An idea regarding Monmouth Park and sports betting

[Poindexter]

Assuming Monmouth Park is going to offer sports betting(I am not really following the subject), I have an idea. As a person who has bet plenty of sports and plenty of horses in my life, I think it would be a huge upgrade to sports betting. Here is the idea.

What would be interesting is if sports was broken into say 8 different outcomes(lets say a pick em game was broken down like this)

1) team A to win the game by over 10 points
2) team A by 7-10
3) Team A by 4-6
4) TEam A by 0-3
5) Team B by 0-3
6) Team B by 4-6
7) Team B by 7-9
8) Team B by 10+

You would have to select the right outcome. This would actually make sports betting a lot more like horse race betting, especially if it was done parimutuel with a say 8% take. If this were to ever happen, then like horse racing, certain outcomes would be overbet and certain ones would be under bet. The more outcomes, the less efficient the betting becomes(until they lure the sharpest handicappers alive with rebates) and the more interesting the betting becomes.

In fact if Monmouth or any other track is to bring in sports betting they really should consider this model as an alternative(they of course should take traditional -110 bets as well). ESPECIALLY FOR FOOTBALL. Although it would be great for Basketball as well.

1) they will be able to bring in a higher takeout percentage
2) It will give sports fans a new twist to betting they have never had before(other than on games like the super bowl and alternative lines offered by some books)
3) it will give them a betting option that bookies do not have(an original and unique product offering).
4) it will acclimate sports bettors to the nature of horse race betting, which would ultimately make them a lot more susceptible to transitioning from sports to horse racing(especially if the racetracks ever come to their senses and lower takeout).

Then of course there can be additional revenue streams with doubles, pick 3's and pick 4's.......A brand new world of sports betting modeled after horse race betting.

[wiffleball whizz]

Assuming Monmouth Park is going to offer sports betting(I am not really following the subject), I have an idea. As a person who has bet plenty of sports and plenty of horses in my life, I think it would be a huge upgrade to sports betting. Here is the idea.

What would be interesting is if sports was broken into say 8 different outcomes(lets say a pick em game was broken down like this)

1) team A to win the game by over 10 points
2) team A by 7-10
3) Team A by 4-6
4) TEam A by 0-3
5) Team B by 0-3
6) Team B by 4-6
7) Team B by 7-9
8) Team B by 10+

You would have to select the right outcome. This would actually make sports betting a lot more like horse race betting, especially if it was done parimutuel with a say 8% take. If this were to ever happen, then like horse racing, certain outcomes would be overbet and certain ones would be under bet. The more outcomes, the less efficient the betting becomes(until they lure the sharpest handicappers alive with rebates) and the more interesting the betting becomes.

In fact if Monmouth or any other track is to bring in sports betting they really should consider this model as an alternative(they of course should take traditional -110 bets as well). ESPECIALLY FOR FOOTBALL. Although it would be great for Basketball as well.

1) they will be able to bring in a higher takeout percentage
2) It will give sports fans a new twist to betting they have never had before(other than on games like the super bowl and alternative lines offered by some books)
3) it will give them a betting option that bookies do not have(an original and unique product offering).
4) it will acclimate sports bettors to the nature of horse race betting, which would ultimately make them a lot more susceptible to transitioning from sports to horse racing(especially if the racetracks ever come to their senses and lower takeout).

Then of course there can be additional revenue streams with doubles, pick 3's and pick 4's.......A brand new world of sports betting modeled after horse race betting.


Pretty much every offshore book has these wagers available.....think they call it exact score wagering....

I'm assuming William hill will have it all at mth....adjusted lines first half teasers reverses etc etc etc

[magwell]

Pretty much every offshore book has these wagers available.....think they call it exact score wagering....

I'm assuming William hill will have it all at mth....adjusted lines first half teasers reverses etc etc etcWhizz you have been MIA no FB contest this year ? it was fun........

