Quote:
Originally Posted by One Eye
There are different types of horseplayers. Some will exclusively play horses regardless of the vigorish. However, I have noticed many horseplayers naturally gravitate toward sports betting as they are conceptually similar.
Let me explain why I almost NEVER bet horses anymore. In Nevada (and other states) you receive a pitiful rebate or nothing at all. One day, I walked into a nearby race book and started inquiring about the live betting sports app. The difference in takeout between horse racing and sports betting is exceptional. Assuming you win about 50% percent of your bets, you pay about 4.55% on a typical sports wager. This percentage is even lower on certain bets at certain casinos. For example, I just studied the overnight for the Braves/Reds game. The Reds offer even money and the Braves ask you to pay $110 to win $100. This means the takeout is below 3%. I could conveniently place a bet on this game right now through my smart phone. Additionally, casinos are offering in-game wagering through smart phone apps. The takeout is generally increased on these wagers (e.g., -115 on each side), but the odds constantly fluctuate, which helps savvy bettors find value.
Currently, I allocate about 5% of my play to horseracing. The horseracing industry has decided that a chosen few will receive reasonable takeout, while the average sucker is subjected to ridiculous takeout such as 17% takeout on win bets. Takeout of 23% or more is not uncommon on exotic wagers. Trying to stay alive under these circumstances, in the absence of meaningful rebates, is an exercise in futility. Sports betting offers more appeal to most bettors, as they will generally lose a lot less and have a larger menu of wagering options.
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When the racing industry decided new fans were more trouble then they were worth, they killed the smart recreational handicapper. Dumb money was virtually eliminated. In NY, we lost all those OTB guys playing the Apple-Boy Daily Double, betting right off the entry sheet. Back in the day, if you read the Form you were a prince among men. Now all that is left is the whales who get giant rebates, the guys putting in a million bets at the bell through direct computer access to the pools, and the serious recreational guys who are being eaten alive by the first two.
