Monmouth Park’s debut of fixed odds wagering last weekend revealed the promise of this revolutionary betting system. And here in the United States, the Oceanport horse racing facility is where the national debut took place.
Other states need to approve legislation.
With Fixed Odds wagering, bettors lock in their price at the time of the bet (just like betting the the Philadelphia Phillies run line). With the pari-mutuel system, which is common with horse racing, the odds fluctuate up until post time.
Gamblers can utilize the fixed-odds system for Monmouth Park races, in which betting odds will be available at least a couple days before the weekend’s live racing card.
Racing resumes at Monmouth Park today with a 12:15 p.m. first post, riding the tailwind of a successful fixed odds debut.
BetMakers executive talks about NJ bettors getting ‘the right price’
BetMakers, based out of Australia, is the company administering and delivering fixed odds at Monmouth Park.
PlayNJ caught up with Dallas Baker, head of the business division for BetMakers, to see how smoothly the fixed odds wagering debut went.
“The first success is that we are up and running and up and running smoothly and that Monmouth Park is taking bets on fixed odds horse races,” Baker said. “We absolutely saw the advantages for bettors on site. The great thing for the customers, which adds to the excitement of the races, is the challenge of not only picking the right horse, but picking the right horse and getting the right price.”
As far as expanding the fixed odds menu goes, Baker told PlayNJ that BetMakers would like to introduce some simulcast races at Monmouth Park next week. It depends on how quickly the system is settling into place.
Pari-mutual odds payouts versus fixed odds payouts
Last weekend at Monmouth Park, bettors willing to shop found value in the second race, where Kingdom Queen paid $18.20 to win in pari-mutuel odds. A comparable $2 Fixed Odds wager returned a closing price of $32.00. In the fifth race, Hushion paid $17.20 in pari-mutuel wagering with a $2 fixed odds bet closing at a $28.00.
Fixed odds value was available on heavy favorites as well. Last Romance returned $3.80 to win on a $2 bet with pari-mutuel odds but closed at $6.40 on a comparable $2 fixed odds bet.
This is quite significant to big-money players, who like to hone in on one selection and slam it. Consider the price impact on a $100 wager. That’s a $2.60 difference in the payout.
On the pari-mutuel scale, the $3.80 return made a $100 wager cash out at $190, a $90 profit.
At $6.40, that same wager returns $320, a profit of $220, and a difference of $130 profit on the $100 wager.
That’s a whopping difference, an absolute game-changer and something sharp NJ horse-racing bettors are not going to miss.
Granted, the earlier wager must account for uncertain weather conditions and the disadvantage of not seeing a horse in the post-parade a few minutes before the race. The post-parade reveals a body language in the horses that impact wagering decisions by “looks” players.
Where Fixed Odds creates a huge advantage beforehand, however, is in the area of scratches.
A horse is 2-1 on Thursday. On Friday, trainers of his top competition decide not to run the horse. That 2-1 shot becomes 7-5.
Kentucky Derby winner Rich Strike withdrawn from Preakness
There are a couple perspectives regarding Rich Strike, who threw the horse-racing establishment on its ear as an 80-1 underdog Kentucky Derby winner.
Late on Thursday, his handlers took him out of the May 21 Preakness Stakes, saying he needed more rest.
That means horse racing will not have a 2022 Triple Crown winner.
While that will upset Preakness officials, it won’t lessen the impact of the Rich Strike miracle.
His Kentucky Derby victory has elevated the stature of horse racing beyond its traditional base, creating nationwide excitement.
It’s a Cinderella story on steroids.
Rich Strike was only entered into the race after Ethereal Road was scratched one day before the Derby.
He had run behind Derby longshots Tiz the Bomb and Tawny Port in a minor stakes race.
Rich Strike lost to Epicenter by the racing equivalent of a country mile in the Gun Runner Stakes last year. Rich Strike was a distant fifth, not even in the same conversation as the leaders in that race but…
He came from clouds to secure the largest Kentucky Derby upset since Donerail prevailed at shocking 91-1 betting odds in 1913.
This is Buster Douglas over Mike Tyson and the 1980 Miracle on Ice rolled into one.
The pace was wicked fast, setting the stage for a closer to fit the trifecta or superfecta picture.
Bettors simply thought it would be some one else running late, like Mo Donegal (who finished 5th) or Barber Road, who ran well at the end of previous prep races.
What makes the victory more impressive is that favored Epicenter and Zandon were wisely guided back to avoid the speed duel. They made their moves at the proper time. They did everything right.
But Rich Strike ran a final quarter-mile for the ages.
He will skip the Preakness but is tentatively set for the Belmont Stakes on June 11.
However, the July 23 Haskell at Monmouth Park would be a logical follow.
Imagine the interest at Monmouth if he does.
Fan-friendly tradition finally returns to Monmouth Park
Dennis Drazin, the CEO of Monmouth Park operator Darby Development, tells PlayNJ that fans often inform track officials about how much they missed the social interaction during the pandemic.
Well, come Memorial Day weekend, they will be happy.
Monmouth Park’s biggest event – the Jersey Shore Food Truck Festival – is back on its normal date and back to its normal size.
Fans will be able to enjoy nearly 40 of the Jersey Shore’s top food trucks. Sample everything from lobster rolls to mac & cheese to fried Oreos.
The event takes place 11 a.m.-5 p.m. May 28-30 and will feature stellar food, great music, live horse racing and more. Parking is free. General admission is just $6.
Go to seatgeek.com/Monmouth and use the promo code FoodTrucks2022 to purchase general admission for all three days of the Food Truck Festival in advance and save 15%. Children 12 and under are free.
There will be live music noon-4 p.m. all three days on two stages.
There will be clowns, face painters, pony rides and a bounce house from noon-4 p.m. in the picnic area on Saturday and Sunday.
Cheers to the Big M
The Meadowlands Racetrack, located in East Rutherford, is also celebrating social re-integration.
The harness-racing jewel affectionately dubbed “The Big M” has tickets on sale for its annual beer festival on May 21.
A $65 VIP ticket includes admission, special food access, tasing glass, exclusive VIP tastings and an hour of additional sampling.
All ticket holders have access to samplings, pairings and educational samplings.
Live racing unfolds tonight.
The card starts at 6:20 p.m. on both nights, features big fields and has13 races, with the finale going off at 11:20 p.m.
That schedule is in place nearly every Friday and Saturday.