To Hell and Back: Belmont Marks a Deserved Triumph for New York City

The history of Belmont Park, believe it or not, goes back over 350 years, to when America itself wasn’t even an idea yet. In 1665, New York’s colonial governor Richard Nicholl constructed a racetrack called Newmarket in Queens. It stood for over a century, and proved so popular that even after the British were expelled in 1783, a thirst for horse racing lived on in the hearts of newly independent New Yorkers. Union Course sprouted up in 1821 and became the country’s leading track. After that came Brighton Beach Race Course, which helped create the New York institution of amusement at Coney Island. The plants of Sheepshead Bay, Gravesend, Jerome Park, Aqueduct and many others followed soon after as enterprises competing to satisfy the city’s enduring racing fix.

Then, on May 4, 1905, on a vast 400-acre expanse of land straddling the border of New York City and Long Island, Belmont Park opened. It was in the same area that Newmarket had sat atop hundreds of years earlier, but instead of a monument to British occupation and wealth, Belmont became an American treasure, open for all to enjoy. Which they did, by the tens of thousands, from all walks of the now industrialized city.

“The attendance, moreover, was not restricted to any one locality nor to any one class … The Bowery and the Avenue mingled in the surging democracy of the betting ring,” said the New York Tribute in its coverage of opening day.

The Belmont Stakes, previously run at Jerome Park and Morris Park, moved to its permanent home later that spring. Over the past 115 years, legends were born and furnished in that race and at that track. Man O’ War, Secretariat, Seattle Slew, American Pharoah, all had to come prove their greatness by passing the Test of the Champion.

Beyond the equine performances, the track has seen the ups and downs of modern history and weathered every storm. The anti-gambling laws that shut it down for two years soon after it opened. The Great Depression. World War II. But nothing could prepare Belmont, or New York City, for what was visited upon it this spring.

New York City is a gateway to the rest of the world. But this year, that role cost it dearly, as flights from Europe packed with coronavirus-infected travelers poured into the area by the hundreds of thousands through March. It was a timebomb. By April, it had exploded. The biggest city in America screeched to a halt as everyone, from the governor to the citizens, turned their lives upside down and inside out to try to mitigate a horrendous pandemic that had already spread like wildfire.

By mid-April, 800–eight hundred–of our neighbors were dying every single day. The equivalent of all the lives we lost on 9/11, every four days. The plague was so ubiquitous and murderous that freezer trucks had to be parked outside of our hospitals because the morgues had so quickly reached their capacity of bodies. The steady wail of ambulance sirens was a constant reminder of the hell we were in. Going to the grocery store, a chore we never thought twice about before, suddenly meant taking your life into your hands. All in all, over 20,000 people in the city have been killed. That’s more than one in every 400 New York City residents. And it’s not over.

But one thing about New York City that makes it special that you can’t understand if you haven’t lived here, is that we look out for each other. We’ve proven it time and time again. We bounced back from 9/11 with solidarity and generosity and went about our lives. When outsiders predicted chaos, we took care of our city during the 2003 blackout and again through Hurricane Sandy. Crime plummeted exactly when the city was at its most vulnerable. Yes, there’s bluntness and some rudeness and if you’re a tourist you might’ve been bumped out of the way once or twice by a muttering New Yorker. But there’s also compassion, understanding and empathy. You can’t survive in a city of 8,000,000 without all of those attributes.

We stared down the greatest existential threat to a city that’s faced far too many of them. The devastation has been incomprehensible. I personally lost a friend. But we tamed the beast far better than projected and we flattened the curve, again because we looked out for each other and sacrificed. Today, New York, after being the epicenter of the global crisis, is in a far better position with the virus than most of America.

Because of that, we get a summer. We get to live our lives with reasonable precautions for the next few months. And amid a sports desert, racing has been an oasis. So it’s fitting that on the first day of that summer, we get: the Belmont Stakes. The first major sports attraction in New York since the pandemic descended upon us.

