they have protocols to handle inquiries so the public is better informed, but here it goes from track to track. Most times your money just changes hands without nary a peep. And rulings change from track to track, so it is a bit of a mystery”
“Well I guess someone wins when you lose, so bettors are still getting paid somewhere”, COO Bill explains.
“Sure” says Pete. “But if you went to work on Friday and found that your paycheck was given to someone else, would you be happy because at least someone got paid?”
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not have a uniform set of inquiry rules, and report it the same way all across the sport, so customers feel that their money is more respected?”
“On to the next race,” says the bettor.
For the second, Bill and the bettor both agree, the seven horse is the play. He is 6-1, and looks like an overlay.
“The only problem I see,” says the bettor, “is that the six horse is trained by a guy who just got caught with a positive test, so we clearly have to watch out for this fella.”
“Positive test?” says COO Bill. “If he has a positive test, why is he training a horse in a race today?”
“That’s the way it works,” says the bettor.
As the race draws closer the odds drop to 5-1 on their potential play, but still right in the wheelhouse of the bettor.
“Anything over 4-1 and this bet is King” our bettor tells Bill.
“Gotcha” says Bill. “Let’s go bet”
At ten seconds to post they lay their cash down. They each bet $40 to win.
Any they’re off. The seven horse, their bet, gets an easy lead. $40 at 5-1 is $200 profit, a nice days work. But COO Bill – a numbers guy at heart – notices that at the bottom of the screen the horse, who was just 5-1 at the quarter, is now 5-2 at the half!
“Hey our horse is 5-2 now!” he pleads to bettor Pete.
The horse, all out in a game effort, loses in the last jump.
“Oh well”, says the bettor.
“Oh well!?! What do you mean, oh well. We just bet a horse at 5-1, and we said we would never bet him at anything less than 4-1. He ended up at 5-2 while the race was being run!!! What the heck is up with that? How can we take the odds board seriously!?”
“That’s the way it works,” says the bettor. “Racing probably has the power to do something about it, but we just end up waiting and waiting for a tote system overhaul, fixed odds betting, or something to address it. I think a lot of them are only concerned with slots.”
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not update the archaic tote system to 21st century technology, to make it better for customers and help grow racing?”
“For our last race of the day, I do like the four at Fair Grounds…...” says the bettor.
Bill jumps in: “Fair Grounds, I like that track!”
“No, I was going to say I do like the four at Fair Grounds, but I have stopped betting that track because this meet there was signal dispute. These things happen time and time again and bettors are left out in the cold. I, and many players here, are stopping playing tracks that do that.”
“I’m sure they have a reason for doing that… " says COO Bill.
"I don't know why they do it, but that's the way it works," says Pete.
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not fix any issues amongst themselves without withholding signals, so the bettors can still play their favorite tracks?”
“Well what about the next at Calder” says COO Bill.
“I don’t play Calder. They raised takeout two years ago." replies Pete.
"Oh" says Bill.
“Well, it’s been a pleasure Pete” says COO Bill.
“So do you want to be a bettor Billy?” asks Pete.
“If racing makes some changes, Pete, only if they make some changes.” says COO Bill.
But I wondered what it would be like if one of the jobs he took was that of a customer?
First Bill would have to wake up really early, or stay up really late, reading the program, or Racing Form. He would have to work at it, because betting is difficult. Then he and his shadow, Bettor Pete, would have to head to the track, pay for parking, admission and head to his spot in the simulcast center. There he would have to track down the changes – always a tough task at a simo-center. And make all necessary adjustments.
Then it would be time to make a bet.
He and Bettor Pete would check the TV monitors and see that an exacta was paying $22 at two minutes to post, but the other track they were following, a similar ex is paying $38.
“Let’s play the $38 one, as it is paying more” COO Bill says.
“Each track decides if it shows payouts in $1 increments or $2 increments. The $22 ex for $1 is actually a better bet than the $38 one for $2. So we should bet the $22 one.” Bettor Pete explains.
