Fixed odds at Monmouth
 

Anybody have any experience with this yet?

no.. but what an adventure it will be!!

going on Saturday. been really bad weather so far there so far. hope it improves.
will of course try fixed odds.

we shall see......

Allan

What's the story with fixed odds at Monmouth... I take it that you can only get fixed odds if you show up and play at the track?

I rarely if ever play Monmouth Park but I was watching the 7th race on Sunday and I believe the winner was bet fairly hard in the fixed odds pool but the tote showed no action. (it won) It just seemed like the "smart" money bet the horse trackside. It was very obvious when looking at the tote / fixed odds on the tracks feed.

only at the track fight now and only monmouth during the soft roll out.

more tracks/an online app/more providers (he says hopefully) as the summer progresses.

having a single provider sucks and we horseplayers are a captive audience.

i have bet at the track and off track fixed odds in the UK, a vastly better experience.

Allan

you have to be at the track and show up with an ID to bet. they are taking other tracks other than Monmouth.

i might take a ride down this weekend to check it out and see first hand what you can do or cannot do there. the exchange wagering was a waste of time when i was there a few years ago. i remember i was there for the Haskell and they gave me a worse price on the Chad Brown horse than it went off at. their lines were not updating either. and when you went to the window, you got limited.

Well, this should be interesting. I have no dog in the fight, but have followed fixed odds wagering when I've had offshore accounts. The trend had been to present lower odds for all logical contenders, and only raise odds as post time approached to bring them inline with parimutuel pools.

The "fixed odds" aspect turned out to only be a tease. Let's hope Monmouth has a better deal.

Well, it's supposed to be a better deal but we'll see. The original press release said the vig would be 12.5%. This would be a nice improvement on current parimutuel takeout and way better than overseas' overround on races but I don't think they've released any pool data yet for this to be checked up on.

is the 12.5% the amount the bet taker pays the track?

It means adding up the odds should get you to 112.5% implied percentage change

Great article, Tom.
:ThmbUp:

Expansion Of Fixed-Odds Horse Racing Wagering Anticipated Soon


Also mentioned that exchange wagering could return to NJ.

If anyone could make this work in the US it would be a guy like Baker.

I'm really hoping for this to work.

from what i understand, they will take up to $5000 on a wager. the bet taker has the right to pay you less than agreed pre race odds if there is a scratch in the race. another words you can't bet the guy $5000 in the race and have the jockey get the horse scratched at the gate that is going off @ 1-5. that's the only protection the man has that i can see from getting laid out.

i will go down there for their first 2 year old race whenever that is

The 12.5% is what the house expects to make on the pool. In parimutuel, they can just take an exact takeout then payout the rest not caring who wins.
In fixed, they have to use "overround" to get a return which means when you tally up the full slate of odds offered, it will come out to higher than 100% win chances. (For 12.5% vig, it's 114.3% overround). This is an improvement over the current parimutuel takeouts if indeed they are honoring it.

Think of football games against the spread. You can take either team at -110 (risk $110 to win $100). *IF* they get one wager on each side, they'll payout $100 to the winner and collect $110 from the loser thus making $10 profit with no risk.

The *IF* part is what's important to them.

Important distinction...They'll take a wager *up to $5,000 net profit.* So if you're betting a 10/1, your cap is $500 to WIN. Supervisor approval can override that cap but don't plan on that happening if your account show you've been a consistent winner.

This cap will increase as market volume does. They have to cap it currently because there'd be too much liability in accepting any and all wagers right now.