Racing Bills pass in the New Jersey State Senate Committee

[NJ Stinks]

And they look pretty good too.

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State Senate committee approves horse racing measures
Monday, November 8, 2010
Last updated: Monday November 8, 2010, 6:35 PM
BY JOHN BRENNAN
The Record
STAFF WRITER

The Government, Wagering, Tourism and Historic Preservation Committee approved a measure to allow the horse racing industry an opportunity to open off-track wagering sites, and another that would make New Jersey the first state to offer European-style “exchange” wagering.

In addition, the number of mandatory race dates at Meadowlands Racetrack and privately owned Freehold Raceway would be reduced to 100, a move designed to increase fan interest and purses for the remaining dates. Another bill would shift all pari-mutuel wagering into one betting pool.

More at the link below:

http://www.northjersey.com/news/state/110810_State_Senate_committee_approves_horse_racin g_measures.html
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[onefast99]

The key to the survival of both AC and horseracing is slots at the tracks. Once the Governor realizes this everyone will benefit, and yes that includes the taxpayers of NJ who will see a lower tax base due to the newly created revenue stream.

[The_Knight_Sky]

Brennan's article:

Christie and leading state Democrats appear to be in general agreement about how to try to help Atlantic City.


_______________________

Tunnel vision. :ThmbDown:

State leaders should be focusing on helping the entire state.
Not just Atlantic City.

[Horseplayersbet.com]

I don't get this fourth bill. Is it revenue sharing or what?

"Finally, the fourth bill made changes to allow betting operators to combine all wagers placed on the results of one or more horse races into a single parimutuel pool. These larger pools can handle a greater variety of wagers and are less risky for racetracks.

“This bill essentially gives racetracks the ability to insulate themselves from going broke,” said Sen. Richard Codey, D-Essex. “If a single bettor has a bad night at the races, they’re hopefully not betting with their life savings and can continue to make ends meet.

“However, if a racetrack has a bad night at the races, it can have a domino effect, destabilizing the racetrack’s finances and eating into their economic well-being,” he said."

http://www.pressofatlanticcity.com/news/breaking/article_7d13ef54-eba9-11df-b693-001cc4c002e0.html

[The_Knight_Sky]

I don't get this fourth bill. Is it revenue sharing or what?




I don't either.

Sounds like something to do with dropping off bets made by Bridgejumpers
into the host pool? If the takeout rates are "consistent" with the host pool.

Whatever that means.

http://www.njleg.state.nj.us/2010/Bills/S2500/2229_I1.PDF

[badcompany]

I don't either.

Sounds like something to do with dropping off bets made by Bridgejumpers
into the host pool? If the takeout rates are "consistent" with the host pool.

Whatever that means.

http://www.njleg.state.nj.us/2010/Bills/S2500/2229_I1.PDF

Why can't the tracks just protect themselves from Bridgejumpers the old-fashioned way, by stiffing the horse?;)

[The_Knight_Sky]

Why can't the tracks just protect themselves from Bridgejumpers
the old-fashioned way, by stiffing the horse?;)





Do you think that's a better option than say....

letting the NJ bettors step up to the STANS and BetJet machines
and finding out that there is no place / no show wagering on your horse?

"Nullified" wagering pools seems to be all too common these days on signals piped into NJ.

[Pell Mell]

Minus pools aside, how would the different types of bets be computed if all the money is in a common pool? I don't get it. :confused:

[The_Knight_Sky]

I don't get it. :confused:




PacingGuy has a nice summary of the bills at his blog but even he is baffled.

http://viewfromthegrandstand.blogspot.com/2010/11/first-steps-for-racing.html

[Charli125]

PacingGuy has a nice summary of the bills at his blog but even he is baffled.

http://viewfromthegrandstand.blogspot.com/2010/11/first-steps-for-racing.html

I'm glad everyone else is as confused as I am. It sounds like they want to co-mingle their wagering dollars with the rest of the parimutuel pools...which is what already happens.