"How do you know which track shows $1 and which $2?" asks COO Bill.
"Experience. It took me a long while, though" replies Pete.
"That seems strange, especially for new people racing is trying to attract" says Bill.
"That's the way it works, " says Bettor Pete.
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “Why would racing not show all increments the same, for the good of the customer?”
Then the race would go off, with Bill and the bettor holding a live $2 3-2 ex for $44 smackers if successful. It is looking good. The three horse has a big lead and the two is coming wide…… yes! Victory!
But there is an inquiry. Bill and his bettor are trembling – although it appears there will be no change, after all we saw this type of non-infraction be left up 100 times or more – it is never an easy time for a bettor. Then the tote board goes dim, there has been a change. It is announced, with no real explanation from anyone on camera and the prices are displayed.
“What happened”, says COO Bill. “Is your money just gone?”
“Yes, that’s the way it works” says the bettor. “In places like Australia and Hong Kong they have protocols to handle inquiries so the public is better informed, but here it goes from track to track. Most times your money just changes hands without nary a peep. And rulings change from track to track, so it is a bit of a mystery”
“Well I guess someone wins when you lose, so bettors are still getting paid somewhere”, COO Bill explains.
“Sure” says Pete. “But if you went to work on Friday and found that your paycheck was given to someone else, would you be happy because at least someone got paid?”
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not have a uniform set of inquiry rules, and report it the same way all across the sport, so customers feel that their money is more respected?”
“On to the next race,” says the bettor.
For the second, Bill and the bettor both agree, the seven horse is the play. He is 6-1, and looks like an overlay.
“The only problem I see,” says the bettor, “is that the six horse is trained by a guy who just got caught with a positive test, so we clearly have to watch out for this fella.”
“Positive test?” says COO Bill. “If he has a positive test, why is he training a horse in a race today?”
“That’s the way it works,” says the bettor.
As the race draws closer the odds drop to 5-1 on their potential play, but still right in the wheelhouse of the bettor.
“Anything over 4-1 and this bet is King” our bettor tells Bill.
“Gotcha” says Bill. “Let’s go bet”
At ten seconds to post they lay their cash down. They each bet $40 to win.
Any they’re off. The seven horse, their bet, gets an easy lead. $40 at 5-1 is $200 profit, a nice days work. But COO Bill – a numbers guy at heart – notices that at the bottom of the screen the horse, who was just 5-1 at the quarter, is now 5-2 at the half!
“Hey our horse is 5-2 now!” he pleads to bettor Pete.
The horse, all out in a game effort, loses in the last jump.
“Oh well”, says the bettor.
“Oh well!?! What do you mean, oh well. We just bet a horse at 5-1, and we said we would never bet him at anything less than 4-1. He ended up at 5-2 while the race was being run!!! What the heck is up with that? How can we take the odds board seriously!?”
“That’s the way it works,” says the bettor. “Racing probably has the power to do something about it, but we just end up waiting and waiting for a tote system overhaul, fixed odds betting, or something to address it. I think a lot of them are only concerned with slots.”
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not update the archaic tote system to 21st century technology, to make it better for customers and help grow racing?”
“For our last race of the day, I do like the four at Fair Grounds…...” says the bettor.
Bill jumps in: “Fair Grounds, I like that track!”
“No, I was going to say I do like the four at Fair Grounds, but I have stopped betting that track because this meet there was signal dispute. These things happen time and time again and bettors are left out in the cold. I, and many players here, are stopping playing tracks that do that.”
“I’m sure they have a reason for doing that… " says COO Bill.
"I don't know why they do it, but that's the way it works," says Pete.
The camera would then show Bill looking melancholy-like into the air, scratching his chin, wondering, “why would racing not fix any issues amongst themselves without withholding signals, so the bettors can still play their favorite tracks?”
“Well what about the next at Calder” says COO Bill.
“I don’t play Calder. They raised takeout two years ago." replies Pete.
