Wednesday, December 22, 2010

More Amazing Quotes

Santa Anita President George Haines in the Daily Racing Form, on takeout increases:

“Maybe the top point-one percent of the handicapping world has that in their equation – what the takeout is – but for the most part, people are looking at handicapping winners,” he said.

We think Mr. Haines should buy a handicapping book - and fast. Try this one for starters.

I don't know one player who likes catching even money shots 42% of the time. Do you?

Scott Daruty, always good for a quote:

“If somebody is so price-sensitive that they’re not going to bet Santa Anita because the price went up, what are they going to bet instead? New York? Florida? Illinois tracks?” Daruty said.

There are several tracks to bet, of course (in fact, one Florida track that Mr. Daruty should know just made a new low rake bet for players - Gulfstream). However in the bigger picture: Mr. Daruty should pay more attention to this chart. A lot of price sensitive players have left racing forever, because horse racing takeout is too high, not too low. The problem is that not enough people are betting horse racing, and this takeout hike chases more of them away. That's what happens when you raise prices, whether it is on baseballs, lawn chairs, widgets, or exotic wagers at a race track.


John said...

neither mathmeticians, nor bargain shoppers. They are merely players trying to duplicate the rush they experienced the one or two times they hit a "big one" at the track.The increases, which defy logic, are put into place because the same mentality that prompts someone to use a credit card that charges 25% and more interest, will move a person to ignore the prospect of losing money, even when he wins. Most players are not willing to focus on the difference two or three percent makes the few times they win, feeling that, whatever the amount won is, it's more that they had before they made the bet. Dumb, but true. Personally, I am a customer only at the stores (tracks)that treat me as if they value my business.

Anonymous said...

Scott - check out the CA handle data for the past 10-20 years and take another "think". Can ya do that?
Do ya think it's the anti-tooth fairy that's killing your handle? Get someone to pay you for doing a job you're actually qualified to do.