In my high school days, I would sit alone in the sprawling Belmont grandstand on a random Wednesday and just soak in the sights of a game I loved. The bucolic serenity of essentially having the country’s biggest racetrack to myself helped me clear my mind and battle the anxiety of a teenager growing up in post-9/11 New York. It was peace at a time when life in New York didn’t have much of it. So it makes sense on a personal level that that cavernous track returns to provide peace in a time of distress for the city once more.

And even though we may not have the roar of the crowd this year, that just amplifies the sounds unique to our sport even more: the thundering rumble of hooves, the exultations of jockeys, the reverberating ring of the starting gate.

Whatever lies beyond the horizon, we have reason right now to be proud even as we mourn. Communities are what get humans through hardship, and through that hardship, those communities become tighter knit. It’s happened in racing, and it’s certainly happened in New York City. So you’ll excuse me if I shed a few tears when those horses come out to that track Saturday to the echo of booming horns and Frank Sinatra’s timeless voice. We’ve all earned the opportunity to let it out.

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Royal Ascot Day Four: Golden Horde Fends Off U.S.-Based Kimari In Commonwealth Cup

Friday's G1 highlight at Royal Ascot, the Commonwealth Cup over six furlongs, saw a decisive victory for Golden Horde. It was an eighth Royal Ascot victory for both trainer Clive Cox and jockey Adam Kirby.

Always traveling well, the son of Lethal Force held a clear advantage a furlong from home and was never threatened as he scored by a length and a half from American challenger Kimari (Wesley Ward/Frankie Dettori).

“Clive [Cox] is like a second father to me,” Kirby said. “We have always had a good relationship, and long may it last. We have been together a long time; he knows me and I know him, and we are very honest with each other. That's why we get on so well together. It is straightforward.

“I kept it uncomplicated, although the race went a bit back to front. I thought the Wesley Ward horse would give me a lead to half-way but he didn't jump. Golden Horde has a great natural cruising speed, and it was all very easy. Full credit to Clive, he has done a great job.”

Clive Cox added: “I am very proud of him. We have got a great team at home and to win a G1 first time out with any horse is difficult, but given the way things are this year, it's the same for a lot of people, but I am really proud. He is a horse to go forward with – I really hope and pray he has got a longer journey to go ahead of him.”

The G1 July Cup is expected to be next for Golden Horde.

The five-furlong Palace of Holyroodhouse Handicap got proceedings underway on day four of Royal Ascot. Despite being a 21-runner handicap for 3-year-olds, the contest was turned into something of a procession as red-hot favorite Art Power came home three and a half lengths clear. It was a sixth Royal Ascot winner for trainer Tim Easterby and a seventh for jockey Silvestre de Sousa.

“This is very important, especially for my team King Power Racing and Top [Aiyawatt Srivaddhanaprabha),” said de Sousa. “Obviously his Dad is not here but whatever way he is he will be looking down for his horse, I am so glad to be involved with King Power Racing it is a big operation and getting bigger. This is the place we like to have winners, big winners like this.”

In the day's second race, Dandalla made it two wins from as many starts when powering to an impressive victory in the G3 Albany over six furlongs, handing jockey Ben Curtis his first Royal Ascot win.

“”It is on every jockey's to-do list. I have been coming down to Royal Ascot for a good while now and not really getting involved, so finally to get a winner is unbelievable,” Curtis said. “It is funny, it was a surreal feeling. I came there are the two [furlong pole] traveling very well, and I just popped her between a couple just inside the two, and she came alive. I knew when we accelerated that nothing else would be able to pick up the way I did, because she picked up very well. In the last furlong I said, 'We're out on our own', and it was a brilliant feeling and a great performance by the filly.”

Owned by Nick Bradley Racing & Elaine Burke, the daughter of Dandy Man took up the running well over a furlong from home and never looked in any danger after that point. It was a second Royal Ascot victory for trainer Karl Burke, who is now considering the 1,000 Guineas for the filly.