"Oh" says Bill.
“Well, it’s been a pleasure Pete” says COO Bill.
“So do you want to be a bettor Billy?” asks Pete.
“If racing makes some changes, Pete, only if they make some changes.” says COO Bill.
Friday, March 12, 2010
Never One to Mince Words
Jeff Gural, the New York real estate magnate and racetrack owner has this to say in the Bloodhorse from the HTA conference. This is hot on the heels of the Tioga Downs takeout reduction announced yesterday. Takeout was brought down to the minimum as guided by New York state law.
At a panel discussing on suggestions for improvements to racing, Jeff Gural, the owner of harness tracks at Tioga Downs and Vernon Downs, New York, suggested that the light attendance was because “the race tracks that don’t have slots aren’t here because they can’t afford it. Those that do have slots aren’t here because they don’t care about racing any more.”
and
Gural said, “even though I’ve lost a lot of money, I still enjoy running Tioga Park.” And despite his losses, he remains an advocate of reducing the takeout. “If you’ve got slots,” he said, “the pari-mutuel revenues are a drop in the bucket. Why offer slots with an 8% takeout and then charge people 20% to bet on racing?”
He clearly has a lot of guts to say this to his fellow track owners. And we, as a Horseplayer Association, will ask racing with him: Why are states prohibiting track owners from lowering their prices? Why can't slots tracks (where the bulk of the money comes from slots for purses, not pari-mutuel revenue) charge as low a price as they want?
Tioga VP Settlemoir: "“We would even consider going lower on the takeout rates to between eight and nine per cent like the typical hold in the casino world if the state would allow us."
When will our business, in as bad a need for change as any business on earth, stop standing in people like Jeff Gural's way?
At a panel discussing on suggestions for improvements to racing, Jeff Gural, the owner of harness tracks at Tioga Downs and Vernon Downs, New York, suggested that the light attendance was because “the race tracks that don’t have slots aren’t here because they can’t afford it. Those that do have slots aren’t here because they don’t care about racing any more.”
and
Gural said, “even though I’ve lost a lot of money, I still enjoy running Tioga Park.” And despite his losses, he remains an advocate of reducing the takeout. “If you’ve got slots,” he said, “the pari-mutuel revenues are a drop in the bucket. Why offer slots with an 8% takeout and then charge people 20% to bet on racing?”
He clearly has a lot of guts to say this to his fellow track owners. And we, as a Horseplayer Association, will ask racing with him: Why are states prohibiting track owners from lowering their prices? Why can't slots tracks (where the bulk of the money comes from slots for purses, not pari-mutuel revenue) charge as low a price as they want?
Tioga VP Settlemoir: "“We would even consider going lower on the takeout rates to between eight and nine per cent like the typical hold in the casino world if the state would allow us."
When will our business, in as bad a need for change as any business on earth, stop standing in people like Jeff Gural's way?
Thursday, March 11, 2010
Tioga Lowers Takeout to New York State Minimums
Tioga VP Settlemoir: "“We would even consider going lower on the takeout rates to between eight and nine per cent like the typical hold in the casino world if the state would allow us."
Press Release March 11, 2010
Tioga Downs, in its relatively short history, has consistently been on the cutting edge of adapting the racing model toward a more positive result. In a direct response to the vocal concerns of horseplayers, Tioga Downs will reduce its takeout rate across the board to the state minimum allowed by New York law for the 2010 racing season pending regulatory approval of the New York State Racing and Wagering Board. By taking such an action, Tioga management is hopeful that a positive response, over due course, will result in increased handle on its live races and foster an industry trend toward more competitive pricing.
A mutually beneficial dialogue has been ongoing between Tioga management and the Horseplayers Association of North America (HANA) toward how the needs of the bettor may best be met. HANA is a critical resource in understanding our customer and their input has been logical and subjective throughout. They recently conducted a member survey, where over 600 horseplayers who bet more than two times a week on average answered 50 questions, which yielded some interesting stats. Most notable among those was the 85.1% of those polled who voiced “moderate to extreme concern” over high takeout versus the 2.8% who answered that they had “no concern at all” over the cost of wagering. The same poll indicated that 53.9% would be likely to increase their wagering at a reduced level.
