September, 2022 | Horse Racing Free Tips

Thoroughbred Idea Foundation: Sports Bettors Won’t Stay If Racing Is Purely Pari-Mutuel

Pushing today's pari-mutuel wagering experience to sports bettors might turn them off to racing forever.

Significant work has been dedicated to getting North American horse racing content on the platforms of existing and emerging sports betting providers. Racing would bring tens of thousands of wagering events to these platforms. In the absence of fully-evolved legal markets for fixed-odds on racing, the general thought has been that racing must be offered to sports bettors first via pari-mutuel betting using a shared wallet.

This position was espoused by New York Racing Association (NYRA) CEO David O'Rourke in August during the Racing & Gaming Conference at Saratoga and more recently upon the announcement of a content partnership between FanDuel and Churchill Downs.

On the surface, it makes sense.

Distribution of racing to potential mainstream players could skyrocket.

Unfortunately, the present-day pari-mutuel product lacks the qualities that sports bettors have come to expect.

Take it from Jason Scott, now the vice president of trading in America for BetMGM, formerly CEO of Ladbrokes Australia and a massive racing fan. Scott's remarks were included in an interview published last week from Gaming Today.

“We found everywhere else in the world, customers want to understand and know what price they're going to get. In most of the [race] meetings here [in America], the pools are really small. The professional syndicates bet late, and the price that you're getting paid is nothing like (the odds at the time of the wager) because so much money's going in in the last minute.”

Fixed odds betting on racing might not be a magic elixir for the sport, but it would provide a product that otherwise does not exist for mainstream customers and can complement existing pari-mutuel offerings, provided tote betting is modernized.

For the best part of the last century, Americans have been stuck with a pari-mutuel system, one that has morphed over the last two decades into a playground for algorithmic-driven professional betting syndicates. Those wishing to get pari-mutuel racing to a single-wallet platform that reaches sports bettors wrongly assume those customers won't care that a horse they bet at 10-1 when loading goes to 5-1 ten seconds after the start of the race, once all betting is reflected.

That is the everyday reality in North American racing's pari-mutuel landscape.

The professional, robotic wagering groups set the final price and everyone else that bets before them (pretty much all customers) are stuck with it.

As Jason Scott stated plainly, sports bettors know what price they are going to get when they bet. That experience is practically non-existent in U.S. racing today.

Racing needs to acquire and retain new customers. While we might acquire some new customers by vastly increasing distribution through shared-wallet platforms in the ever-growing sports betting world, retaining those customers is a pipe dream if the product they are offered is purely pari-mutuel.

While fixed odds and pari-mutuel betting can easily co-exist, the tote is in massive need of reform to increase its competitiveness. From Delaware Park to Del Mar, big betting syndicates run amok on today's race betting scene. Betting from mainstream (or mass market) horseplayers might be down by as much as 70%, adjusted for inflation, over the last two decades.

The mainstream segment's decline is far steeper than overall handle declines because the computerized, robotic wagering groups filled the gap.

Mass-market sports bettors will not cozy-up to pari-mutuel betting after a few bad experiences with dramatic odds fluctuations. Requiring sportsbooks to offer pari-mutuel first via a shared wallet is akin to serving stale bread.

Racing does not have the luxury to deliver new customers a poor wagering experience. Forcing onto them the modern-day pari-mutuel product will do just that.

Patrick Cummings is the Executive Director of the Thoroughbred Idea Foundation

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Where to Watch/Listen: Horse Racing Coverage for Sept. 21-25

Although there are no Breeders’ Cup preps in North America this upcoming weekend, there’s still marquee racing on hand, and on Saturday the focus will be squarely on Parx Racing in Bensalem, Pa., where some of the best 3-year-olds in training will face off in the $1 million Pennnsylvania Derby and $1 million Cotillion Stakes

HFWEAF Awards 13 Scholarships for ’22-’23

Thirteen children of full-time horse farm workers are pursuing higher education this year with assistance from the Horse Farm Workers' Educational Assistance Fund, according to a release from the organization Monday. To date, 735 annual scholarships totaling $1,631,623 have been awarded since the Fund's inception in 1996.

Scholarships are awarded for education or skill training after high school and are based upon financial need, merit, biographical essays and personal interviews. Grants are also available for full-time horse farm workers in central Kentucky for equine-related courses or training to help them become more knowledgeable and effective while working with Thoroughbred horses.

