Lazarus Reviews ‘Ten Things I Learned’ In Early Days Of HISA

On Dec. 6, Horseracing Integrity and Safety Authority CEO Lisa Lazarus took a look back at her first year in the role.

Originally, Lazarus' prompt for a presentation at the Annual Global Symposium on Racing had been the Authority's 2023 outlook, but after a surprise decision last month by the Fifth Circuit Court of Appeals declaring the Authority unconstitutional, that no longer seemed quite right.

Instead, she presented the ten lessons she has learned about racing so far.

Lazarus came to her position in the Authority after establishing the Equestrian Law practice within Morgan Sports Law, and previously served as general counsel for the Fédération Equestre Internationale, the international governing body for equestrian sports. Although she came in with some familiarity with horse sport, racing was new to her at the outset of the job.

What she learned:

-One of racing's strengths is the diversity of viewpoints – on HISA, and on everything else. Lazarus said she doesn't even mind that this means a lot of debate among industry insiders, and she knows that's unlikely to change.

“We're a colorful family,” she said. “We're fractured by geography, sometimes by tradition, by rules in place, and we share those divisions publicly.

“Like real families, let's fight like hell behind closed doors but let's present a unified voice to the public.”

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-All participants in the industry have a role to play in making it better – and that includes groups that have been critical of the Authority, like trainers, farriers, and jockeys. Lazarus said this is why she instituted the Authority's horsemen's advisory group earlier this year with the hopes of making sure all viewpoints are included in rulemaking going forward.

-“Racing can only achieve its full potential by taking advantage of its greatest resource – the people who spend their days at the track, on the backstretch, who are truly in the game,” she said. “They are truly our greatest treasure.”

-Criticism is not just expected, but welcomed.

“I learned I love the people who tell me they hate our horseshoe rule, or we shouldn't disqualify horses from purses [for whip violations] or our drug rules go too far…because they're talking to me,” she said. “They're engaging. They're helping to make HISA and this industry better.”

-Lazarus said she was particularly struck by the vulnerability of jockeys, who must trust each time they get on a horse that the regulatory system has worked to reduce as much of that horse's injury risk as possible. While there has been, and will continue to be, much focus on equine safety for the sake of the horses, Lazarus reminded the audience that the most dangerous event for a jockey is the fall of an injured horse under them. She also said that jockey health initiatives via the racetrack safety program would continue to be a top priority for the Authority in 2023.

 

-As much debate as there has been about the Authority, the industry has begged for uniform medication regulation for years. The Authority is set to begin its anti-doping and medication program on Jan. 1.

“I believe that the vast majority of our racing participants compete fairly and they deserve to know the folks they're competing against are doing the same,” she said.

 

-The sport has already had an opportunity to regulate itself independently through the national compacts and national model rule organizations that have formed racing's alphabet soup in recent years. Lazarus said that voluntary system doesn't work.

“When I first took this job, I think it was my second month on the job, I went to meet with an important horsemen's group leader who shall remain nameless,” she said. “He said to me, I don't like federal legislation. I don't like the way HISA came about. But we did this to ourselves, because we never came together, we never agreed voluntarily to unite under one regulator. There's no sport in the world, in my view, that can survive with some of the most important integrity issues being managed by 28 different organizations.”

 

-Uniform rules aren't enough – they must be accompanied by uniform implementation.

In 2023, Lazarus anticipates that more harmonization in stewarding will come as officials become more used to the new regulations. She credits Marc Guilfoil, former Kentucky Horse Racing Commission executive director, with leading the charge thus far to help officials apply the Authority's rule in consistent ways across stewards' stands.

 

-Lazarus believes that the Authority should not be the focal point for the sport, that the regulators are neither the sport's talent nor its main story. Instead, she sees its eventual role as operating in the background to root out bad actors and give the sport a narrative focused on integrity.

 

-Most importantly, Lazarus said, the Authority is at a crucial crossroads, as is the whole industry.

“This is our moment in time,” she said. “This moment is very unlikely to ever replicate itself. We have an incredible group of people who are committed to doing the best for this industry. Not to making rules that complicate people's lives, not to being a top-down regulator, but to helping grow the industry through uniformity.”

The post Lazarus Reviews ‘Ten Things I Learned’ In Early Days Of HISA appeared first on Horse Racing News | Paulick Report.

