fixed-odds wagering | Horse Racing Free Tips

BetMakers’ Dallas Baker Talks Fixed-Odds Wagering On Writers’ Room

Sorely needed in the American horse betting landscape, fixed-odds wagering–bets where the player is guaranteed the odds displayed at the time he or she bets a horse and isn't affected by late parimutuel odds drops–is set to debut in the States later this month at Monmouth Park via Australian bookmaking company BetMakers. Wednesday morning, BetMakers' head of international operations Dallas Baker joined the TDN Writers' Room presented by Keeneland to discuss the logistics of implementing a fixed-odds system to try to replicate its success in Australia, how confident he is that the technology will eventually be adopted nationwide, potential crossover with traditional sportsbooks and more.

Calling in via Zoom as the Green Group Guest of the Week, Baker explained how a horseplayer at Monmouth can place a fixed-odds bet, saying, “There will be separate tellers for tote bets and fixed-odds bets, but you just go up to the teller as you normally would with a tote bet and say, 'I want $20 to win on number one in race one' or whatever it is, and away you go. There will be displays all around the course with what the fixed-odds market is. When you're betting fixed odds, the price at that time is the price you get, which is very important to the customer, but you'll also get to see the most recent fluctuations of that horse, since it's a liquid market. So you'll get an idea about what the popularity or the unpopularity of that horse has been as well.”

One of BetMakers' ultimate goals is to have fixed-odds wagering be available and attractive for sports bettors, and Baker said carving out even a small slice of the exploding sports betting market in America would be a major boon to racing.

“We've seen this great boom of sports betting in the past three years since PASPA [the Professional and Amateur Sports Protection Act, which effectively banned sports betting outside of a few states] was repealed, and the team that repealed it has been part of our team,” he said. “If you look in New Jersey alone, at the moment we're seeing close to $1 billion a month that's being invested in sports betting. As a racing industry, if we can tap into that and be moderately successful, get 10% of that figure, that's another $100 million being invested into racing, which, with the right modeling, can then go back towards funding the sport. The key to getting the sports gambler is giving the bookmakers something to market and fixed-odds betting is something the bookmakers want to market. I've spoken to a lot of the betting firms and they say they actually want to spend the majority of their marketing budget in the next few years on horse racing. That opens up a whole new gambit of people and organizations with deep pockets who really want to aggressively market racing to acquire new clients.”

Elsewhere on the show, which is also sponsored by West Point Thoroughbreds, the Minnesota Racehorse Engagement Project and Legacy Bloodstock, the writers laid out what to watch for on a blockbuster holiday weekend of racing, analyzed the most recent story about Bob Baffert in the Washington Post and announced a special on-scene show for the Writers' Room's upcoming 100th episode. Click here to watch the podcast; click here for the audio-only version or find it on Apple Podcasts or Spotify.

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The Friday Show Presented By Monmouth Park: Sports Betting And Fixed Odds On Horses

Sports betting has shown steady growth across the United States in the three years since the Supreme Court overturned a federal ban on the activity, with more than $53 billion legally wagered on sports since June 2018.

More and more states are authorizing sports betting, with Canada close to approval as well. New Jersey lawmakers have recently passed legislation that would permit fixed odds wagering on horse racing, allowing bookmakers there to set betting prices on horses as they do on baseball, football and other sports.

Are there opportunities for horse racing to grow, even though the amount already being wagered on sports far exceeds horse racing's annual betting handle? While fixed odds wagering opens up new types of bets and guaranteed payoffs, could it have unintended consequences on racing's traditional pari-mutuel pools or on the computer-assisted “whales” who get rebates in return for their betting volume?

To discuss these and other issues, Pat Cummings, executive director of the Thoroughbred Idea Foundation (www.racingthinktank.com), joins Ray Paulick and Joe Nevills in this week's edition of the Friday Show. Ray and Joe also review Woodbine's Star of the Week, LNJ Foxwoods' Boardwalk, a Constitution filly who won her first graded stakes last week in the Whimsical Stakes.

