Quote:
Originally Posted by arw629
...I will say this though. Sometimes at mountaineer I'll see a fav I like at 1-5 @ post time and I'll make a bet bc for some reason when the gates open the odds magically read 4-5 or even money and win like a 1-5 shot...
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This pattern has been going on for a few years now. (If you do a search for the phrase "mad bomber" you can probably find some old threads about this.)
I first noticed it at Mountaineer. But now it has spread to other tracks as well.
The pattern goes something like this:
Before the current race becomes official - a large player (or players) bets several thousand dollars to win on a single horse in the next race.
As soon as the current race becomes official - and the tote refreshes to display the odds for the new upcoming race:
The first flash of betting reveals that several thousand dollars has been bet on a single horse to win - and its odds are listed at 1 to 9.
A look at the win pool totals at the first flash of betting also reveals that the normally expected amount of money has been bet on each of the other horses to win.
At this point the odds are unnaturally skewed... something like 1 to 9 on the favorite... 30 to 1 on the second choice... 40 to 1 on the third choice... and 50 to 1 or higher on each of the others.
In my opinion:
The player (or players) responsible for the large opening bet are attempting to intimidate the other bettors and manipulate the pool.
Their large bet is designed to depress the odds on the horse they are backing - and purposely make it a very unattractive proposition to the other bettors (from a value standpoint) for much of the betting.
At the same time, the odds of all the other horses have been artificially inflated - and purposely made to "appear" much more attractive (from a value perspective) for much of the betting.
But notice that I used the word "appear."
Because right at the end, as the horses are facing up to the gate, I am convinced the player (or players) who made the large opening bet in the first place are about to make a "HOW MUCH TO CANCEL" decision based on the following:
a. Their estimate for total dollars likely to be wagered by the other players into the win pool.
b. Their estimate for final odds and total return on their horse if they decide to let their initial win bet stay in the pool as is.
c. Their estimate (using kelly criterion based on estimated odds and estimated edge) for how much of their initial win bet they should CANCEL in order to maximize their total return should their horse win.
I am convinced they are cancelling a significant portion of their initial win bet just before the race goes off (or possibly shortly after) in order to maximize their total return.
In my opinion THAT is why you see the odds jump from say 1 to 5 standing in the gate to say 4 to 5 as the horse makes the winning move in the stretch.
In my opinion:
There's nothing wrong with making a large opening bet and letting it stand.
There's also nothing wrong with making large bets throughout the course of wagering.
But in my opinion the CANCELLING of large bets is being abused and racing commissioners need to put a stop to it.
-jp
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