Horse Racing Strategies - Little Bets to Make Big Money
Horse racing may or may not be in trouble in the United States
, depending upon who you listen to. Supposedly, revenue is down, but there is also a lot of conjecture as to whether or not the simulcast wagering is being counted right and even if it is counted at all. Track attendance is down, though I certainly stood in some long lines last winter at the track (don't get me going on that, well maybe later).
Some horse racing insiders seem to think that reducing the number of races available to the public each day and targeting the whales, the big bettors, is the way to increase profitability. Here is a little dose of, if you will pardon the expression, horse sense. Don't put all your eggs in one basket, track management. If you depend totally on one group of people to support you, you are inviting disaster. First of all, they will be in a position to dictate terms and you may find they can be pretty hard to deal with if they know they have you over a barrel.
Secondly, sometimes the high roller of tomorrow is the $2 bettor of today. A lot of college students and people starting out in life will someday have a lot of discretionary income. If you don't give them a good experience when they wander into the track as a greenhorn, they won't develop a love for the sport and betting and they will find another venue to spend their money on when they achieve some financial success in life.
With that thought in mind, let's talk about churn. It has been getting a lot of lip service and interest lately. Churn is simply what happens when a gambler wins and then bets that money again. The more often he or she wins the more churn you get and it keeps the player interested and coming back for more. Churn is good, that's why there are nickel slot machines. For many people who budget their betting successfully, they are going to spend a certain amount of money, regardless of bet size. For instance, if a player has $20 and goes to the track and plays $1 trifecta boxes, his or her plays are pretty limited. Maybe three boxes with three horses in each box and a program and he or she is tapped out if he or she doesn't hit a winner.
Once the money is gone the bettor probably is, too. Not much entertainment value there, is there? He or she could have sat in front of a video poker terminal playing 25 cent games til the cows came home with a 95-98% payback that most video poker terminals provide. The point is, Mr. and Ms. Race Track Manager, you're in the entertainment business. You want to keep their butts in the seats at your venue as long as possible. The way to do that is to offer cheap bets. The 10 cent superfecta was a good start. Fractional betting is a good idea, too.
I personally love 50 cent trifectas and would love to see 50 cent exactas. People will still lose the same amount they have set aside to spend at the track, but it will take longer to do it and that is good for you and racing. As a bettor, cheaper bets mean more chances for you to win. How do you think high rollers manage to win? They have the money to cover many combinations while the bettor with very limited funds can only manage a 3 horse box. Cheap bets and fractional betting are good for everyone and give the bettor who uses little bets a chance to win big.
Horse Racing Strategies - Little Bets to Make Big Money
By: Bill Peterson
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