I thought maybe this had to do with the exchange portion, but that wouldn't make sense either since the bet taker is taking zero risk in exchange wagering. There can't even be a minus pool.

If anyone finds out what this means, I'm all ears.

[Canarsie]

If anyone finds out what this means, I'm all ears.

The only person who probably really knows is the lobbyist who had it put in. :bang:

[Rutgers]

Without that provision, only “peer to peer” wagering would be allowed.

[LowerTakeout]

I don't get this fourth bill. Is it revenue sharing or what?

"Finally, the fourth bill made changes to allow betting operators to combine all wagers placed on the results of one or more horse races into a single parimutuel pool. These larger pools can handle a greater variety of wagers and are less risky for racetracks.

“This bill essentially gives racetracks the ability to insulate themselves from going broke,” said Sen. Richard Codey, D-Essex. “If a single bettor has a bad night at the races, they’re hopefully not betting with their life savings and can continue to make ends meet.

“However, if a racetrack has a bad night at the races, it can have a domino effect, destabilizing the racetrack’s finances and eating into their economic well-being,” he said."

http://www.pressofatlanticcity.com/news/breaking/article_7d13ef54-eba9-11df-b693-001cc4c002e0.html


I think they are talking about combining pools together. For example, win and exacta pools could be combined into one pool.

To calculate combined-win pools for the 1 horse, sum what is bet on the 1 to win, the 1-2 exacta, 1-3 exacta, 1-4 exacta etc. Basically all wagers with the 1 in the win position. Do this for all betting entries in a race. From these combined-win pools, calculate the combined-win odds & payoffs.

To calculate combined-exacta pools for the 1-2 combined-exacta, breakdown win pool on the 1 in proportion to the amount wagered on the 1-2 exacta relative to all amounts wagered on exactas with the 1 in the win position, and add this amount to the amount wagered on the 1-2 exacta. Do this for all possible exactas in a race. From these combined-exacta pools, calculate the combined-exacta odds & payoffs.

[LowerTakeout]

This idea of combing pools together should significantly increase handle, as each bet placed would have significantly lower affect on the odds, thus allowing bettors to make significantly larger wagers.

It also would keep odds more consistant throughout the betting and diminish late odds drops, which also should encourage more wagering.

[LowerTakeout]

Apparently this was already tried in 1934 in the UK.

http://en.wikipedia.org/wiki/The_Tote

"1934 Unsuccessful experiment with Single Pools (Win and Place bets in the same pool)"

[Horseplayersbet.com]

In case anyone missed this from the harness board: http://viewfromthegrandstand.blogspot.com/2010/11/single-pool-wagering-explained.html

[Robert Goren]

More likely in the case cited. The real win odds would be 6-1, but the pool projection would be 5-2 so when the big wager hit it would be 2-1. There is already software out there that does that for gamblers if they want to use it. I am sure every whale has something that tells him that and exactly how much to bet based on pool size. I don't see the need of race tracks getting to business of trying out guess whales.

[Horseplayersbet.com]

More likely in the case cited. The real win odds would be 6-1, but the pool projection would be 5-2 so when the big wager hit it would be 2-1. There is already software out there that does that for gamblers if they want to use it. I am sure every whale has something that tells him that and exactly how much to bet based on pool size. I don't see the need of race tracks getting to business of trying out guess whales.
Whales do not have access to superfecta, pick 3, pick 4 and triactor info.
I do think that eventually having this info it will lead to less severe price fluctuation.
I'm still wondering if this is only a for information purposes only deal or not.

[affirmedny]

“This bill essentially gives racetracks the ability to insulate themselves from going broke,” said Sen. Richard Codey, D-Essex. “If a single bettor has a bad night at the races, they’re hopefully not betting with their life savings and can continue to make ends meet.
[/url]

hopefully not, unless you're Richard Codey's brother:

http://freehold.injersey.com/2010/11/10/former-freehold-raceway-president-codey-gets-5-years-probation/