Horse Racing

The Fixed Rate Era Begins at Monmouth

OCEANPORT, NJ-With a steady stream of customers popping up at fixed-odds windows, Monmouth Park’s daring experiment with a new form of betting hopes the track will invigorate the sport starting on Sunday.

Fixed odds betting was supposed to start a day earlier, but the opening date of the 2022 meeting was canceled due to bad weather.
Monmouth has not released figures for the amount placed on fixed-odds bets, which makes it difficult to gauge how successful it was on day one. Because bets are currently only available to customers who are watching and Monmouth is the only line, where players can place bets currently, the expectation is that the handling will, from the start, be very modest.

However, there were some positive signs on Sunday. The three windows on the first floor of the stands accept only fixed odds bets, and the lines to receive bets are usually three or four deep.

Dallas Baker, head of international operations for BetMakers, the Australian company that coordinates fixed-odds bets for Monmouth, said: “The payoffs have been built with every race. “It is an educational process for the client and an educational process for us. We are learning a lot. We are setting and writing the bets, but there are still some points to keep in mind as of today that we need to consider. Our success this weekend is always measured by whether or not we start making and placing bets. We are writing bets and everything is working. ”

Some customers were confused by the prices posted by BetMakers, which uses the same system as overseas bookies. Deposit is not included in the price. Thus, a $2 bet on a 4-1 performance pays $8, the same as a 3-1 bet in a pari-mutuel pool.

Many players bought bargains, hoping they could find a horse that came out 3-1 in fixed odds maybe 8-5 with the tote.

“I think this will work,” said chariot dealer Nick Fulco after betting on the first race. “It will work in big fields, 12-horse fields, grass races. You will get 20-1 when maybe 8-1 or 9-1. Another place it will work is with first-timers. In fixed odds, first time beginners can open 10-1, 15-1 and then you will see them bet down. You can get 15-1 on a horse that pays 3-1. I’ll be shopping around today for the best odds. “

(Note: For simplicity, we’ve converted the fixed-odds prices to include the bets so they correspond to pari-mutuel prices).

Must have, starting from the first race. Race winner Rhumjar (Holy Boss) made a lot of late moves with the tote and finished 2-1, paying $6. He opened 9-2 in fixed odds and held steady at that price. In the same race, Mr. The most popular Extension (Malibu Moon) won with odds of 9-10 on goals but could be 8-5 in fixed odds betting.

It happened again in the second race with the Kingdom Queen (Inflatable) winner opening 20-1 in fixed odds before drifting down to 15-1. The filly ended 8-1 in pari-mutuel pools, paying $18.20. In the fifth race, Hushion (The Lumber Guy) paid $17.20 on a fixed-odds pari-mutuel bet of $2 that ended at $28.00.

“We saw a big price difference for some of the winners today,” Baker said midway through. “We also had 20-1 10-1 on the pitch. It will show this is a great service to the customer. Hopefully, this is a nice and easy start to what is about to become a great thing here. ”

Bob Filo is typical of clients who have tried fixed odds. A small bettor, he is curious to see how the system works and is willing to give it a chance.

“I think this is a good idea,” he said. “If you are betting on a horse that you know will be a favorite, you can buy the best odds. I just want to try it. I only bet $5. I’m not sure how much I would bet on fixed odds. I have to get used to it, see if it’s worth it. I have to get the feel of it. I will probably bet some in both groups today. Paco [Lopez] always hot favorites. Maybe his horses won’t be so low on fixed odds. Then again, you could get burned. You can take Paco 4-5 in a fixed odds and then his horse gets ahead and goes on 8-5. You just don’t know”.

Baker said he had expected to see more of the big gamblers trying to exploit the difference in odds in the two groups.

“I was a bit surprised that we didn’t see a lot of professional money coming in,” he said. “I’m ready to be here and make some more professional money. It’s just the general patrons participating in it. As the holdings get bigger, more professional money will start flowing in.”

Baker has said that fixed odds will be available to online bookmakers in the state within a month or two. Betting will also expand to other songs soon, and Baker says his company has signed up for about 15 songs. However, all the major racecourses are still keeping a wait-and-see attitude regarding fixed odds bets.

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