Comments on: Innovations of the Decade: #4 Conditional Wagering

By: Richard_R

Richard_R — Thu, 24 Dec 2009 09:03:40 +0000

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.

By: Ian Meyers

Ian Meyers — Wed, 23 Dec 2009 23:16:34 +0000

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

By: jessica

jessica — Wed, 23 Dec 2009 02:19:06 +0000

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 Conditional wagering isn’t fixed and the tote system is out of date.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).

By: Dean

Dean — Wed, 23 Dec 2009 02:08:33 +0000

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.

By: Top Five Innovations of the Decade in Racing – r2 collective

Top Five Innovations of the Decade in Racing – r2 collective — Wed, 23 Dec 2009 01:29:10 +0000

[...] 12/21/09 – #5 Trakus 12/22/09 – #4 Conditional Wagering [...]