With the end of the Aughts rapidly approaching, the r2 collective polled industry insiders, horseplayers, and fans for their top five technological innovations in racing during the past decade. As voted by our panel, #4 is Conditional Wagering.
Horseplayers have many laments: Takeout rates are too high, data costs too much, and stewards rarely explain their calls. And then there’s the frustrating problem of late odds changes, particularly those last-minute odds drops in which a horse enters the gate at 2-1 and leaves it at 6-5.
While conditional wagering can’t save handicappers from the fickle fluctuations of the tote in the final seconds before a race, the technology does give players significant control over the conditions under which bets are made. Introduced by Premier Turf Club in 2007 and now available through TwinSpires, Youbet and other ADWs, conditional wagering allows bettors to select the horses they want to play and the minimum odds they’ll accept well in advance of the time wagers are placed by the system, which can be anywhere from 45 seconds to post to several minutes out. If the minimum isn’t available, the bet isn’t made.
“You’ll never have to wait around again for a specific race to ensure you get a fair price on a runner you want to back. This will end the cries of, ‘If I knew that 6-to-1 morning line horse was going to pay $30, I would have played him,’” Premier Turf Club CEO Ian Meyers told the Thoroughbred Times when the feature launched.
Those cries can still be heard, but conditional wagering surely has freed many horseplayers wagering through a number of ADWs from tote-watching and worry about underlays or missed opportunities. The idea seems simple in retrospect; implemented, it’s one of the most bettor-friendly innovations of the past decade.
5 Responses
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This is something that could be excellent, and give racing new life with bettors, if the tote system is improved. If they can get the tote to cycle better you will have a much better idea what the final price will be.
In speaking with some racing execs they seem to have little interest on what bettors do. When Mark Cramer wrote Value Handicapping a whole new group of value based handicappers entered the fray. If they set their min odds on a play at 3-1, they mean it. Having a tote system that can turn 3-1′s to 8-5′s after the bell it turns a lot of people off playing this way. This is fundamental to the entire system of betting, and handicapping.
I think it is one of the major reasons why betfair became so popular. When you like a horse at a 33% chance you can place your $20 bet at 5-2. If it gets filled you are above your 2-1 min odds and have an ROI positive bet. Simple really, when you think about it, and I hope cd wagering can be that good someday. I think it will help racing.
D
You bring up two great points, Dean. Conditional wagering isn’t fixed and the tote system is out of date. It’s a big step forward, but it’s not as good as it could be (or as good as technology would allow with an improved tote).
As the “father” if you will of conditional wagering (and file upload) I am flattered by this recognition.
I wholeheartedly agree with Jessica and Dean’s comments that there is a lot that can be done to improve upon both CW and the tote. I never intended for this version of conditional wagering to be the final say on that product, nor do I believe that CW in and of itself is all we can do to bring ADW technology into the 21st century. There are a number of products I’ve still got on my drawing board that I believe would not only enhance a horseplayer’s wagering experience, but would generate additional handle for the industry at a time when we could use it.
Thanks again for the honor.
Ian Meyers
Former CEO Premier Turf Club
Well, I agree that CW is a valuable feature; but, it is still at the mercy of the clock in relation to post time. And, that means that regardless of how you tweak submission of your bet, you are still not sure that the price that you have established as your “condition” will be achieved when the dust settles. Having a horse at 2-1 when they enter the gate become 6/5 when they leave the gate is less a problem than having the horse be 2-1 when they leave the gate and become 6/5 when they enter the stretch! And that is the state of the tote system such as it is today. In addition to CW, Meyers should be recognized for developing proportional betting or “dutching” at PTC that is also conditional with respect to the ROI that’s being sought from the overall bet whether it be an exacta, double or win bet. This latter feature is something that remains unique to PTC.
Continuing the Discussion