One current recipient, Jesus Perez, has also distinguished himself as a Pollard Scholar at the University of Kentucky.

The scholars and schools are listed below:
Olivia Bryant – U. of Kentucky
Jacob Compton – U. of Kentucky
Tania Godina – BCTC*
Jayden Hamilton – Midway U.
Alexis Laytart – BCTC*
Anna Martinez – Transylvania U.
Flora Martinez – Northern Kentucky U
Karina Meza – U. of Kentucky
Richard Osborn – Bellarmine U.
Jesus Perez – U. of Kentucky
Kathryn Reams – Eastern Kentucky U.
Katie Thurman – Bellarmine U.
Reagan Toothaker – Thomas More U.
*Bluegrass Community and Technical College

Qualifying parents of scholars are employed full-time by one of the following central Kentucky Thoroughbred farms:bAshview Farm, Betz Thoroughbreds, Godolphin (5), Hermitage, Rose Hill Farm, Spendthrift Farm (2), and Westbrook Stables.

The Fund was founded in 1996 by Rob Whiteley of Liberation Farm, Tom Evans of Trackside Farm, and Fred Seitz of Brookdale. Farm.

“In pursuit of their dreams, many of our scholars work 20 or more hours per week at one or two jobs while carrying a full course load,” said Evans. “Our main goal is to award enough money so that they can focus on their studies and make school their number one priority without incurring a huge burden of long-term student loan debt.

“Investing in these young people is also an investment in the industry. Many of our scholars after successfully completing their studies have returned to pursue careers in the Thoroughbred industry. Several have already distinguished themselves (including a Director of Racing at a major North American track). Many who have chosen careers outside the industry have made their mark as professionals in nursing, education, social work, theology, and business.”

Evans said that the Fund was run on a volunteer basis, allowing over 95% of donor monies to go directly to scholarship recipients.

“We are grateful for all contributors who have so generously supported and valued this remarkable group of young scholars,” said Evans. “Over the years, we have received significant contributions from the Carl Pollard Foundation, Kentucky Thoroughbred Farm Managers Club, Kentucky Thoroughbred Owners and Breeders, Hilary Boone Foundation, KTA, Fasig-Tipton, Keeneland, Darley and Godolphin, Thoroughbred Charities of America, W.T. Young, William Marquard, Race for Education, Hill 'n' Dale Farm, the Crafty Prospector syndicate, donors in memory of Gus Koch, and many other individual donors.”

Said Whiteley, “These scholars and parents are an industry treasure. Farm workers are the backbone of the breeding industry and therefore the foundation of the entire Thoroughbred industry. The parents of these scholars have instilled an incredible work ethic in their children. Year after year, these outstanding young people impress the Board with their ability, motivation, energy, enthusiasm, and accomplishments. In many instances, our scholars are the first in their families to pursue secondary education; and some could not pursue education without our financial assistance.”

Board members include Evans, Dan Pride of Godolphin, Judge Wilson of Berea College, Mary Ryan, Whiteley, Stu Pollard, and Chet Blackey, DVM. Carl Pollard serves as advisor to the Board. Muffy Stuart coordinates the Fund and provides personal communication, guidance, and support to scholars throughout the year.

The Fund is a 501c3 organization. Tax deductible contributions may be made through the website: www.horsefarmworkerseducationfund.com. Checks made be sent to HFWEAF, 2938 Four Pines Drive, Lexington, KY 40502.

Applications are available in March with a July 1 deadline, followed by personal interviews with the Board. Inquiries may be made to 859-269-1719. Additional information and a brief video are available on the website.

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‘Great Vibes’ as September Yearling Sale Returns to Fairyhouse

TATTERSALLS IRELAND, Fairyhouse–It might be dressed up as a sales complex, but Tattersalls Ireland is much more than that and, on the eve of the September Yearling Sale, chief executive Simon Kerins shared how there are 'great vibes' in the air at Fairyhouse.

The September Yearling Sale has been held in England for the past two years due to Covid and, on its return to Fairyhouse, a wide breadth of trainers from Britain and Ireland, many of the top agents and breeze-up consignors as well as international clients, crossed paths on what was a helter-skelter day of showing on Monday.

Almost €13 million was wagered at this sale last year as buyers were able to look past the Covid clouds and see the sun straining through and, with recent Group 3 juvenile winners Sydneyarms Chelsea (Ire) (Sioux Nation) and Lakota Sioux (Ire) (Sioux Nation) flying the flag for that sale, Kerins is expecting the momentum to continue this week.