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Sportsbook Panel Featured at Global Symposium on Racing

A panel of sportsbook operators was decidedly bullish on the near-future prospect of fixed-odds horse race wagering during a discussion titled “Integrating Horse Racing into the U.S. Sports Betting Environment” during Tuesday's Global Symposium on Racing hosted by the University of Arizona Race Track Industry Program in Tucson.

But even though they acknowledged a transition from pari-mutuels would likely take several years and that fixed odds and pari-mutuels could coexist in some hybrid future form, now is the time to start taking baby steps in that direction, largely because America's layers of gambling regulation and a current takeout system that hovers at around 20% payment for providing content aren't quite what global sportsbooks are used to dealing with.

Nor are customers familiar with or eager to try and figure out the complexities of the pari-mutuel system, in which odds fluctuate during the event and you have to wait several minutes after the race has been run to figure out your winnings.

“Horse racing has to understand that you're in direct competition now with sports wagering.”

Matt Cosgriff, the director of retail wagering and customer analysis for BetMGM. “And this sports wagering is using fixed odds. That's what the new-age gambler is using. And the pari-mutuel product itself isn't being well received by the newer age.”

Bettors want to be able to have trust in pricing, Cosgriff said.

And, he added, they want to be able to create their own bets, like making a three-way parlay wager involving two horse races and the featured football game.

“That's how the modern gambler is now working,” Cosgriff said. “And horse racing can't afford to sit back and just let the old system run itself into the ground.”

One interesting aspect that came up several times during this panel discussion was how lucrative a product the sportsbook operators perceive U.S. racing to be in a fixed-odds form.

Richard Ames, the chief executive officer for SIS Content Services, Inc., said part of the appeal is raw volume: The sheer number of races going off every day, year-round, at just about three minutes apart when scaled across the nation.

Paul Hannon, the senior vice president of corporate development at PointsBet, said racing should embrace what bookmakers might call being a type of “filler product,” because there is tremendous value in providing a “next to jump” betting market that can function as a collective, constant presence while other sports matches are being played out over the course of hours.

“It's attractive to sportsbook operators as a product because it is always-on content,” Hannon said. “And the availability of content is really important for any sportsbook that is generating engagement on their products…. As long as the underlying economics make sense, it is a very investible product.”

Hannon might have even made the boldest challenge uttered during Day One of the symposium presentations by telling the racing industry it is in a position to become the dominant summertime betting option in the country.

“In the U.S. in particular, one thing that I think is not highlighted as much as it should be is the idea of seasonality, and the fact that in the summer months, sports books are looking for content to be able to market,” Hannon said.

“In my opinion, horse racing should absolutely be the number on bet-on sport during the summer, ahead of baseball, ahead of tennis, et cetera. I think that absolutely should be the goal for the entire industry, to make sure that happens in the coming years, coming decade,” Hannon said.

Pari-mutuels and fixed odds can live side-by-side, Hannon explained. But, he added, “I think horse racing doesn't reach its full potential over the long term unless fixed-odds racing does become the new standard.”

Asked to compare pros and cons, Hannon continued: “The con, as I see it, is that it's going to be uncomfortable. It's going to take a little bit of risk-on appetite [on the part of] the major U.S. powers in horse racing. And that's going to come with an element of uncertainty…. But I guess what I'd say [is because of bold entrepreneurship decisions made by current U.S. sportsbooks], that's how modern-day, U.S. sports betting exists now. And that's what horse racing is going to have to look at far as fixed-odds goes.”

Andrew Moore, the vice president of racing for FanDuel, admitted that getting the proper balance of fixed-odds and pari-mutuel betting is going to take some time. But the payoff will likely be worth it, he added.

“With a fixed-odds product, obviously there's variability of margin. There's been some argument that books will not be able to make adequate margin [if U.S. racing content providers insist on getting paid takeout-era rates for their fixed-odds products], and I don't agree with that point, because I've seen us do very well on margin in Australia, and the U.K., and Ireland [with] double-digit margins on horse racing,” Moore said.

But, Moore acknowledged, “There is that sort of 'cannibalization' factor,” in which racing's stakeholders fear that fixed odds will totally gut the mutuel pools, or that fixed odds works, “but not maybe to the degree that people hoped,” he said.

