Fixed odds wagering at Monmouth Park

[andicap]

NJ governor signs bill allowing fixed odds wagering at Monmouth Park subject to regulatory approval. Story didn't mention it, but would this also include off-track sites or just at Monmouth?

So what's the upshot here? Seems to me we'll get a fairer look at favorites' odds as whales wont wait until the last minute to bet them down. If favorites are hit, say, five or 10 minutes before the race, does this creates more value on longer odds horses? 4-1 horses become 5 or 6-1? 10-1 become 15-1?

https://www.paulickreport.com/news/t...tory-approval/

[Gamblin4ever]

Originally Posted by andicap

NJ governor signs bill allowing fixed odds wagering at Monmouth Park subject to regulatory approval. Story didn't mention it, but would this also include off-track sites or just at Monmouth?

So what's the upshot here? Seems to me we'll get a fairer look at favorites' odds as whales wont wait until the last minute to bet them down. If favorites are hit, say, five or 10 minutes before the race, does this creates more value on longer odds horses? 4-1 horses become 5 or 6-1? 10-1 become 15-1?

https://www.paulickreport.com/news/t...tory-approval/

What exactly is fixed odds wagering? Is it where you wager on a horse you get those odds even if odds drop or go up?

[andicap]

Originally Posted by Gamblin4ever

What exactly is fixed odds wagering? Is it where you wager on a horse you get those odds even if odds drop or go up?

Exactly.

[thaskalos]

Originally Posted by andicap

NJ governor signs bill allowing fixed odds wagering at Monmouth Park subject to regulatory approval. Story didn't mention it, but would this also include off-track sites or just at Monmouth?

So what's the upshot here? Seems to me we'll get a fairer look at favorites' odds as whales wont wait until the last minute to bet them down. If favorites are hit, say, five or 10 minutes before the race, does this creates more value on longer odds horses? 4-1 horses become 5 or 6-1? 10-1 become 15-1?

https://www.paulickreport.com/news/t...tory-approval/

It all depends. If you keep being victimized by the drastic late-second dropdowns that we so often see...then it will be a blessing to finally be able to lock in the price of the bets that you make. But if you have benefitted by these drastic dropdowns because they inflate the prices of the winning longshots that you bet on...then this new wagering innovation obviously won't be for you.

Speaking for myself, this is a godsend...and I hope it gets implemented nationwide.

[VeryOldMan]

Originally Posted by thaskalos

It all depends. If you keep being victimized by the drastic late-second dropdowns that we so often see...then it will be a blessing to finally be able to lock in the price of the bets that you make. But if you have benefitted by these drastic dropdowns because they inflate the prices of the winning longshots that you bet on...then this new wagering innovation obviously won't be for you.

Speaking for myself, this is a godsend...and I hope it gets implemented nationwide.

Do you want to play against the sharps who set the likely ever-moving fixed odd lines or play against the sharps who bet these horses to perfection in parimutuel fashion? My suspicion is that those trends will converge ultimately, but it would be fun to have the choice and see what happens.

[Inner Dirt]

I have a sneaky feeling like on most sports future bet pools if you will find the take out to be higher than your average win pool for a horse race. I think it will be a way for the house to take a bigger cut, just my opinion.

[Dave Schwartz]

Originally Posted by Gamblin4ever

What exactly is fixed odds wagering? Is it where you wager on a horse you get those odds even if odds drop or go up?

No.
It is legal bookmaking.
(At least that would be my guess.)

[Dave Schwartz]

Originally Posted by Inner Dirt

I have a sneaky feeling like on most sports future bet pools if you will find the take out to be higher than your average win pool for a horse race. I think it will be a way for the house to take a bigger cut, just my opinion.

Completely agree.
And, after the "share" they will get a bigger cut.

[The_Turf_Monster]

The house isn’t going to lose money on this. Sure you’ll feel better about knowing your exact odds, but your winners are going to pay less than the mutuels in the aggregate

[iamt]

There will be no sharps allowed here.

The legislation allows fixed odds accounts to be closed at the operators discretion, and there is no obligation to take any bets.

[Dave Schwartz]

Originally Posted by iamt

There will be no sharps allowed here.

The legislation allows fixed odds accounts to be closed at the operators discretion, and there is no obligation to take any bets.

So, we're in agreement, then?

It is legal bookmaking.
(At least that would be my guess.)

[iamt]

Yes.

It is state based, and requires track agreement. So once implemented NJ residents (online) and physical bets can be made on any track that gives permission (at the moment, Monmouth only)

[JohnGalt1]

Do these bets go to the tracks to support the racing purses?

If not, then this is another nail in the industry's coffin.

[lamboguy]

Originally Posted by JohnGalt1

Do these bets go to the tracks to support the racing purses?

If not, then this is another nail in the industry's coffin.

don't get me wrong, I would love to go back the old days where you could walk up and down the Vegas strip and bet horses and the money never made it back to the track.. but those days don't exist any longer. the next best thing would be a secure pari-mutuel wagering pool where it is secure and no one gets in after the bell rings. i would say under secure conditions, there would be more action going into those pools and more possible money to be won.

the fixed odds and exchange wagering is all nonsense to me.

[Dave Schwartz]

Originally Posted by lamboguy

don't get me wrong, I would love to go back the old days where you could walk up and down the Vegas strip and bet horses and the money never made it back to the track.. but those days don't exist any longer. the next best thing would be a secure pari-mutuel wagering pool where it is secure and no one gets in after the bell rings. i would say under secure conditions, there would be more action going into those pools and more possible money to be won.

the fixed odds and exchange wagering is all nonsense to me.

100%, Lambo.

Well, 95%, anyway.

I think there needs to be an ANNOUNCEMENT that the pools are closing in 90 seconds.

When that timer ends, all BET TRANSMISSIONS from all sources - including ADWs are rejected.

The TOTE BOARD should be ANNOUNCED as OFFICIAL.
(Like a roulette dealer who announces that there will be no more bets.)

All this should happen BEFORE the 1st horse enters the gate.

This would restore the POST TIME INTEGRITY and the odds will never change during the race.

It will not address the 5/1 to 2/1 issue after our bets are made. Nothing can be done with that in the parimutuel system.

Just my opinion.