Brad Cummings wrote an article on the Paulick Report recently asking tracks to expand their bet offerings by “keeping it simple”. Brad is a newbie to racing and believes that some people might be interested to play the races if they are offered a simple choice.
Many of the commenters relayed the belief that racing being a skill game prohibits this type of idea from working well. That point is probably valid, but Brad’s point should not be lost on us.
When you offer bettors choice, you usually expand your market.
In consumer markets this is tried and true. Repackaging a product increases sales. Those neat cheese sticks or pudding pops were not invented because the company making them got bored, they made them because they will sell more cheese and pudding. Many times consumers will think company’s who offer more choice offer higher quality.
In 1986, William “the refrigerator” Perry was playing in the Super Bowl. Coach Mike Ditka said before the game that he would not carry the ball in the Super Bowl. The fans argued “would he or would he not?”. The casinos in Vegas saw an opportunity: They offered a 20-1 prop bet on exactly that. They noticed their fans were riveted to the game, for that one simple prop. Proposition betting was born and it is now a huge item for casinos. *
The demographic is clear for racing – racing is a skill game. One way to offer those risk taking, thought oriented bettors choice is by in-running betting. Offering choice to these bettors is something that has been done at Betfair for years now, and although it is not massive volume, it does encourage more play from a slightly different bettor.
Real time example of inrunning betting
As is shown at this link real time betting is shown for the Melbourne Cup (wait for the video to load, then watch the betting action, with descriptions). It shows the uniqueness of this type of betting. Anyone who has ever bet a race has said “that horse is live I would love to bet him.” Well with this type of betting, now you can.
Currently we are exploring choice in the North American arena. A casino in Las Vegas is looking at in-running betting, the Breeders Cup had a jockey prop bet which took action, some casinos run Derby, Breeders Cup and more in the futures market.
As long as there is pool size, or action, this does and can continue to market the sport to new markets.
Choice is a very good thing, if done correctly and with the customer in mind. Just ask William Perry.
* Source: Canadian Gambling Business October 2009
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Good thoughts, I believe that any business must change for the customer needs and to draw in more customers. Sadly, the public at large has grown to like no-skill, easy , slots like games, and if you want some of that market, you have to emphasize the “simple” part of the game.
I know the game is not really simple at all, but unfortunately that is what the people want.
Well, I think some people want simple… and by some I mean a lot. That’s what I like about a quick pick option for the Pick6, more people feel involved and there’s more dumb money in the pools.
But I agree that taking that approach should not be relied on as a sole path to growth. Capitalizing on the game of skill aspect is a must as well. I guess I always think that it should never be either/or. We should be looking at all potential avenues.