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Geaux Rocket Ride with Mike Smith riding won the $1,000,000 Grade I TVG.com Haskell Stakes at Monmouth Park Racetrack in Oceanport, NJ on July 22, 2023.
Photo By Ryan Denver/EQUI-PHOTO, courtesy of Monmouth Park
Historically, horse racing has been looked upon as the “poor man’s stock market” — where a bettor can turn a few bucks into a small fortune with a little handicapping know-how and luck. Monmouth Park and BetMakers are restoring that old adage in the 21st century with the introduction of fixed-odds wagering.
The concept is still a fledgling foal, but the New Jersey track and its technological partner are banking on fixed-odds wagering growing into the sport’s future.
In many respects, fixed-odds wagering is very much like a stock market. On Wall Street, prices fluctuate between the opening and closing bells, and the purchase price and return on investment depends upon when the investment was made.
At the track, you’re at the mercy of the tote board up until (and sometimes after) the race goes off. Few things drive bettors crazy more than betting a horse at, say, 5-1 when the gate opens — then, in the final tote board flash, seeing those odds plummet to something like 5-2 because some big shot bettor dropped a ton of money on their horse right before betting closed. That significantly drives a horse’s return price down, and while the big shot bettor makes a mint, the average $2-, $5- or $10-bettor gets chump change for their investment.
In fixed-odds betting, what you can win off your bet depends on when you bet. The odds you have for a horse you bet on at 10 minutes to post are guaranteed; they may rise or fall after you wager, but no matter what, if your horse wins, you get the odds you paid for at the time you placed the bet.
And with a little luck and handicapping know-how, it can be quite lucrative.
On Haskell Day, July 22, I…
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