[thaskalos]

Assuming Monmouth Park is going to offer sports betting(I am not really following the subject), I have an idea. As a person who has bet plenty of sports and plenty of horses in my life, I think it would be a huge upgrade to sports betting. Here is the idea.

What would be interesting is if sports was broken into say 8 different outcomes(lets say a pick em game was broken down like this)

1) team A to win the game by over 10 points
2) team A by 7-10
3) Team A by 4-6
4) TEam A by 0-3
5) Team B by 0-3
6) Team B by 4-6
7) Team B by 7-9
8) Team B by 10+

You would have to select the right outcome. This would actually make sports betting a lot more like horse race betting, especially if it was done parimutuel with a say 8% take. If this were to ever happen, then like horse racing, certain outcomes would be overbet and certain ones would be under bet. The more outcomes, the less efficient the betting becomes(until they lure the sharpest handicappers alive with rebates) and the more interesting the betting becomes.

In fact if Monmouth or any other track is to bring in sports betting they really should consider this model as an alternative(they of course should take traditional -110 bets as well). ESPECIALLY FOR FOOTBALL. Although it would be great for Basketball as well.

1) they will be able to bring in a higher takeout percentage
2) It will give sports fans a new twist to betting they have never had before(other than on games like the super bowl and alternative lines offered by some books)
3) it will give them a betting option that bookies do not have(an original and unique product offering).
4) it will acclimate sports bettors to the nature of horse race betting, which would ultimately make them a lot more susceptible to transitioning from sports to horse racing(especially if the racetracks ever come to their senses and lower takeout).

Then of course there can be additional revenue streams with doubles, pick 3's and pick 4's.......A brand new world of sports betting modeled after horse race betting.

How is Monmouth supposed to embrace the foreign and radical idea of charging 8% for a parimutuel bet?

[wiffleball whizz]

Whizz you have been MIA no FB contest this year ? it was fun........

Just been busy with work......look for a week 5-17 contest!!!!!!!

[magwell]

Just been busy with work......look for a week 5-17 contest!!!!!!!Thx my man, good to see your back in action.........:)

[Poindexter]

Pretty much every offshore book has these wagers available.....think they call it exact score wagering....

I'm assuming William hill will have it all at mth....adjusted lines first half teasers reverses etc etc etc

I am talking about doing this for every NFL game and probably the 15 most interesting college games. Whatever they currently do I doubt is is nearly as cool as a parimutuel platform where you can exploit public mistakes. Also if it is fixed odds they are likely working on more than a 8% takeout.I know offshore has gotten better in this area in recent years but their takeout used to be ridiculous on the types of props. I do not bet sports much these days, but when I was betting the NBA playoffs last year do not recall seeing it at CRIS. They certainly do not have the novelty of pick 3's, pick 4's... Also what happens offshore is a non issue to 90% of people who will be driving to Monmouth to bet sports. If they are betting offshore, they do not need Monmouth. Also, this is something racetracks can do all themselves. They do not need William Hill or anyone else for this type of wagering. Higher take, risk free and they can do it themselves. Now I might be speaking their language.


Thaskalos, I am really just hoping then when they reprogram the computers for a 8% takeout, that the programming miraculously gets locked in for horse racing and then somehow spreads like a virus to every other racetrack.

[Stillriledup]

I like the idea of sports betting being pari mutuel, the only catch for sports bettors is why would they make a bet that not only has a higher takeout than a regular sports bet, but a bet where you don't know the final price you're going to receive and a bet that can hurt your own odds when you make it, until its too late to do anything about it.

To give up an extra 3% and throw in the mix that you won't know your price and that you can hurt that price by your own bet is something that's tough to get around.

[tanner12oz]

I would like to see promotions blending racing into the sports to increase interest and handle in horses. Multisport parlays with increased payouts or lower takes

[Poindexter]

I like the idea of sports betting being pari mutuel, the only catch for sports bettors is why would they make a bet that not only has a higher takeout than a regular sports bet, but a bet where you don't know the final price you're going to receive and a bet that can hurt your own odds when you make it, until its too late to do anything about it.