Jeff Platt, the president of HANA, had this to say in support of Tioga’s initiative: “We believe lower takeout is a step in the right direction and applaud Tioga for reaching out to the customer. Lower takeout gives players a better chance to win and over time enables players to bet more. In addition, by offering a low signal fee, Tioga is telling both ADWs and horseplayers 'We want your business.' We encourage horseplayers everywhere to support Tioga by betting their product.”
Tioga Downs' 2009 takeout rates were 18% for Win/Place/Show; 20% for exactas/doubles and 25% for all other exotics. For the 2010 race season the price of those wagers will be reduced as follows: 15% Win/Place/Show; 17% exacta/double and 21% for all other exotics, pending regulatory approval.
“Horseplayers have voiced their concern over the high takeout rates across our industry and we are responding to their call,” said Jason Settlemoir, Tioga Downs’ VP of Racing and Simulcast. “The USTA recently polled visitors to their website and 1,259 out of 1,710 people who voted (roughly 74%) responded they would be more apt to bet races if a track lowered their takeout rate. We will advertise that our takeout rates are the lowest allowed by law in New York State, and are anxious to see if business picks up due to the bettor realizing more money is going back in their pockets. We hope that bettors and host sites will support our initiative to lower takeout rates, and if our handle goes up, maybe our industry as a whole will adopt this philosophy.
“We would even consider going lower on the takeout rates to between eight and nine per cent like the typical hold in the casino world if the state would allow us, and our export sites would be on board.
“This will be a one-year pilot program that the STHHA stands behind, we had hoped to try this at Vernon as well but could not get the horsemen’s consent,” said Settlemoir.
In an effort to offset costs to host sites (tracks, OTBs and internet platforms which take wagering on the Tioga Downs product) the price of the signal to the majority of sites will be reduced to 2% and decoders will once again cost only $50 a month.
As of today the takeout rates are pending regulatory approval of the New York State Racing and Wagering Board.
For more information on Tioga Downs, visit www.tiogadowns.com.
(Tioga)
Press Release March 11, 2010
Tioga Downs, in its relatively short history, has consistently been on the cutting edge of adapting the racing model toward a more positive result. In a direct response to the vocal concerns of horseplayers, Tioga Downs will reduce its takeout rate across the board to the state minimum allowed by New York law for the 2010 racing season pending regulatory approval of the New York State Racing and Wagering Board. By taking such an action, Tioga management is hopeful that a positive response, over due course, will result in increased handle on its live races and foster an industry trend toward more competitive pricing.
A mutually beneficial dialogue has been ongoing between Tioga management and the Horseplayers Association of North America (HANA) toward how the needs of the bettor may best be met. HANA is a critical resource in understanding our customer and their input has been logical and subjective throughout. They recently conducted a member survey, where over 600 horseplayers who bet more than two times a week on average answered 50 questions, which yielded some interesting stats. Most notable among those was the 85.1% of those polled who voiced “moderate to extreme concern” over high takeout versus the 2.8% who answered that they had “no concern at all” over the cost of wagering. The same poll indicated that 53.9% would be likely to increase their wagering at a reduced level.
Jeff Platt, the president of HANA, had this to say in support of Tioga’s initiative: “We believe lower takeout is a step in the right direction and applaud Tioga for reaching out to the customer. Lower takeout gives players a better chance to win and over time enables players to bet more. In addition, by offering a low signal fee, Tioga is telling both ADWs and horseplayers 'We want your business.' We encourage horseplayers everywhere to support Tioga by betting their product.”
Tioga Downs' 2009 takeout rates were 18% for Win/Place/Show; 20% for exactas/doubles and 25% for all other exotics. For the 2010 race season the price of those wagers will be reduced as follows: 15% Win/Place/Show; 17% exacta/double and 21% for all other exotics, pending regulatory approval.
