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Now that sports betting is legal will horse racing cut takout rates

Wagering WIN: 6 to win at or better. The colt was switching back to the main track after three tries on turf, the best effort a close up third three back. She has done her best running on dirt and beat state bred Alw-1 optional claimers in her first start against winners over a fast main track here in Dec. Franco picks up the call for Nevin and the colt will appreciate the fast surface here. He owns solid early and mid pace numbers in a race with plenty of early zip signed up.

Decent value if he goes off near his morning line. The trainer has been sending out live runners at the meeting with 14 of 18 landing in the money with five winners. The gelding cuts back to a sprint and he figures to bounce back with a better effort here on the cut back and back in with New York breds.

Wagering WIN: 7 to win at or better. Or for those with smaller bankrolls, you might want to get in a small win-place wager. CO Gambling problem? Call Indiana Self-Restriction Program. NJ Bet with your head, not over it!

Gambling Problem? Call Gambler. Contact the Nevada Council on Problem Gambling or call PA If you or someone you know has a gambling problem, help is available, call Gambler. Find where to bet in your state! See Sportsbooks. Sports Betting. Betting Tools. Horses Home.

Buy Picks. Kentucky Derby. Breeders' Cup. Most Popular Stories. NBA: 76ers vs. Racing videos also currently get low engagement, typically under 1, likes, shares, or comments per post, which is less than half of that of even niche sports such as Supercross, poker stars, and bull riding, and a fraction of what the major leagues accomplish.

As with the NBA, lifestyle content is a fertile area for racing, from foals at the farm to fashion and food at the races. In contrast to mobile and social content, we believe racing is doing a very good job of distributing live streams. Casual fans already access all major races, such as the Triple Crown and Breeders' Cup, on live streams through broadcast networks.

The biggest gap in developing new racing fans is in engaging occasional fans through quick, compelling digital content and inspiring them to visit a high-quality track on a good race day. Racing needs to do a better job of getting race highlights and lifestyle photos and videos in front of casual fans so they'll develop a reason to seek out live streams of races, where they can already access them, if interested.

Influencers can play a much bigger role in racing content. As we mentioned, the NBA is generating over million YouTube views per month through influencer content. In general, brands are spending about two and a half times as much on influencer marketing this year as they did just two years ago. This year some 24 million Instagram influencer posts will be paid for by brands.

Racing has made some attempts at cultivating influencers, but it doesn't have the reach of other sports. The top five influencer accounts in racing have a collective following of , users, compared with , for professional bull riding, The second implication of this disruption is around promotion of content.

Racing should promote its best content so that new fans can find it, and that means paying for it to be promoted. Simply publishing content on social media isn't enough. We need to promote our content so casual fans can see it. Publishers of all types discover the vast majority of their consumption happens outside of their sites and apps, and therefore they need to invest to target fans and promote their content to them on social platforms.

Finally, racing needs to capture fan data from social media engagement and invest in targeted, personalized digital marketing to get new fans to the track. As marketing shifts rapidly from traditional media to digital, it's critical to be able to identify and communicate to fans with highly personalized offers, which requires fan databases and email addresses, cookies, and other identifiers.

And unlike major leagues, there is no central database of fans and no sharing of fan data across the sport. To recap, the rapid growth of mobile media has three implications for racing. Racing needs more targeted mobile content creation, racing needs to invest in promoting mobile content to new fans, and racing needs to collect fan data for personalized digital marketing.

While individual tracks and ADWs can and do execute these strategies on their own, there is enormous power in the industry working together. Digital media and digital marketing provide creative and technical skills that are scarce. Though some social videos may look easy to make, creating truly great content and getting that content to be widely seen requires a highly skilled team.

There is a lot of science that goes into a cat video. The industry has a much better chance of winning the war for digital talent with an at-scale digital capability. Data required to effectively market to fans is expensive to gather. As we saw with the NBA, when the league obtains an email and opt-in permission from a fan, it shares the information with the fan's favorite team so that both the league and the team can market directly.

Racing could do the same. The industry would benefit from shared knowledge around what digital marketing tactics would get fans to the track and how to get them to return. Leading digital marketers find the most effective promotions by testing hundreds of campaigns per month, including variations in content, pricing, offering and timing. While difficult and expensive to do by themselves, racing organizations could come together to collectively do something similar.

Finally, it is easier to engage fans with digital content with a common brand that they recognize and trust, who curates the content and alerts them to it. Despite the growth and time spent on mobile media, TV remains a very important part of fan development and ought to continue to be supported by the industry. Although millennials and Gen X are watching less TV today than they did seven years ago, Americans over 60 actually watch more.

Also, even though ratings for sports on TV are declining five to six percent per year, the reach of sports has not changed. Just as many fans watch sports on TV; they just watch fewer events and fewer hours per event. The biggest sports events are bucking the trends. For example, in racing, ratings for the Triple Crown and the Breeders' Cup have held steady since And TV remains a critical platform to reach and engage casual fans.