Watch this week's show, presented by Monmouth Park, below:

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Eclipse Thoroughbred Partners Founder Aron Wellman Joins Writers’ Room

Fresh off a Group 2 win last week at Royal Ascot, Eclipse Thoroughbred Partners' founder Aron Wellman joined the TDN Writers' Room presented by Keeneland Wednesday morning to talk about his ownership strategies, how he talks to new partners about concerns in the industry and much more.

Asked about Eclipse's ever-evolving purchasing power, Wellman, who called in via Zoom as the Green Group Guest of the Week said, “We made a point when we launched Eclipse about 10 years ago to really try to prove ourselves at being good at just about everything in terms of trying to buy horses. We believe that a good horse can come from anywhere at any time. I really cut my teeth early on in the game by starting to claim horses, because that was the immediate-action way to go. Then it evolved into trying to buy horses privately, going overseas and getting them to the States. We've been very fortunate to get support from our partners at the yearling sales as well as the 2-year-old sales and have been very lucky to buy Grade I winners and Classic winners out of them. It's tough to be really, really elite at all of those avenues by which you can acquire horses. But we've certainly done our best to provide our partners with a variety of opportunities year in and year out and the track record, fortunately, has spoken for itself that our partners continue to believe in the process.”

Wellman also commented on the challenges he faces in recruitment considering the scandal that has surrounded racing for the last few years, saying, “It's certainly a barrier to entry. It's a conversation that I have with just about every prospective partner that comes through Eclipse's doors. I think that the industry is slowly but surely making good strides towards appropriate reform. It's never enough and it's never fast enough, but on the Eclipse side, we try our best to surround ourselves with good people. We've always believed in that philosophy. I am a big proponent of the industry getting more serious about the penalties handed down to trainers who are violating the rules. We can't allow anyone, I don't care who you are, how big you are or how small you are, to operate by a different set of rules. There's no question that we need a unified, centralized governing body here in the United States to oversee the industry. For too long, we've swept issues under the rug. We've protected guys because we were concerned about the public image and guys that are too big to fail. Thinking maybe it would be worse for the industry to expose them rather than to protect them. But we've been accomplices for too long. We've aided and abetted for too long. It's really high time that we took swift and serious action.”

Elsewhere on the show, which is also sponsored by West Point Thoroughbreds, the Minnesota Racehorse Engagement Project and Legacy Bloodstock, the writers discussed a bombshell investigation of Bob Baffert in the Washington Post, talked about a possible hope for Arlington Park's survival and projected the successes and challenges of fixed-odds wagering. Click here to watch the podcast; click here for the audio-only version or find it on Apple Podcasts or Spotify.

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New Jersey: Fixed-Odds Wagering Bill Headed To Governor’s Desk

Both the New Jersey Senate and General Assembly unanimously passed legislation to legalize fixed-odds wagering, and the bill will now head to Gov. Phil Murphy, who is expected to sign it, reports the Thoroughbred Daily News.

Australian firm BetMakers has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator of Monmouth Park racetrack, to deliver and manage fixed-odds wagering on Thoroughbred racing in New Jersey. BetMakers expects fixed-odds wagering be operational in time for Haskell Day on July 17.

Takeout on the fixed-odds wagers will 12.5 percent.

BetMakers' head of international operations Dallas Baker said the company hopes to see fixed-odds wagering revitalize the horse racing industry in the United States, increasing both handle and purse accounts, as it has done in Australia.

“Our ultimate goal is to have what happened in Australia over the last 10 years or so and after online betting was deregulated happen here,” Baker told the TDN. “In that time, the handle has doubled and purse money doubled as well. That's what we want to see here, too. The opportunity exists in the U.S. to have that happen here and on a quicker time line than 10 years.”

Read more at the Thoroughbred Daily News.

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