“Horseplayers have voiced their concern over the high takeout rates across our industry and we are responding to their call,” said Jason Settlemoir, Tioga Downs’ VP of Racing and Simulcast. “The USTA recently polled visitors to their website and 1,259 out of 1,710 people who voted (roughly 74%) responded they would be more apt to bet races if a track lowered their takeout rate. We will advertise that our takeout rates are the lowest allowed by law in New York State, and are anxious to see if business picks up due to the bettor realizing more money is going back in their pockets. We hope that bettors and host sites will support our initiative to lower takeout rates, and if our handle goes up, maybe our industry as a whole will adopt this philosophy.
“We would even consider going lower on the takeout rates to between eight and nine per cent like the typical hold in the casino world if the state would allow us, and our export sites would be on board.
“This will be a one-year pilot program that the STHHA stands behind, we had hoped to try this at Vernon as well but could not get the horsemen’s consent,” said Settlemoir.
In an effort to offset costs to host sites (tracks, OTBs and internet platforms which take wagering on the Tioga Downs product) the price of the signal to the majority of sites will be reduced to 2% and decoders will once again cost only $50 a month.
As of today the takeout rates are pending regulatory approval of the New York State Racing and Wagering Board.
For more information on Tioga Downs, visit www.tiogadowns.com.
(Tioga)
Wednesday, March 10, 2010
2009 Thoroughbred Handle - At Different Takeout Levels
Will Cummings in his comprehensive report for racing titled "Analysis of the Data and Fundamental Economics Behind Recent Trends in the Thoroughbred Racing Industry" said this: "the industry’s frequently-touted “churn factor” of 7" when referring to churn rates (i.e. the amount bet as a multiple of original dollars). This is no secret as we have all heard racing speak of that churn rate innumerable times.
So, that got us thinking. If the industry itself gives us the rate customers churn, we can pretty easily calculate what handle would be at differing takeout levels. And that is what we did for 2009 (data here):
This does not use the Thalheimer model, or any other behavioral model for takeout. For example, clearly at 40% takeout, almost every player will tell you that the board will have zero value and there is no way handle would be as high as $6.7 billion. However, using a churn factor that racing itself has trumpeted and extrapolating it at different takeout levels, this is a list that we found very eye-opening.
So, that got us thinking. If the industry itself gives us the rate customers churn, we can pretty easily calculate what handle would be at differing takeout levels. And that is what we did for 2009 (data here):
This does not use the Thalheimer model, or any other behavioral model for takeout. For example, clearly at 40% takeout, almost every player will tell you that the board will have zero value and there is no way handle would be as high as $6.7 billion. However, using a churn factor that racing itself has trumpeted and extrapolating it at different takeout levels, this is a list that we found very eye-opening.
Monday, March 8, 2010
HANA Day at the Races: Keeneland April 17th
The Horseplayers Association of North America (HANA) is pleased to announce that its next HANA Day at the Races will take place on Saturday, April 17 at lovely Keeneland in Lexington, Kentucky.
We hope you will take this opportunity to enjoy a wonderful afternoon hanging out with fellow horseplayers handicapping and playing the races at picturesque Keeneland Racecourse. In addition, it is a great time to meet and exchange ideas with fellow HANA members and well as several member of the HANA Board of Directors. 2009 HANA Day at the Races at Keeneland was so well received by our members who participated that it was an easy decision to return to Keeneland this April.
April 17 is also Coolmore Lexington Stakes Day so you will also get a chance to see some potential Derby contenders in action. We will also be trying to put together a few additional group activities such as tours during the weekend which will we give further details on as the event draws near, and if you have any suggestions or interest in anything specific along those lines please let us know.
If you are interested in attending HANA Day at the Races and would like to RSVP or have any questions, please send an e-mail to theresia@hanaweb.org.
