live money handicapping contest

[Richie]

Hi

Just curious, sports haven in ct is doing their annual contest with a twist this year. A live money 200 buy in for a two day contest, 100 for each day, you keep whatever you make. You need to bet at least 5 races at 20 a pop, only wps. This appears to be a real betting contest with money management skills needed. You can bet as much as you want on a race as long as you bet 5 at 20 per pop. What strategy would you go with? maybe 2 $50 to win wagers and hope for the best?

[rokitman]

2 $50 win wagers? Not sure what you mean. You can play as many races as you want on the contest tracks-around 45 total races per day- as long as you make your bet at least $20 per race, so you are gonna to need a lot more dough to win than two $50 win wagers are going to bring in, unless, maybe, if you had two superbombs. I'll bet against that. This is quite a different animal than past contests. Contest (http://www.jaialai.com/2006SportsHavenHdcpChallenge(Rules).asp)

[rokitman]

As many races as you want to play and for any amount.

[Richie]

what i meant was bet 1 or two to get you started, then proceed. What if I really like a horse running early that's going to pay 14.00, why just play 20, why not 50 or 100 and then proceed. Sure I can bet just 20, that would get me 140, then you still got to proceed from there. Not quite sure, that's why I posted. However, when I go to the track with 100, i don't mess around with 10-20 to win, I focus on a couple and bang them.

[Richie]

Yes, but you must play 5 at 20 and you only have 100 to start.

[Richie]

so, in other words, if you bet 20 you have 5 races to pick a winner or you are out for that day.

[rokitman]

Right, so 2 at $50 does not meet the 5 race requirement. That's why I didn't know what ya meant before your explanation.

Building bet amounts is gonna win it. The winner will have hit early on both days, allowing them to bet bigger amounts. Of course, they'll have to hit early and late to win it. But the early hits are key. You can work with low odds horses throughout the day and still build a big bankroll, if you have hit early enough.

[Wiley]

The way I read it you start with $100 per day and depending on your winnings off your wagers you are required to make at least 5 wagers for a minimum of $20 in any WPS combination on one horse per race at any designated track for the day so unless you hit a few winners you are only making 5 plays on the day.

Richie, I guess it depends on the confidence in your picks on how to make your wagers early. If you are more of a longshot player I guess spread to the $20 minimum though you are still looking at only 5 shots before tapping out.

roitman, I assume what you are saying is there will be many players with winning early bets who will bump their subsequent wagers to any amount available to them from winnings given the minimum requirements of the contest?

I like the idea of using real money and keeping your winnings for each day so you can at least try to recoup the $400 entry off of your plays even if you don't win contest money.

[rokitman]

Yeah, there is 400 players. It's not a matter of "if" but only of "how many" that there will be a bunch of players that hit early. Then they are playing a whole different math than those that don't.

[toetoe]

What about betting more early, say forty, and running the risk of running out of money the first day? If allowed, is such a desperate strategy called for ... maybe?

[rrbauer]

You're not going to get rich betting WPS out of a $100 daily bankroll at $20 a pop.

What is the prize structure other than "keep all you win" because that is what should determine your strategy.

Also, is the $20 a minimum amount (so a $50 bet will satisfy one of the "5 at 20" requirement) or does it have to be $20 exactly? Clearly if you lose the $50 bet you will need to do some winning with the other $50 or you won't have enuf bankroll to satisfy the minimum requirement.

[TimesTheyRAChangin]

I wonder why more people aren't doing this?These guys will make $70K for a few days work.(If they get a full compliment of 350 people putting up the $400.00 entry fee)

[PaceAdvantage]

I wonder why more people aren't doing this?These guys will make $70K for a few days work.(If they get a full compliment of 350 people putting up the $400.00 entry fee)

Each jurisdiction is different....it's not a simple matter of hanging up a sign and collecting the $$$. I believe many if not most courtrooms would view such contests as games of chance, not skill, and that opens up a whole can of worms most people are looking to avoid.