To give up an extra 3% and throw in the mix that you won't know your price and that you can hurt that price by your own bet is something that's tough to get around.

First off IMO, I would rather play a field of 8(or 10 or 12 however far they would want to take this) with an 8% takeout, than a field of 2 with a 4.5% takeout. The more options, the more chances of error the more chance for the public to make mistakes, the more possible edges for the player. 2nd, you really overestimate sports bettors. Just like horse bettors that are not really that cognizant of the takeout, sports bettors in general(not the sharps) only know that 11 is bigger than 10 and most weeks they pay their bookie and not the other way around. 3rd this type of betting makes the viewing of the game a whole lot more interesting. When you have a 4 point favorite up 17 with 6 minutes to go the outcome is basically decided. But with this type of betting you have a group of bettors that have a chance to win or lose, Those who might have money on the over 17 points, those who have money on the 14-17 and those who might have money on the 10 to 13. It would just make the game a lot more interesting and open up a whole lot of analysis(handicapping) that isn't needed in a typical 11/10 situation. Would the public take to it, who knows? I certainly see no reason why they would not, and I cannot imagine it requiring a whole lot of cost to implement. They basically would have little to lose and a lot to gain. Think about it, Somebody hits 7-1 on the NY Giants winning by 8-10 one week(heck of a lot more exciting than winning a 10/11 bet) and he is telling everybody he works with and sees about it. A lot of free publicity.................

[thaskalos]

First off IMO, I would rather play a field of 8(or 10 or 12 however far they would want to take this) with an 8% takeout, than a field of 2 with a 4.5% takeout. The more options, the more chances of error the more chance for the public to make mistakes, the more possible edges for the player. 2nd, you really overestimate sports bettors. Just like horse bettors that are not really that cognizant of the takeout, sports bettors in general(not the sharps) only know that 11 is bigger than 10 and most weeks they pay their bookie and not the other way around. 3rd this type of betting makes the viewing of the game a whole lot more interesting. When you have a 4 point favorite up 17 with 6 minutes to go the outcome is basically decided. But with this type of betting you have a group of bettors that have a chance to win or lose, Those who might have money on the over 17 points, those who have money on the 14-17 and those who might have money on the 10 to 13. It would just make the game a lot more interesting and open up a whole lot of analysis(handicapping) that isn't needed in a typical 11/10 situation. Would the public take to it, who knows? I certainly see no reason why they would not, and I cannot imagine it requiring a whole lot of cost to implement. They basically would have little to lose and a lot to gain. Think about it, Somebody hits 7-1 on the NY Giants winning by 8-10 one week(heck of a lot more exciting than winning a 10/11 bet) and he is telling everybody he works with and sees about it. A lot of free publicity.................

Yes...but there is one more factor to consider here, in my opinion. The more "exotic" the wager, the less PREDICTABLE it becomes...hence the bigger payoff. I may have a valid reason to assume that a given team may win by more than 7 points...but when I am asked to predict the final outcome with much greater precision, and within a much narrower range, my opinion then becomes only a little more than a guess. And when we are only "guessing"...how can we find the edge needed to negate an 8% takeout? I know...people think that EVERYTHING is predictable...and everyone wants that 7/1 payoff. But honestly...where could you base your opinion that a particular team will win by 8-10 points, rather than by 11-13? I can say with confidence that I think a particular team will win by more than 7...but my confidence wanes and I start guessing when I am asked to be a lot more precise about the final outcome.

To illustrate my point a little more vividly...let's say that I propose a new idea to you...to make horse racing a lot more interesting and rewarding:

Instead of just betting that a particular horse would win its race...let's say that I introduced a brand new parimutuel wagering option, where the player is asked to predict the horse's actual winning margin over the next horse. Will our horse win by half a length or less? A length? A length and a half? Who the hell knows? :)

Would we pay a higher takeout to play a guessing game like this? Roulette on horseback with a 22% takeout? Where is our "edge"?