Thank you very much and we hope to see at Keeneland on April 17!
We hope you will take this opportunity to enjoy a wonderful afternoon hanging out with fellow horseplayers handicapping and playing the races at picturesque Keeneland Racecourse. In addition, it is a great time to meet and exchange ideas with fellow HANA members and well as several member of the HANA Board of Directors. 2009 HANA Day at the Races at Keeneland was so well received by our members who participated that it was an easy decision to return to Keeneland this April.
April 17 is also Coolmore Lexington Stakes Day so you will also get a chance to see some potential Derby contenders in action. We will also be trying to put together a few additional group activities such as tours during the weekend which will we give further details on as the event draws near, and if you have any suggestions or interest in anything specific along those lines please let us know.
If you are interested in attending HANA Day at the Races and would like to RSVP or have any questions, please send an e-mail to theresia@hanaweb.org.
Thank you very much and we hope to see at Keeneland on April 17!
Tuesday, March 2, 2010
Letter to Florida Regarding Uniform Surface Change Rules
Sir/Madam,
On Saturday February 27, at Gulfstream Park the last race was changed from turf to dirt after multi-leg wagers were made. As you know, the jockey's refused to ride the last race on the turf. We certainly respect their decision as horseplayers, because their safety, and the safety of the horses is of paramount importance to everyone. However, we consider the way that multi-leg wagers were handled troubling.
The Horseplayers Association of North America, an advocacy group which represents close to 1,500 horseplayers, asks that changes be made immediately regarding late surface changes.
Turf and dirt are completely different, and most horseplayers handicap them differently. If a race is taken off the turf, a completely different set of mechanics are used by horseplayers to make their selections. Without a doubt, multi-leg bets on races, where the surface was changed prior to the start of betting of that multi leg wager, need to result in an 'all' for the specific race(s) of the changed surface race(s).
HANA urges all jurisdictions which do not current have an equitable remedy in place, to implement such a rule change in as expedient a manner as possible to ensure that horseplayers are treated fairly in future situations. HANA would like to see a standardization of such rules across all racing jurisdictions.
HANA recommends the adoption of a policy changing the outcome to "ALL" for races for that leg in a multi-race wagers which have an announced surface change after the first race of the sequence has commenced.
We would be more than happy to discuss this with you, or any jurisdiction, at your earliest convenience. Working together, we believe we can fix problems like this and help make horse racing a better sport to watch, play and enjoy.
Respectfully yours,
The Horseplayers Association of North America
On Saturday February 27, at Gulfstream Park the last race was changed from turf to dirt after multi-leg wagers were made. As you know, the jockey's refused to ride the last race on the turf. We certainly respect their decision as horseplayers, because their safety, and the safety of the horses is of paramount importance to everyone. However, we consider the way that multi-leg wagers were handled troubling.
The Horseplayers Association of North America, an advocacy group which represents close to 1,500 horseplayers, asks that changes be made immediately regarding late surface changes.
Turf and dirt are completely different, and most horseplayers handicap them differently. If a race is taken off the turf, a completely different set of mechanics are used by horseplayers to make their selections. Without a doubt, multi-leg bets on races, where the surface was changed prior to the start of betting of that multi leg wager, need to result in an 'all' for the specific race(s) of the changed surface race(s).
HANA urges all jurisdictions which do not current have an equitable remedy in place, to implement such a rule change in as expedient a manner as possible to ensure that horseplayers are treated fairly in future situations. HANA would like to see a standardization of such rules across all racing jurisdictions.
HANA recommends the adoption of a policy changing the outcome to "ALL" for races for that leg in a multi-race wagers which have an announced surface change after the first race of the sequence has commenced.
We would be more than happy to discuss this with you, or any jurisdiction, at your earliest convenience. Working together, we believe we can fix problems like this and help make horse racing a better sport to watch, play and enjoy.
Respectfully yours,
The Horseplayers Association of North America
Subscribe to:
Posts (Atom)