Better Betting ?

Not trying to steal a line from The Who, but the latest talk on the wagering front is about “Exchange Wagering.” – If it kind of has the Wall St. feel, its not far away. – If you’ve been a player who sits on the sidelines and complains about not offering the bettor new avenues. Here is your knight in shining armor.

New Jersey is the first place the new wagers will be taking place. – According to ESPN.com: While New Jersey continues its long battle to get legalized sports betting (and bring the United States into the 21st century compared to other developed countries’ views on gambling), the Garden State is closer to doing the same thing with horse wagering. Exchange wagering will be available to New Jersey residents starting on May 10 through Betfair US and Darby Development, the operator of Monmouth Park (whose 2016 meet opens May 14). The two companies, who received licenses to operate exchange wagering from the New Jersey Racing Commission back in late November, announced the launch date Wednesday.

The current pari-mutuel betting in this country requires horse players to make bets without knowing what their final odds will be, while exchange wagering makes it possible for bettors to take fixed odds that are locked in at the time of their transaction (similar to what sports bettors are used to) but also allows bettors to ask for better odds from those on the exchange or to match other players’ offerings. You can also bet against a horse and trading can also take place during the running of a race — an option every horse player has desired while watching races develop. Gamblers also like that they only pay a commission of about 12 percent of winnings as opposed to traditional takeout rates of around 20 percent in pari-mutuel wagering, according to Dave Tuley reporting for ESPN.com.

Monmouth Park is the biggest track involved so far but organizers Woodbine (Canada), Tampa Bay Downs, Pennsylvania and West Virginia will also be involved, with more to come. Customers will need to deposit into a wagering account (Betfair operates the 4NJBets wagering platform and the online Betfair Casino in partnership with the Golden Nugget) but then can bet from their PC, phone or tablet. – If you still find yourself on the fence deciding if you’ll take part. Take a listen to The Paulick Report on latest episode of The Friday Show:

http://www.paulickreport.com/features/the-friday-show/wagering-on-the-exchange/

 

After reading and watching a few sources, I’ve come out with the following feelings.- Not everyone will take part in this new innovation. It may be an introduction to the new segment of gamblers who like the fast pace action similar to casino gambling, and the ability to wager while the race is running will take a awhile to digest. I’m a gambler, and I love to wager on racing. Will I jump right in with both hands and feet ? No. – I’m going to take a wait and see approach. If things are going well with the new models, Betfair will make every attempt in the world at making this easy to use, and work out the bugs connecting to the older players. – I don’t like to think of myself as that older demo throwing stones at the moon, but I am cautious. – “Just think, if one lays a horse a (5-2) shot at (3-1), that horse must lose 75% of the time just to break even. For it to be profitable, you must be correct 75% of the time;”  According to a Horse Racing Nation 2012 article.

Call me old fashioned, but I’m going to wait it out for awhile. I have plenty of time as this only involves New Jersey at this time.  – You can bet your bottom dollar it will grow beyond state boundaries quickly if the wagering process is a success. – For me, I’ll keep trying my hand at the wagers I know, or at least the ones where I’m more familiar with. -I don’t think I’m alone, but I’ll keep an open mind for the new innovations. – I remember seeing a Breeders’ Cup race where it was being simulcast to a country that allowed this type of wagering. I can still see Zenyatta way back in the field around the far turn and she was 8-1. – A few jumps later she was rolling, and the in race odds dropped to 3-1. – As she really looked good and was five wide flying, her odds dropped to a dramatically low number. – I’m sure there were some players who saw this to be a good proposition, but this punter is going to watch from the sidelines for awhile.

 

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