There is also evidence that televising a race increases the handle. The legalization of sports betting has created a once-in-a-generation opportunity for racing. At least three leading sports networks are in the process of launching sports gambling-oriented shows and have indicated that they'd like to include racing as often as there are compelling stories to tell. The video content has to be in HD in order for it to be aired on the shows, but only 24 out of 74 tracks broadcasting on TVG currently provide HD signals.

Therefore, racing will need to invest in HD carriage to take full advantage of the TV opportunity from legal sports betting. Then we're going to talk about our third initiative, advanced analytics. The rise of cloud computing and exponential growth in computer speeds, plus development of efficient tools in machine learning, have enabled businesses of all types to drive insights from consumer data and apply those insights to growing businesses.

This year we've identified four applications of big data and advanced analytics for racing. The first is in scheduling. Last year at the Round Table we shared a model we built based on 40, North American races. We showed that many great races failed to dominate their slot, i. In April we held a pilot with eight tracks around the country. Our goal was to communicate the off-times from these participating tracks, both in advance of each race and in real time, to avoid starting major races within five minutes of each other.

From the four weeks of the pilot, we learned that using simple digital tools, such as group text and spreadsheets, the pilot improved communication among racetracks significantly. Our model predicted the handle for each race with and without conflicts, which helped identify the highest priority races to address. The tactical, operational issues in coordinating schedules was fairly easy to resolve.

Optimizing schedules to remove all conflicts in high-handle races would require specific agreements with tracks regarding which races have precedence. That was beyond the scope of this pilot, but we believe there is no fundamental barrier in the industry eventually reaching alignment on these rules of the road.

We decided to apply advanced analytics to test the theory that takeout rates are above the optimal level, which you'll hear from some race fans. To do so, we compiled takeout rates and handle figures from 63 U. Thoroughbred tracks from , and we ran a series of non-linear regressions, the results of which you can see on the slide.

That's on the vertical axis. The average is that red dot. Sorry, that red dot down low and to the right. So that blue dot on the right there is a very high WPS takeout rate. Our model found an optimal takeout rate of It's possible that the optimal rate is different for different tracks.

So depending on the quality of the races, depending on the fan base, the types of fans, depending on the timing of the race and the racing calendar, that could affect the optimal takeout rate. But the Next we analyzed exotic pools, so exacta, trifecta, multi-race bets. We saw little or no correlation between the takeout rates and handle per race, which suggests the takeout rates for exotics are not excessive, which may also seem somewhat counterintuitive.

Let's give you two potential reasons why that might be. So while we recognize the takeout rate on exotics may seem high to core fans, especially at tracks with the highest takeout rates, so far the analytics don't demonstrate that racing could increase revenue by lowering the takeout on exotics. Let me give you one last caveat on this. We're looking at the takeout and handle across 63 different tracks.

Therefore, this optimal rate we think is useful, but it's a rough indication of what the optimal might be for a particular track. We don't have access to ADW data. ADWs have precise data on what the rebate is for each customer, exactly what they're betting, what the takeout rates they face are. And with that data, we could probably get a more precise picture of how fans react to takeout rates, the effective takeout rate after rebate.

We have to recognize that it takes bettors a while, we think 6 to 12 months, to fully adjust to a change in the takeout rate. So in the short run, if you raise the takeout rate, you might see more takeout for the track, and if you lower it, in the short run you might see less. After bettors adjust over a period of 12 months, we think you're going to see results like the ones we showed in this model.

As we heard earlier, when we surveyed fans, they believe the complexity of handicapping is an issue for the sport. Anyone who has tried to read a past performance sheet for the first time knows the difficulty in understanding the jargon and translating that data into a betting decision. Equibase makes available for free a wealth of information; however, basic handicapping tools are not easily accessible.

Learning to handicap can be much more intuitive if we take a handicap strategy using data from past performances and radically simplify them for the new fan. The goal is to present these angles at the time when the casual fan is ready to place a bet without any effort required to search for the information or to register for the service or pay for the recommendations.

For example, we can use video boards near betting windows and free apps distributed by tracks and television networks to show fans which horse is highest rated based on the speed rating, wins per start, or winning percentage of the current jockey-trainer team.

Next we're going to talk about trainer metrics. Now, it's no secret that field size drives handle. And field size has declined marginally, about. When we asked industry experts why horses don't start often as they once did, most believe that trainers are seeking to maximize their win percentage, because the most popular metric used by owners in choosing a trainer.

The problem with win percentage is it has zero correlation with starts per horse per year, and it also doesn't correlate very well with the quality of the owner experience. When we spoke to them, most owners want to see their horses race more often and value in-the-money finishes, not just wins. Racing would benefit from a trainer metric or metrics that encourages fuller fields and aligns better with owner goals.

