Whales and late money to be discussed at next CHRB meeting

[AlsoEligible]

From the agenda for the upcoming meeting on 5/24:

http://www.chrb.ca.gov/Board/board_m...may_agenda.pdf

7. Discussion and action by the Board regarding the impact of robotic wagering on late odds changes as well as the probable competitive disadvantage posed to the broader wagering public.

If listening to CHRB meetings has taught me anything, it's to expect a lot of "discussion" and not so much "action." But I am pleasantly surprised to see it make the agenda, and it will be interesting to see what comes from it.

[Andy Asaro]

Originally Posted by AlsoEligible

From the agenda for the upcoming meeting on 5/24:

http://www.chrb.ca.gov/Board/board_m...may_agenda.pdf



If listening to CHRB meetings has taught me anything, it's to expect a lot of "discussion" and not so much "action." But I am pleasantly surprised to see it make the agenda, and it will be interesting to see what comes from it.

Be interesting to hear the discussion. I also hear that several people will be voicing their anger over the DQ a couple weeks ago during the public comment section.

[GMB@BP]

This was touched on last meeting.

It was pretty amazing as the commission was like "what" with puzzled voices. See this sort of thing never crosses their mind. There were a couple people who were talking about making it harder but the track exec, and not sure if I quote it right "they wager a lot of money though" and that they would just move onto the next track.

Essentially these whales, while they know are bad for the health of the game, the tracks are already propped up by their money.

Sadly, they will not be going anywhere.

[Tom]

You don't want pot dealers selling outside your store, unless you sell Twinkies.

[jay68802]

This has been discussed before by the CHRB. They know who the bettors are, keep in touch with them to make sure they are happy, and know that the tracks give them a additional % for rebates and comp their hotels and meals. They do this to get the additional handle.

[AlsoEligible]

Some more info on this released today (starting on page 38):

http://www.chrb.ca.gov/Board/board_p...s/May-2018.pdf

Of note:

- Estimates that whales make up 30% of out-of-state handle on California races, and about 10% of total all-source handle.

- Lists several examples of races where eventual winners had late odd changes after the break....including some where the odds actually went up.

Staff Recommendation

The CHRB should encourage and facilitate direct affordable access to wagering pools by the public at large as well as the requirements for such access, so as to help even the playing field in competition with robotic wagers.

Given the negative perception caused by late odds changes, the CHRB should encourage the TRA2020 technical committee to more quickly improve the frequency of odds updates. As an incentive, the CHRB could set a date certain on which the Board would consider mandating the early closure of wagering pools (e.g. when the first horse enters the gate) unless the updated, correct odds are provided to the public no later than five seconds after the start of any race.

Interested to hear more about the first paragraph. I'm not really sure what they mean by giving the public "direct affordable access" to pools. Seems they're suggesting that any normal patron should be able to get the same direct-to-tote interface that the whales use. I doubt most would know what to do with it, but okay.

As for the second paragraph, it sounds like California is going to start closing when the first horse enters the gate. Because I don't see how the totes are ever going to guarantee having the final odds posted within 5 seconds, even with the board's "encouragement."

[Tom]

How about restricting whales to the normal, direct access that 98%+ of bettors have been using in this game for decades?

There is one way to get a bet down at the craps table.
Seems to be working for the casinos.

[BCOURTNEY]

Verification of wagers after a race is off then subsequently introducing those promised uncommitted funds into the parimutuel pool (as a accepted valid wager) after the race is off is possibly illegal and definitely integrity issue not a perceived or questionable one, this probably should be turned into a legal case if this problem isn't addressed in a substantial meaningful way after they are made aware of it, their own technical staff and resources should be encouraged to explain to the legal team exactly what is going on before it hits the airwaves.

[Andy Asaro]

Originally Posted by BCOURTNEY

Verification of wagers after a race is off then subsequently introducing those promised uncommitted funds into the parimutuel pool (as a accepted valid wager) after the race is off is possibly illegal and definitely integrity issue not a perceived or questionable one, this probably should be turned into a legal case if this problem isn't addressed in a substantial meaningful way after they are made aware of it, their own technical staff and resources should be encouraged to explain to the legal team exactly what is going on before it hits the airwaves.

Was informed by one of the tote companies that you're comments earlier in the thread were incorrect.

They are willing to explain it all to me to get the straight story out. IMO they should have gotten the straight story out years ago.

[jay68802]

Originally Posted by Andy Asaro

Was informed by one of the tote companies that you're comments earlier in the thread were incorrect.

They are willing to explain it all to me to get the straight story out. IMO they should have gotten the straight story out years ago.

Then explain it. If you can. They are not going to explain it just to you. Have them post it. Second hand info is like PP's..

[Andy Asaro]

Originally Posted by jay68802

Then explain it. If you can. They are not going to explain it just to you. Have them post it. Second hand info is like PP's..

When it happens of course I will post it here.

[jay68802]

[jay68802]

http://www.youtube.com/watch?v=VlWgVdrnuhU

[jay68802]

http://www.youtube.com/watch?v=KkBe8TDcp-8

[jay68802]

BTW, I placed a rather large double bet for the Susan Preakness double, why has no one asked me to verify this bet? I must not be "a elite" customer. Sounds like a Wendy's night.