“It does have to work for everyone. It does have to work for the content provider and the customer, Moore said.

But, Moore continued at a different point, the long-term industry-wide investment should be worth it.

“The economics per dollar unit probably wouldn't be the same as a tote bet,” Moore conceded. “But we would all tell you that-and it's proven out in other markets-that fixed odds would be exponentially bigger than tote. So the net revenue's coming to you at the end of the day even though your margin-per-dollar would not be the same.”

Christian Stuart, chief executive officer for North America for BetMakers Technology Group, pointed out that American racing has an opportunity to improve the sport via purse increases while both helping sportsbooks flourish and giving the customer a better overall experience.

“This whole ecosystem is ripe for creative innovation right now,” Stuart said.

The post Sportsbook Panel Featured at Global Symposium on Racing appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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The Trap And Poker Psychology

Everyone who plays poker has heard of “having a poker face” or being trapped. Having a poker face is more than just the look on your face, it’s all of your body language and actions combined.

A good poker player is an observant poker player. You have to learn to associate your opponents facial expressions, body language, speech, and even the bet amounts with what they eventually are revealed to have been holding in their hand.

Facial Expressions: With online poker, you of course cannot use this. But in a real poker game you can. Start with the eyes. When they call or raise a hand, do they look down, to the right, to the left, at an object in the room? Then what did they have when they did that?

Do they smile? Grind their teeth? Immediately take a sip of their drink after or before the bet? Look for these things each time they call or raise.

Body Language: Do they play with their poker chips under certain circumstances? Lean back or forward? Look for things they do with their body and then what kind of hand they had each time they do that action.

Betting Amounts: Some poker players don’t realize they have a pattern at all or they figure no one will figure out the “code” they use for themselves. Watch how much they bet, then what type of hand they had and see if you can associate a particular hand strength with a specific range of bet or even a specific raise amount.

If you find a pattern where your opponent always does a specific action in relation to having a good hand or bluffing, you have their number and can beat them at poker easily . . . or can you?

The Trap: You can establish a pattern that will be picked up by the other players. Let it cause you to lose a little money here and there. Let your poker opponents think they have your number by doing specific actions associated with different hand strengths.

Don’t let it cost you too much money and watch for the signs they are taking the bait and are using your patterns to beat you.

Then you can spring the trap. Wait until you get a really good hand, a sure winner and do the actions you had been doing when bluffing or when you had a lower strength hand.

Your poker opponents will think they have you and bet the limit. You’ll win what you lost and a lot more.

Playing poker is a lot more than just knowing how to bet the cards in your hand. There is a lot of psychology involved, mind games, if you really want to play with the best.

Racehorses Lead the Way at Fasig-Tipton December Sale

The top six sellers at the Fasig-Tipton Midlantic December Mixed and Horses of Racing Age Sale Tuesday were all racehorses, led by the 3-year-old gelding Radical Right (First Samurai) (Hip 281), who brought $260,000 from Tom Kagele.

The Richard Shultz homebred is a three-time winner and entered the sale off a second in the City of Laurel S. Nov. 26 for trainer Dale Capuano. He was consigned by Northview Stallion Station.

Trainer Mike Maker was very active, purchasing four racehorses, including the second highest-priced offering Heldish (Great Notion) (Hip 243), who summoned $160,000. His four purchases totaled $437,000 with an average of $109,250.

The highest-priced weanling was a $75,000 filly (Hip 139) from the first crop of Grade I winner Global Campaign, bought by Wellspring Stables LLC. The most expensive broodmare was In My Time (Scat Daddy) (Hip 113), who sold in foal to Practical Joke for $62,000. She was purchased by trainer Wayne Potts, acting as agent for Barak Farm.

In total, 172 horses grossed $3,233,600 with an average of $18,800 and median of $10,000. Fifty-six horses failed to meet their reserves for an RNA rate of 24.5%.

During last year's sale, which was bolstered by the 86-horse dispersal of Joseph Becker, 261 of the 332 horses on offer sold for $3,905,100. The average was $14,962 and the median was $10,000. Seventy-one horses failed to sell for an RNA rate of 21.38%. The 2021 renewal was topped by maiden 2-year-old Safalow's Mission (Mission Impazible), who brought $130,000 from New York-based trainer Linda Rice, acting on behalf of Thelma and Louise Stable.

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