Single Pool Wagering

[Pacingguy]

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.

[Ray2000]

Single pool mutuels.

"....In practical terms, if a horse is being played more heavily in exacta bets to finish first relative to the money bet on the horse to win, the win price for the horse would be lower than in a standard mutuel pool to reflect the positions taken by the exacta players."



and vice versa, ..Oh that sounds just great....mel's Win bet lowers my Exacta...

and my spreadsheet becomes obsolete

http://www.drf.com/news/single-pool-...it-too-complex

[Robert Goren]

If they start limiting the size of wagers in any pool, they won't be in business very long.

[Pacingguy]

Originally Posted by Robert Goren

If they start limiting the size of wagers in any pool, they won't be in business very long.

You are assuming the every day player but if you are talking about those people who are doing computerized wagering, they may appreciate getting locked out of a wager. For example, do you want to be bet $1,000 on a horse to win that will be 1-5 or do you want your money back to wager on another race where the odds are more adventageous.

Yes, the 1-5 may win and you are blocked out of it, but is betting that much and crushing the odds worth it? Probably not.

[davew]

I don't understand, no wonder it takes so long to get things done in government and the politicians do not know what they are voting on.

If they can not summarize it in one paragraph, they do not understand it themselves.

Where did this come from? Is it being promoted by a software provider for their service?


My take on ?proposal? which is much different than Pacingguy ->


They want to be able to add many more outlets for taking bets on the races, but they do not want them to have all the different bets, just one. You bet on a horse(s), they take that money and 'hedge' it with the other similar taken bets into all the pools offered at the track on that race.

[Ray2000]

Originally Posted by davew

Where did this come from? Is it being promoted by a software provider for their service?

Longitude LLC has developed and patented single pool wagering technology for deployment throughout the US, Europe, and Asia


Oh No ..not the cricket people....

[davew]

Ray, after reading your link to the drf article, I think I understand now->

Wall Street firm baffles them with BS in an attempt to suck a little money from lots of rubes, who don't even know they are getting scrued.