[rrpic6]

Handicapping contests are not legal in all states. West Virginia is one as Mountaineer or Charlestown can't have contests.

As far as winning a real money Handicapping Contest, this takes a lot more guts and risk taking than imaginable. Northfield Park has had them in the past. They might have as many as 20 tracks available to play, including Harness and Quarter Horses. The money bet goes into the track handle, so going "all in" on a race at Woodlands is not so wise vs. Belmont Park. By staying close to the Leader Board enhances players chances of winning the Contest at "the wire". Knowing the Rules helps also. I did not know more than one horse could be bet in a race. This cost me from winning a Northfield Contest last year. One race left at Hawthorne, about $500 left in my bank role, Leader Board is at $1200. I like two 12-1 horses. i only bet one of them, it loses, the other wins, pays $26.00. If I bet $250 on both I'm packing for Vegas now.:bang:

[rokitman]

I wonder why more people aren't doing this?These guys will make $70K for a few days work.(If they get a full compliment of 350 people putting up the $400.00 entry fee)
All entries fees are paid back as prize money (and you get fed for free-at least, you did, I don't know if they still do). The only money they are making is off of increased handle and concessions from the contest players. And as many people that they have involved running the contest I don't think they are coming out too far a head on that, if at all. I think they do it just for the promotion- at Sports Haven, at least.

[TimesTheyRAChangin]

All entries fees are paid back as prize money (and you get fed for free-at least, you did, I don't know if they still do). The only money they are making is off of increased handle and concessions from the contest players. And as many people that they have involved running the contest I don't think they are coming out too far a head on that, if at all. I think they do it just for the promotion- at Sports Haven, at least.

CONTEST RULE:
4) If the contest is fully subscribed, there will be $70,000 in prize money. One hundred percent of the $70,000 will be returned as prize money.

My take is that 350 x $400.00=$140K,unless I'm missing something?

[Wiley]

CONTEST RULE:
My take is that 350 x $400.00=$140K,unless I'm missing something?
$200 of the entry for prizes and $200 for wagering over the two day contest - $100 per day, entrants keep the wagering money and winnings.

[TimesTheyRAChangin]

Thanks W!
Couldn't see the forest for the trees,

[alysheba88]

They ruined what was a great contest. Unfortunately more and more are moving to the live contest route. Horrible, horrible contest now.

If you want a contest that brings money management into the picture use the old Penn National model

[hracingplyr]

agree with you 100% they have ruined a good contest the winnwer gets a lousy 20,000 in windsor locks last yr at the bradely tele theater where i attend, they had a use your own money contest last yr and the entries were so bad the winner got a whopping 10,000

[mudnturf]

They ruined what was a great contest. Unfortunately more and more are moving to the live contest route. Horrible, horrible contest now.

If you want a contest that brings money management into the picture use the old Penn National model

I just looked over the Sports Haven contest rules and, although the format is very different than in years past, It looks to be an interesting contest.
Just to clarify.....$200 of the $400 entry fee is returned to you in the form of a credit in your account which must be used to make at least Five (5) $20 bets on each contest day (Saturday and Sunday).
There is no limit to the number of bets you can make AS LONG AS YOU COMPLY WITH THE AFOREMENTIONED RULE....five $20 bets for sure!
If you fail to comply with this rule you are automatically disqualified.

The only problem with the contests at PENN NATIONAL was that you had to bet Penn National races ONLY! :ThmbDown:

[tholl]

I have attended the Sports Haven tournament several times but will not go back again until they change the format back. In this present format you need to find one longshot that you are prepared to win or lose the contest by using. I don't feel like travelling half way across the country for that, in addition to the added cost of playing. One is better off saving that money for one of the bigger tournaments in Vegas which are less of a crapshoot.

Hopefully the CT attendence will drop and they will realise.

[mudnturf]

Hopefully the CT attendence will drop and they will realise.[/QUOTE]

I hope you're right.
I won't have to wait as long for that "free" lunch! :)