“Dandalla has got a great turn of foot and then she keeps on galloping,” Burke said. “A few times at the top of the Middleham gallop where we do most of our work, jockeys have been struggling to pull her up. My daughter Lucy earmarked her since before Christmas. She actually came in one day and said 'I hate to say it, but this filly reminds me of Laurens.' That will tell you how high she thought of her. She is probably more precious than Laurens – Laurens had not even run at this time during her two-year-old career. She is also speedier than Laurens. The question now is how far we stay, and we have got plenty of time to think about.”

American-based trainer Wesley Ward nearly got his first Royal Ascot win of 2020 in Friday's third race, the Group 2 Norfolk Stakes, with 2-year-old Golden Pal. However, The Lir Jet made a strong run in the late stages of the five-furlong contest and got up to score by a neck for trainer Michael Bell and jockey Oisin Murphy.

The winner is now unbeaten in two starts, having won on debut at Yarmouth on June 3, when he was owned by the trainer's son Nick. Following that win, the two-year-old Prince Of Lir colt was purchased by Qatar Racing. Now, The Lir Jet has earned an expenses-paid berth to the Breeders' Cup Juvenile Turf Sprint this fall at Keeneland.

“At Yarmouth he broke the track record, but he did not learn a lot because he went so easy, so today he really had to dig in and learn how to race,” Bell said. “My son Nick found him from Robson Aguira, who bought him very cheaply and was going to breeze him up. When the breeze-ups were cancelled Robson and Nick came to an arrangement and the horse came to us. Then Sheikh Fahad was watching Yarmouth on telly and sent me a text asking if he was for sale, and the rest is history. A good bit of business for all involved, and very nice for us to have a good winner for a very important owner – it is high profile for us. Any trainer needs good horses and good winners, especially for big operations like Qatar.”

Frankie Dettori was in the winner's enclosure for the 70th time at Royal Ascot after four-year-old filly Fanny Logan landed the G2 Hardwicke Stakes over a mile and a half. Dettori delivered the daughter of Sea The Stars with a perfectly timed challenge entering the final furlong and went on to score by a comfortable two and a half lengths from Alounak.

Trainer John Gosden, saddling his fifth winner of the week, said: “Frankie's belying his years and it is a pleasure to be around him. His knowledge and his feel when riding work in the morning – he is one of the few who is extremely accurate when talking about horses in the mornings – what they need and what they don't need – and he is a great race-reader and a fabulous jockey. We are lucky to have him about.”

 

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Thoroughbred Idea Foundation: Hong Kong Announces Trio Of Wagering Enhancements

Last week, the Hong Kong Jockey Club (HKJC) revealed a flurry of enhancements to wagering for their 2020-21 season which begins in September.

The HKJC will be offering the forecast bet, known as an exacta in America, a reintroduction of a bet that has been absent, locally, for the best part of five decades.

The quinella (first two horses in any order) and quinella place (two of the first three horses in any order) are the most popular wagers in the jurisdiction which generated roughly $16 billion from its 88 race dates and roughly 20 imported simulcast cards from a season ago.

To ensure proper liquidity (sufficient pool size to attract large bets without monumental market shifts) for the exacta pool, the HKJC announced it will merge exacta bets into its trio pool (a trifecta box bet), using technology provided by Longitude, a NASDAQ-owned firm which has partnered with the HKJC since 2013. To understand how merging pools works, this five-minute video from Longitude helps explain the process, while this article published in May 2019 will help too.

An added benefit to those regular participants in the trio pool will be a reduced takeout rate, with the exacta/trio merged pool offering a takeout rate of 19 percent. Previously, the trio takeout rate was at 25 percent. The takeout drop of 5.5 nominal points represents a 22 percent decline from the previous rate, a boon for players, yielding higher payouts to winning players which will yield increased betting churn.

Even further, the HKJC will increase the rebate customers receive on its quinella and quinella place pools by 20 percent, going up from 10 to 12 percent. The rebate applies to all losing bets of HK$10,000 (about US$1,300) or more, placed either in person or through one of the HKJC wagering platforms, in either the win, place, quinella and quinella place pools. The win and place losing rebate remains at 10 percent.

