Voss: What Could The Future Of Wagering On Racing Look Like?

[Andy Asaro]

https://twitter.com/racetrackandy/status/1027895812108382208

Excerpt:

Flexi-betting seems to be working well in Australian markets, per Haslett. Flexi-betting allows bettors to engage in multi-race wagers without the expense which comes with choosing multiple horses in each leg of the wager. A customer can pick their horses, and if given a total ticket price of $100, could opt to put down a fraction of that—perhaps $50. That fraction will then be used to calculate the payout if the wager is successful. In the example wager, the customer will get 50 percent of the payout if the wager hits. This option seems to make entry into multi-race wagers more friendly for casual players or newcomers.

[dilanesp]

https://twitter.com/racetrackandy/status/1027895812108382208

Excerpt:

Flexi-betting seems to be working well in Australian markets, per Haslett. Flexi-betting allows bettors to engage in multi-race wagers without the expense which comes with choosing multiple horses in each leg of the wager. A customer can pick their horses, and if given a total ticket price of $100, could opt to put down a fraction of that—perhaps $50. That fraction will then be used to calculate the payout if the wager is successful. In the example wager, the customer will get 50 percent of the payout if the wager hits. This option seems to make entry into multi-race wagers more friendly for casual players or newcomers.

This is a customer service versus potential handle and carryover issue.

Essentially, imagine if the minimum bet in the Pick 6 were $0.01. How would it be different than the current Pick 6?

Well, first of all, there would almost never be a carryover. There would be far more people in the pool, and the people in the pool would cover far more combinations. So the only time you would get a carryover is if there was a ridiculous string of longshots. And there would basically never be a 2 day carryover.

Second, most players would choose to cover far more combinations. That would have the effect of increasing payoffs on chalk-heavy tickets and decreasing payoffs on tickets with longer shots on them.

And that would have the same effect as any gambling game where opponents make too many bets-- it would make a tight, aggressive strategy more profitable. (See, e.g., just about any low limit poker game if you want to know how this works.)

Third, you probably wouldn't have a larger handle. Yes, more people would come in, but they would be betting, on average, smaller amounts, and the lack of carryovers would have a depressing effect on handle.

I would suspect the same thing would happen with flexi-betting.

[12/ALL/ALL]

The universal adoption of exchange betting.