New Jersey - Horse Racing Forum - PaceAdvantage.Com

barn32 · 06-20-2019, 09:38 PM

New Jersey

I want to learn everything I can about fixed odds wagering.

Do you have to be a New Jersey resident, or just be located there?

Do you bet through an ADW, casino, satellite wagering facilty, something else, or any combination of the above?

If a horse is three to one, and I lay three hundred to win one hundred, can I assume that I'm locked in at that price? Who is on the other side of the bet, an individual or the house?

Can you lay more than one horse in a race?

Is the market liquid?

Are there any special fees involved?

Can you lay place and show? Exotics?

Are there a large variety of tracks involved, or is it limited?

Is New Jersey the only state participating? Are other states scheduled to come on board?

I appreciate any help. I'm currently limited in my ability to use the computer.

SG4 · 06-20-2019, 10:23 PM

Quote:

Originally Posted by barn32

New Jersey

I want to learn everything I can about fixed odds wagering.

Do you have to be a New Jersey resident, or just be located there? - yes & yes

Do you bet through an ADW, casino, satellite wagering facilty, something else, or any combination of the above? ADW, Betfair via TVG is the only one

If a horse is three to one, and I lay three hundred to win one hundred, can I assume that I'm locked in at that price? Who is on the other side of the bet, an individual or the house? yes locked in w other bettors, no house involved

Can you lay more than one horse in a race? lay or back as many as you wish

Is the market liquid? I'm not impressed by liquidity in general, but if you're betting in the double digits you'll be fine. Liquidity can get kicked in big time though by certain bots, so sometimes you can really get a nice sized bet in there at a good price

Are there any special fees involved? I believe 12% of your net profit per race is retained by Betfair

Can you lay place and show? Exotics? yes on place & show, no exotics

Are there a large variety of tracks involved, or is it limited? big tracks in US are hard to come by, good for international (except no Royal Ascot), some harness & t-breds in US

Is New Jersey the only state participating? Are other states scheduled to come on board? yes & ??

I appreciate any help. I'm currently limited in my ability to use the computer.

Answers above in red

barn32 · 06-20-2019, 11:10 PM

Thanks. Appreciate it. I have a few followup questions just to clarify.

Quote:

Is the market liquid? I'm not impressed by liquidity in general, but if you're betting in the double digits you'll be fine. Liquidity can get kicked in big time though by certain bots, so sometimes you can really get a nice sized bet in there at a good price.

Bots?

Are there any special fees involved? I believe 12% of your net profit per race is retained by Betfair.

12%, wow, seems steep.

Are there a large variety of tracks involved, or is it limited? big tracks in US are hard to come by, good for international (except no Royal Ascot), some harness & t-breds in US.

So, if I understand, USA tracks aren't really on the menu? If that's true, then what are the main tracks being offered? Australia, Hong Kong, Ireland, France?

Is New Jersey the only state participating? Are other states scheduled to come on board? yes & ??

I'm curious why it's only in New Jersey, and how New Jersey got the actuon. Also, how long has New Jersey been offering this?

RunForTheRoses · 06-21-2019, 08:16 AM

This is what is offered today, at least as of now, never really played this:

Monmouth Park

Charles Town Races & Slots

Meadowlands (Harness)

Evangeline Downs

Emerald Downs

Australia (5)
Donald

Randwick

Flemington

Newcastle

Quirindi

plus apparently Goodwood and Newmarket

castaway01 · 06-21-2019, 08:38 AM

Quote:

Originally Posted by barn32

Thanks. Appreciate it. I have a few followup questions just to clarify.

1) Bots because at times they'll lock in on a horse and go back and forth and suddenly there's more money bet on a race. The bots also scoop up a lot of the overlays rather quickly (for all the examples posted of "better" odds on the exchange, the people/computer programs playing it are sharp and you're not going to get $500 down on a 5-1 horse on the tote at 20-1 on the exchange).

2) There are U.S. tracks, just not many and not most of the major ones, because they see the money would mostly go to another state's coffers and didn't give their blessing to be on the exchange. Short sighted perhaps but unless every state had exchange wagering I can also see that side of it.