BETTOR ENHANCEMENTS, BETTER SPORT

In this one release, the HKJC introduced a new bet type for their customers, facilitated this bet type with modern tote technology, reduced takeout on an existing bet type and increased rebates on two bet types for a segment of customers.

The South China Morning Post reported on the amendments:

“We believe these changes will provide more value and options for different segments of our racing fans, meanwhile reinforcing deep pool liquidity which is one of the competitive advantages of Hong Kong racing as a global commingling hub,' Jockey Club executive director of customer and international business development Richard Cheung Che-kit said. 'More gaming demand will also be channeled back for good causes.'

“The latter point refers to one of the Jockey Club's charters, which is to serve the community, and as a result it is one of the biggest charity donors in the world.

“After paying its tax obligations, 90 per cent of the club's annual operating surplus is donated to charity, with HK$4.3 billion [US$550 million] going to 294 projects in 2018-19.”

Betting is a truly massive business in Hong Kong, with total handle being nearly 50 percent higher than all of American racing's handle last year despite offering wagering on about 97 percent fewer races.

There is plenty of competition in the marketplace which makes this overall performance all the more impressive.

Macau, an hour's ferry ride from Hong Kong, and now connected to Hong Kong via a bridge and tunnel complex, puts Las Vegas to shame from a pure betting consideration (in 2017, Macau gaming revenues were five times that of Vegas casinos).

The HKJC also runs soccer (football) betting, which started in the 2003-04 season with total handle of HK$16 billion and has grown to HK$114 billion by the end of the 2018-19 campaign. Unregulated online operators (the so-called illegal markets) provide even sterner competition for racing, soccer and all other sports, with massive rebates, credit betting and low overhead.

The battle is relentless, and it drives HKJC innovation.

But racing wagering's success in Hong Kong was not always the case. In 2016 at the Jockey Club Round Table Conference in Saratoga Springs, the HKJC's Chief Executive Officer Winfried Engelbrecht-Bresges reviewed the challenges Hong Kong faced from external forces and what was needed to regain racing's competitiveness.

“…[We] still found ourselves in a difficult situation from the business side because our pricing, we think, was wrong. We saw a significant dip in our turnover after the Asian financial crisis. We had another issue with SARS. So, if you look at the business results, you could argue why put all this effort in to the [handle] if [it was] reducing?

“What we found…was that we had significant competition from Macau and the illegal market, and especially the illegal market was what concerns us, because they were offering rebates to attract the top players to play with them. We could convince the government to change the turnover tax to a gross margin tax, and we introduced a rebate of 10% of bets on standard bets over an amount of 1,200 U.S. dollars. This immediately showed the price elasticity, that we could turn around the decline we had in racing, and we in a way were able to capture a significant first part of the illegal market.”

The HKJC saw nominal total handle fall from HK$92.3 billion to HK$60.0 billion over the ten seasons ending in 2005-06, a raw decline of 35 percent.

Over the next 13 seasons, annual handle rose to a peak of HK$125 billion, a nominal increase of 108 percent from its lowest point. The total number of race days for wagering to accumulate such handle did increase, but at its peak, only by about 25 percent.

NO EXCUSES

When Americans are presented with the Hong Kong model as one to follow, simple excuses fly with ease.

“It's a monopoly, they have total control…The betting culture is different…There's no comparison.”

While the HKJC exercises extreme controls on many aspects of the business, in particular horse ownership, the sustainability of racing through competitive prize money has been well-assured because of the relentless improvement of the wagering product. Ensuring this attractiveness is a host of free information. Millennial horseplayer John Camardo outlined the attractiveness of wagering on Hong Kong because of the free data available in his January letter.

Workout videos, extraordinary veterinary records, free past performances and detailed sectional times, among other information, is all easily obtained via the HKJC website.

Just because something is going well now does not mean one can ignore evolution. If anything, it provides even more incentive.

In one fell swoop, the HKJC addressed three major issues in ways almost exactly opposite to the behavior of American operators over the previous 20 years – they increased customer options, enabled by modern technology and improved pricing for customers. With its global commingling of tote pools in place, Hong Kong is attracting an increasing amount of wagering from America.

It's simple to see why.

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