The NJRC has published regulations for single pool wagering with a comment period ending on 2-15-13. I wrote a
blog entry where I explain what the proposed rules mean as well as providing a direct
link to the NJRC proposed rules (note the beginning of the document has the end of the rule for runners).
From what I can tell, they will be introducing limit wagers where your bet gets accepted only if the odds are equal to or greater than odds specified. There is also an all-or-none option.
From what I gather, there must be a program which decides once the pools are closed how much of your bet (if a limit wager), if any can be accepted without triggering the odds below your threshold. Hence if you bet $100, but only $50 can be accepted, only $50 of your action is taken with the other $50 being refunded to you. If you choose to avail yourself of the all-or-none option and your entire bet can't be accepted, your entire wager is refunded.
Of course, this is a simple explanation and it is more complicated than that. For example, you would not be the only person taking advantage of the limit wager so how does it decide how much of each wager is to be accepted I don't know (perhaps similar to the way a bank IPO is handled when a mutual bank is going public where a proporition of your requested share order is accepted?).
i don't know which bettors will be able to avail themselves of this option. Will it only be ADW customers or would those at the track be able to avail themselves of it? Perhaps only the whales will have access to this tool whereas the little guy is SOL? It's only conjencture.
Something else I noticed is part of the regulations where an unearned amount of the pool is not paid out. I don't know if they are talking about the situation where a horse comes in the money and no one wagered on it for a specific wager type. It talks about how that unpaid amount needing to be applied to another wager within the single pool. I didn't see the specifics about that; it says the provider of the service which calculates the pools and odds has to get approval for the way they handle it.
Feel free to read the proposed regulations and let us know if I got it right or if I am missing something.