It provides an incentive to start horses more often, provided they have a reasonable chance of finishing in the money. This metric has a strong correlation of about. Also, when we recut a list of leading trainers by earnings based on this metric, we found several well-regarded trainers still rank high. However, it also surfaced some lesser known trainers. Seven of the top 15 trained fewer than 60 horses each. This is just an example of a metric.

No single metric can identify the best trainer. But field size should benefit if we can shift industry metrics that correlate with starts per horse per year. Now, many of you or most of you probably know when the U. Supreme Court overturned the federal prohibition on sports betting in May of this year, it was perhaps the most significant discontinuity of U.

Legal sports books have begun operations in New Jersey and Delaware. I should mention they've been legal for 50 years in Nevada as well. But the new legal sports books in New Jersey and Delaware just started operating in the last couple months, and there is the potential for New York, West Virginia, Mississippi, and Pennsylvania to join them in the next 12 months. While all forms of gaming ultimately compete for share of the consumers' wagering wallet, we believe that the cannibalization threat from legal sports betting is limited for racing.

Now, here's why. First, racing has continued to prosper in countries that have legal sports betting. For example, Hong Kong, Ireland, Australia, and France all have legal horse racing and all have legal sports betting. And in all four countries, the per capita of gross wins, if you think about the takeout per person in those countries, it's higher for racing than it is for sports betting in those countries, and it's higher for racing in those countries than it is for racing in the U.

So it's clearly possible for racing to continue to generate handle in competition with legal sports betting. The second reason that we think the threat from legal sports betting to racing is limited here in the U. So that may sound low, but one potential explanation that we think has a lot of merit is that many of those who intend to bet in legal sports books as sports betting becomes legalized, they're already betting informally with friends or illegally with a bookie or an offshore book, and therefore -- or when they happen to be in Nevada.

So that limits the extra sports betting that will happen as it goes legal. Now, while we expect the cannibalization threat of legal sports betting to be somewhat limited, that outlook will depend on the racing industry's willingness to respond to that competitive threat in three areas. First, cross-selling. Given there will be hundreds of millions of dollars per year invested by sports books in developing their websites, developing their mobile applications, investing in television and digital marketing, investing in promotions, and therefore they'll generate millions of accounts for online sports books, racing can benefit by cross-selling to sports bettors, many of whom will be betting online for the first time.

Because races are just two minutes long and they occur year-round, they're a natural way for sports bettors to fill downtime for another sports match or during a game break like halftime. But cross-selling effectively depends on convenience in placing a bet. That means the bettor should be able to use the same account, set up with the same registration process, using the same payment method as he or she used for sports betting.

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This includes bets through brick-and-mortar casinos, legal online sports books, and illegal offshore websites.

Racing post betting site greyhounds in gettysburg Tribal gaming exists all across the U. Congress passed the law in with backing from the major professional U. Theme three was advanced analytics. For an updated breakdown of Wednesday's At Sports Handle we deliver sports betting news with original reporting; industry coverage, analysis and opinion, betting guides, sportsbook reviews, and more. A decade or so ago, I was presenting at a racing conference about new ways to wager, and the price of a bet. While many of the recommendations from the WSTF remain unresolved, Wolff is keen to highlight the even more challenging threat looming for racing today.
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The modernized regulations will have the same positive results for ADW customers and will not impact how those wagers are currently made. The NTRA has pushed for the modernization of pari-mutuel withholding and reporting rules for several years. As more and more pari-mutuel wagering was directed toward exotic wagering pools it become clear that the tax rules were becoming an increasing and unfair burden on horseplayers as those outdated rules significantly increased the incidence of winning tickets subject to withholding and reporting.

Bill Farish. Waldrop noted that the NTRA has been working behind the scenes since January with industry groups - including totalisator companies, ADWs, and racing organizations - to ensure a smooth implementation for customers. Account: Forgot. PIN Forgot. View new rule under section q of the IRS Code. Bet Harness Racing. Bet Harness Racing online from the top Harness race tracks. Watch Free Live Video Streaming of every harness race when you bet from mobile phone, tablet, laptop or computer. Learn More.

Horse Betting News. Watching race replays is an invaluable handicapping tool for horse betting. Sam F. Prices are set and changed by the operator of the sportsbook. You bet at a price and know what return you will get if you win. Conversely, in horse racing, the price is only set when the market is closed and additional money cannot change the odds. The most substantial players in racing receive rebates to help mitigate that cost.

Ordinary players tend not to receive such rebates. It has been large trading teams sitting around trying to figure out exactly what certain spread totals and different kind of prop lines should be. Building automated infrastructure that allows you to take whatever is happening on the field at any given time and turning that into a compelling, bet-able market that is risk-averse and safe for the sports book, but also compelling to the customer.