He explained, “We have put a lot of work into this sale. Between ourselves and Irish Thoroughbred Marketing, we put a huge amount of work into getting people over here.

“There is great footfall from trainers in Britain and Ireland, the breeze-up consignors and all of the major agents are here as well, while many foreign buyers have arrived today, too. We have people here from Poland, Italy and Spain, so it's looking good.”

Kerins added, “It's a very important sale and we feel there is room for it to improve. I have always felt that this sale can go up a level. We have improved the facilities here at Tattersalls, so we can get the people here once we have the horses. The vibes are great ahead of tomorrow.”

And why wouldn't they be given the huge demand for horses at the yearling sales at Arqana, Goffs UK and Tattersalls UK already this autumn? Tattersalls Ireland will bid to continue that trend when the two-day sale kicks off on Tuesday, followed by a bigger-and-better Part Two on Thursday, meaning a whopping 582 yearlings will go under the hammer at Fairyhouse this week.

Few will attract as many eyeballs as lot 176, a Footstepsinthesand (GB) half-brother to recent G1 Flying Five S. runner-up Erosandpsyche (Ire) (Sepoy {Aus}), consigned by the talented sprinter's owners, Mark Dreeling and Barbara Fonzo of Coole House Farm.

In Barbara's own words, Erosandpsyche provided their Footstepsinthesand colt with “the mother of all pedigree updates” on Irish Champions Weekend and, while Erosandpsyche failed to get into a yearling sale and never made it to the Goresbridge Breeze-up Sale here in 2020, you would get big odds on Coole House Farm having to throw a set of silks on lot 176.

Even Paddy Twomey, the trainer of the 110-rated sprinter has been around to see Erosandpsyche's little brother and offered connections his seal of approval as did Derryconnor's Katie McGivern, who joked that she would be there to breeze the colt if the right price wasn't secured in the ring.

Fonzo said, “Erosandpsyche is a horse we couldn't sell because he's by an unfashionable sire. We tried to breeze him but he didn't make it so we had to put him in training. Luckily he's turned out to be a very good horse.

“A client of ours owned the mare and, when we couldn't get Erosandpsyche into a yearling sale, we said that we'd buy him ourselves. We didn't breed him but he was born at our place.

“We bought the mare on the strength of Erosandpsyche. She hadn't bred a winner at the time but now she's bred two and this Footstepsinthesand colt is going down quite well.”

She added, “All the right people are looking at him. Even Paddy came to look at him yesterday [Sunday] and he said we'd be fine so we're looking forward to selling him.

“We have always done very well with Footstepsinthesand. We bred Larcmount Lad (Ire), who won a Group 2 and a Group 3 after selling for €110,000 at this sale in 2015. We also bred Lexington Fury (Ire) who won a race and looked promising before getting injured so the stallion has been good to us.”

Lot 176 is not the only horse in the catalogue to have received a timely boost to his page in recent weeks. Mountarmstrong Stud's Profitable (Ire) colt [lot 127] out of Pilates (Ire) (Shamardal) became a sibling to a Group 2 winner last month when half-sister Swingalong (Ire) (Showcasing {GB}) battled to Lowther S. glory at York.

Sales graduates Bottle Of Bubbles (Ire) (Cotai Glory {GB}), winner of a Group 3 in Italy and Sir Busker (Ire) (Sir Prancealot {Ire}), who became a Group 2 winner at York last month, have done their bit in recent weeks to remind customers that the September Yearling Sale continues to churn out the winners. Other notable graduates of this sale includes Layfayette (Ire) (French Navy {GB}), Ponntos (Ire) (Power {GB}), Go Bears Go (Ire) (Kodi Bear {Ire}) and Thunder Beauty (Ire) (Night Of Thunder {Ire}).

Put simply, there is something for everybody over the next three days at Fairyhouse, a point that is driven home by Gerry Burke of Gildawn Stud.

“We're delighted to be here and Tattersalls are a great company to work with. Whether it's the Somerville, here at Fairyhouse or Book 1, 2 or 3, they give us an opportunity to sell our horses and it's always a pleasure to be here.”

He added, “They work hard to get customers in. We've been very busy and it's great to see so many people here. We're delighted to be back at Fairyhouse and I think there's something for every type of buyer here this week. There's great value to be got at this sale and the results are there for everybody to see.”

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