The following is the third edition of a bi-weekly series entitled Between The Hedges. The series will revolve around the business of betting focusing on trending wagering topics and statistics. Each installment will include a column penned by Joe Longo, NYRA General Manager of Content Services, examining certain areas of interest within the landscape of the thoroughbred racing industry. Send your questions for Between The Hedges to betweenthehedges@nyrainc.com.
The New York Racing Association, Inc. (NYRA) has worked with our customer base to modernize our handicapping challenge format to feature online play at a variety of price points throughout the year.
In the past, most NYRA handicapping challenges were centered around marquee events like the Wood Memorial or the Belmont Stakes. In most cases, these events were also held on track which made it more of a localized event.
In 2019, NYRA launched its current online challenge format and participation significantly increased. In order to enter and play online, contestants must be registered NYRA Bets account holders. To learn more, visit www.NYRA.com/challenge.
The online challenges were modified based on feedback from our customer base, with requests including a varied price point of entry; more prize money distribution; and many customers expressed interest in seats for the National Handicapping Championship (NHC) or Breeders' Cup Betting Challenge (BCBC) in lieu of cash or a combination of both.
The NHC seats are highly sought after. Last year, Thomas Goldsmith captured the 21st edition of the NTRA National Horseplayers Championship at Bally's Las Vegas, and took home an $800,000 top prize as well as an Eclipse Award as Horseplayer of the Year. The most recent NHC offered prize money and awards totaling more than $2.9 million.
The 2020 contest results were encouraging. A total of 25 contests were held with 2,500 players wagering $1.3 million while competing for a prize pool of approximately $700,000. A total of 23 seats were provided to players – 11 for the 2021 NHC; three for the 2021 Belmont Stakes Challenge; two for the 2020 BCBC; and the remaining six seats for other NYRA challenges throughout the year.
While the challenge series format and prize distribution continue to evolve, the live money format remains. The players keep their winnings played through their bank roll plus any prize money.
One thing that needs to be stressed is that 100 percent of the prize pool is returned to the customers. NYRA does not charge entry fees or service fees.
So, If NYRA does not charge fees for the contest, why are we doing them and how is it that we benefit?
Challenge play involves a different type of strategy and with it a different type of player, which adds diversity to our platform and appeals to different customers. The races in the challenge series contests are all from our tracks, so it helps promote our content and NYRA earns revenue from the takeout from the bets placed. The numbers have also shown that when playing in contests the customers are wagering other tracks through NYRA Bets as well.
Handicapping challenges play an important role for NYRA across the larger wagering landscape. In 2020, we started hosting challenges weekly and in 2021 we will be offering contests for about 11 months of the year. Consistency, as with other types of wagering opportunities such as the weekly Cross Country Pick 5, is important. We want our customers to know that for just about every week of the year, we are offering a contest.
In addition, with the increased amount of broadcast hours for live racing on America's Day at the Races, the national telecast produced by NYRA in partnership with FOX Sports, we can further leverage our reach and influence to drive people to our contests and wagering platform. The leaderboard for all of these contests are posted throughout the day on America's Day at the Races.
Send your questions for Between The Hedges to betweenthehedges@nyrainc.com.
The post Between The Hedges: Handicapping Challenges Go Virtual appeared first on Horse Racing News | Paulick Report.
