The information below can impact your bankroll in a good way. (Special thanks to horseplayer and HANA member Andy Asaro for pointing it out to us.)
For those of you who might not be aware, Santa Anita and the TOC are jointly seeding Pick6 pools with $50k in bonus money on non-carryover Sundays this meet. To read their press release click here.
In the Pick6 at Santa Anita this past Sunday Sept 29, 2013 there was no carryover from the previous race day and $50k in seed or bonus money was added to the Pick6 pool.
What does $50k in seed money mean for you the player?
One word: VALUE.
Seeding Pick6 pools with bonus money is similar to a carryover in that the effective takeout for today's pool is reduced because of the added money.
However, I contend that seeding a pick6 pool with bonus money might actually be more favorable for the player than a carryover because horseplayers universally understand (and many focus on) Pick6 carryovers. Also, tracks and websites related to horse race betting tend to publicize large Pick6 carryovers. As a result, competition among players for that elusive Pick6 score is often toughest on large carryover days. That may not be the case when a lesser amount of seed or bonus money is added to a Pick6 pool.
Last Sunday at Santa Anita, the $50k in seed or bonus money resulted in a negative net effective takeout situation. (Players collected more money than was actually bet into the pool.)
The following chart illustrates the math:
PICK6 TAKEOUT TAKEOUT SEED PAID TO EFFECTIVE
HANDLE RATE DOLLARS DOLLARS BETTORS TAKEOUT
-----------------------------------------------------
200,684 23.68% 47,522 50,000 203,162 -1.235%
The following chart illustrates net effective takeout rate for the player at different handle levels given $50k in seed or bonus money:
PICK6 TAKEOUT TAKEOUT SEED PAID TO EFFECTIVE
HANDLE RATE DOLLARS DOLLARS BETTORS TAKEOUT
-----------------------------------------------------
150,000 23.68% 35,520 50,000 164,480 -9.653%
200,000 23.68% 47,360 50,000 202,640 -1.320%
250,000 23.68% 59,200 50,000 240,800 3.680%
300,000 23.68% 71,040 50,000 278,960 7.013%
350,000 23.68% 82,880 50,000 317,120 9.394%
400,000 23.68% 94,720 50,000 355,280 11.180%
We at HANA think this special situation represents excellent value for the player and thought you might want to know about it.
Our only question is:
Why isn't Santa Anita promoting this more aggressively?
Jeff Platt
President, HANA
3 comments:
Why would NANA want SA to promote the seeded pool more aggressively? Wouldn't that increase the handle and therefore increase the effective takeout which would mean less payout to horseplayers? C.C. Rogers of Creating Capital
It's a shame that Santa Anita and Del Mar will commit to player friendly takeout schemes in pick 5 and pick 6 pools, while continuing to impose their absurd takeout scheme in the exotic pools (especially doubles and exactas).
The average player, as usual, is left to wither on the vine as high takeout erodes his bankroll. To add insult to injury, the high-end players often receive substantial takeout reductions through rebate shops.
The most equitable and sensible solution is low takeout for everybody. Many of my cohorts, who play poker and bet sports, scoff at the idea of wagering on the ponies because of the ridiculous 15-31% takeout. Personally, I still boycott California racing because I mainly play doubles and exactas. It seems as though HANA is silent on the issue of rebates and could do a better job educating and advocating for average players. I greatly appreciate your site and advocacy, but wanted to share my sentiment on 'fair takeout for everybody.'
Note: Please delete my comment if I inadvertently posted it twice.
It's a shame that Santa Anita and Del Mar will commit to player friendly takeout schemes in pick 5 and pick 6 pools, while continuing to impose their absurd takeout scheme in the exotic pools (especially doubles and exactas).
The average player, as usual, is left to wither on the vine as high takeout erodes his bankroll. To add insult to injury, the high-end players often receive substantial takeout reductions through rebate shops.
The most equitable and sensible solution is low takeout for everybody. Many of my cohorts, who play poker and bet sports, scoff at the idea of wagering on the ponies because of the ridiculous 15-31% takeout. Personally, I still boycott California racing because I mainly play doubles and exactas. It seems as though HANA is silent on the issue of rebates and could do a better job educating and advocating for average players. I greatly appreciate your site and advocacy, but wanted to share my sentiment on 'fair takeout for everybody.'
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