3) New Jersey is the only state with exchange wagering because people in the industry here worked for years with Betfair to get it legalized, and between Betfair and the tracks they had enough financial clout to do so. Exchange wagering was legalized in 2011 but the first license wasn't given out until 2015, and then exchange wagering finally started in 2016.

barn32 · 06-21-2019, 09:39 AM

Quote:

Originally Posted by RunForTheRoses

This is what is offered today, at least as of now, never really played this:

Monmouth Park

Charles Town Races & Slots

Meadowlands (Harness)

Evangeline Downs

Emerald Downs

Australia (5)
Donald

Randwick

Flemington

Newcastle

Quirindi

plus apparently Goodwood and Newmarket

So, it looks like there are four USA T-Bred tracks offered on this day. Does that mean Emerald Downs might not be offered tomorrow?

barn32 · 06-21-2019, 09:44 AM

Quote:

Originally Posted by castaway01

1) 3) New Jersey is the only state with exchange wagering because people in the industry here worked for years with Betfair to get it legalized, and between Betfair and the tracks they had enough financial clout to do so. Exchange wagering was legalized in 2011 but the first license wasn't given out until 2015, and then exchange wagering finally started in 2016.

Not being in NJ, I can't sign up at Betfair, but can I go into the site and see how things work? How the odds move, liquidty, etc.?

barn32 · 06-21-2019, 09:58 AM

Quote:

Originally Posted by SG4

Do you have to be a New Jersey resident, or just be located there? - yes & yes

In Las Vegas you can play on-line poker at WSOP.com. They geo-locate your location, and as long as you are within the state borders you can play. You don't have to reside here. Just so I understand with Betfair, if I happen to be in NJ, I can't play there, I actually have to have proof of NJ residency?

RunForTheRoses · 06-21-2019, 12:12 PM

Quote:

Originally Posted by barn32

So, it looks like there are four USA T-Bred tracks offered on this day. Does that mean Emerald Downs might not be offered tomorrow?

https://us.betfair.com/exchange/help...pping/schedule

biggestal99 · 06-21-2019, 01:00 PM

Quote:

Originally Posted by barn32

Thanks. Appreciate it. I have a few followup questions just to clarify.

12% commission is a bit steep compared to the uk

For every 1,000 Won

120 to betfair

Of course you do get bet with no breakage. So that helps some.

When I place bet I know exactly to the penny how much will returned.

Just layed some horses at Newmarket during the race, money in the bank.

Betting during the race is great.

Allan

biggestal99 · 06-21-2019, 01:08 PM

Woodbine is also offered today. Just made money in the first race there.

Allan

therussmeister · 06-21-2019, 06:37 PM

Quote:

Originally Posted by biggestal99

12% commission is a bit steep compared to the uk

For every 1,000 Won

120 to betfair

Of course you do get bet with no breakage. So that helps some.

When I place bet I know exactly to the penny how much will returned.

Just layed some horses at Newmarket during the race, money in the bank.

Betting during the race is great.

Allan

Do you ever see odds offered like 4.67/1 as opposed to 9/2? Or do you ever win a bet on a 4/1 and find it actually pays 4.23/1 ? If the answer to both questions is no, you definitely are paying breakage, it is just totally hidden unless you can interrogate the person offering the wager.

biggestal99 · 06-21-2019, 08:07 PM

Quote:

Originally Posted by therussmeister

Do you ever see odds offered like 4.67/1 as opposed to 9/2? Or do you ever win a bet on a 4/1 and find it actually pays 4.23/1 ? If the answer to both questions is no, you definitely are paying breakage, it is just totally hidden unless you can interrogate the person offering the wager.

As stated, you know exactly how much you will win once the bet.

The increments at 9/2 are:

5.50
5.60
5.70
5.80
5.90

If you don’t like the 5.50 offer, you can offer you own odds at the price of your choice.

Nobody is forcing you to take a flat 9/2.

If you don’t like the price don’t bet

Allan

Longshot6977 · 06-21-2019, 09:23 PM

You can do free demo races with betting here:

https://us.betfair.com/hr-simulator/

barn32 · 06-21-2019, 11:22 PM

Quote:

Originally Posted by Longshot6977

You can do free demo races with betting here:

https://us.betfair.com/hr-simulator/

I've been playing with this. Takes a little getting used to.

If it says the odds are 22-1, it's actually 21-1.

I'm also not quite sure what some of their terms mean.

Position - Not sure exactly what this means. probably just the way they are listed.

Draw - I think draw and saddlecloth are the same thing

Saddlecloth

Win BSP

Industry SP - I can't figure out the meaning of SP and BSP

Place BSP