Odds On Racing - Harness Racing

New Wagering Formats at Chicago Venues

January 3, 2007

New wagering formats highlight the opening night of the 2007 racing season in the Windy City on January 3. Balmoral will play host Wednesday and Sunday nights, with a Saturday double-header schedule (posts of 2:30 pm and 7:20 pm, CST). Maywood continues with their Thursday-Friday format, post time 7:20 pm, CST.

One of the wagers is an old bet with a new twist. The "Quinella" will be offered once a night, and the new wrinkle on this old favorite is that it will have a five dollar minimum. In the past, the Quinella wager rarely offered a substantial payoff to lure bettors into the pool. Now, with this increased minimum of five dollars, the Quinella is a much more enticing betting proposition, says Balmoral-Maywood racing analyst Michael Antoniades.

"The Quinella is a simple wager," Antoniades says. "And with the five dollar minimum, the wager offers a decent return. For instance, to box three horses is $15. To box four horses is $30. If the races are competitive enough to offer an average payoff of $100, and the occasional $500 to $1,000 payoff, than this bet will fly on its own."

Another debut wager is the Pick Five. This bet will have a fifty cent minimum and will offer gamblers another multi-race exotic with a large payoff. Both Maywood and Balmoral Park will offer the Pick Five late in the card following The Meadowland’s Pick Four wager.

"All serious gamblers understand the significance of a multi-race wager with a one-time takeout," Antoniades says. "It lowers the actual takeout to less than five per cent per race. This is why gamblers react positively to these types of wagers."

For $16, a bettor can use two horses in all five events and give himself a chance of winning the Pick Five.

"The beautiful part about the Pick Five is that it offers a small player a chance to chase a large jackpot without laying down his entire bankroll," Antoniades notes. "We will offer a Pick Four early in the card which will be followed by the new Pick Five. It’s all about giving our guests new options."

"Our easiest way to build our business is with payoffs," he explains. "The Illinois State Lottery pays $500 on its Pick Three and $5,000 on its Pick Four. Hypothetically, if our average Pick Three and Trifecta paid $750 and our average Pick Four and Superfecta paid $7,500, wouldn’t everyone gravitate back to horse racing?"

Antoniades says he thinks all racetracks need to re-examine and expand their wagering options.

"When a patron passes a lottery vending machine they have not only one dollar games, but two dollar, five, ten and up to $20 lottery ticket options," Antoniades stresses. "We have wagers that don’t offer the proper return for the times. When these racetracks were built in the roaring 20s, and a working man bet two dollars to win on an even money shot, his two dollar return was equivalent to one day’s pay at the time. Winning a $5,000 Trifecta in the 1960’s was a life-changing event. The racetracks must return to the mentality of providing their guests with the dream of holding a ticket that could change their life.

"Harness racing is a beautiful sport and a viable entertainment option," Antoniades concluded. "With the Internet, Satellite, and cable TV giving us more exposure than ever, I think the resources are there to hook an entire new generation on our sport.