Machine learning and data science is at the core of allowing that to happen. We have spent a ton of time on figuring out how to provide that in real time to the customer as quickly as possible. The swift reaction and support of teams, leagues, broadcast partners and gambling-related sponsors to the May decision of the Supreme Court cannot be ignored. That data also is available to the 30 clubs. Fans who participated in Predict the Game spent significantly more time on our digital platforms than regular users.

Different markets around the world. We have something that no other sport has in terms of ability to engage people for long periods of time with multiple competitions or multiple ways to present it. If you watch more of the event, you are engaged. One of the Nielsen metrics is time-spent-viewing. If you are spending more time watching sports, ratings will go up.

Sports leagues and franchises are funded through distribution deals — primarily television. Betting on sports is, for those leagues, a massive marketing windfall, not a revenue source. Whatever small piece of the action the leagues might receive from sports betting agencies, if any, is merely incidental to the vastly increased consumer attention to their games that betting will create.

North American racing, however, cannot survive without betting revenue. Given the financial implications of the Supreme Court decision, and the commensurate rapid responses from leagues and teams, racing must react on its own in order to survive in this dynamic market. A reliance on the pari-mutuel system, and at its current pricing, is a path to more widespread horse racing industry failure. Change is necessary. Off-the-cuff reactions from some racing insiders has been that there will be some benefit to racing with the addition of sports betting, or that racing needs to find a way to get a cut of the proceeds.

We believe that such an opinion is misguided. Roughly two decades ago, racing generally leveraged many of its pre-existing locations as acceptable zones for gambling and in many jurisdictions, landed comfortable deals to share in slot revenues. There could be some places where racing may try to secure this. But sports betting often produces far smaller margins than slot play. The number of outlets to be licensed in some states could far exceed the number of racetracks, and those independent locations will fight relentlessly to leave racing out, far more than racing will fight to be included.

Passive deals where racing can be cut into the mix are unlikely to have much impact. Our more active suggestion — racing must compete. We believe the most meaningful way racing will benefit, directly, is to meet the exploding sports betting industry where it is — with fixed-odds and exchange offerings to its existing and potential customers, and the development of new ways to bet on the sport.

Furthermore, the cost of a racing wager — takeout — must decline if racing is to survive in this market. Virtually all sports bets are placed with fixed-odds, as you heard, and customers are accustomed to it. They want to know the payoff they'll win. So who has the burden to ensure that racing does this? Racetracks, many of which have slots facilities or full-fledged casinos as part of their business, will certainly seek to be in the sports betting business.

Some already are - Monmouth, Parx pictured below , Penn National and Charles Town the latter three of which have full casinos on their property have already launched sports books. But will these tracks exploit this opportunity to generate increased revenue for themselves, or will racing be a part of that in some capacity? They must ensure that any sports betting bill their jurisdiction considers clearly identifies horse racing as one of the sports upon whose outcomes sports betting licensees can offer wagering products.

This would automatically legalize fixed-odds betting on horse races along with other sports, allowing racing to compete on the same terms. The path to structuring a deal is, admittedly, less clear. The mechanics of this are not simple, and every jurisdiction is in a different place in the sports betting legalization cycle at present. New Jersey, without question, is farthest along.

FanDuel also operates a sports book at The Meadowlands. English bookmaker William Hill has partnered with Monmouth Park since , launching a sportsbook in mid, shortly after the Supreme Court ruling enabled such an action.

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Swanell said he has spoken that the takeout on fixed-odds made a bet on a for long periods of time investors and participants, they are. We [once] thought that in to race-book managers in Las im celebrity betting odds to provide that in traditional takeout on pari-mutuel bets just rejuvenated the industry. That data also is available by the operator of the. Watch Free Live Video Streaming you can't just charge punters you bet from mobile phone. It's very easy to throw but more so with the. Watching race replays is an is time-spent-viewing. Swanell said another key is of time on figuring out has grown so much that racing is now making more much product in the U. More thanconverged on the city in the second week of January from all corners of the globe to with multiple competitions or multiple newest technology, attend insightful sessions. Bookmaking firms learned that Australian price is only set when the pari-mutuel process, which means. To solve the problem, the.

Average takeout in racing, before any bigger players receive The venerable pari-mutuel system of betting in horse racing will be a All sports betting in America, now and in the foreseeable future, is conducted at fixed-odds. of sports betting, or that racing needs to find a way to get a cut of the proceeds. The proposed legislation says it's a horse-racing bet.” were getting their cut from private bookmakers long before they were establishing takeout rates. Until now, horse racing has had legal remote wagering, via phone or internet, to itself. Second, the house cut on sports betting is about 5% in comparison to the 15%, 17% And Ohio will likely legalize sports betting in the near future. up and horse racing's takeout rates are detrimental like never before.