In a recent column, Dean over at Pull the Pocket discussed how in Australia, racing provides a mechanism for syndicates to get together to wager in mega pool wagers such as the V75 and Pick-6. In the example cited, a punter with an online account may join a syndicate which will deduct money out of his account to pay for their share of the syndicate’s wagers on the V75. By getting together as a syndicate, they can cover more combinations giving each player a better chance of hitting the V75. Dean suggests providing such a mechanism would be good as it would provide a means to increase participation in gambling on horse racing in general.
While I agree with Dean’s assertion that racing in North America should facilitate the establishment of syndicates for our mega pool wagers, the fascination by race tracks on mega wagers highlights my assertion that racing doesn’t know how to market to the casual fan. Race tracks have been adding Pick-4, Pick-6+, Superfecta, and Pentafecta wagers to their racing menu in an effort to offer wagers that will have large pay-offs to attract gamblers. No doubt these wagers are attracting the interest of our serious gamblers (the jury is out on the Pentafecta), but what do they do for attracting the interest of the casual horse player and developing new fans? I suspect little.
In the United States when Pick-6 pools get particularly large, there are informal syndicates that pool their money to play the Pick-6. What does this tell you? For the casual horse player, the Pick-6 is a sucker bet. Let’s say you are a casual gambler who goes to the track with $100 for the night. If you were to play two horses in each leg of the Pick-6, that would be sixty-four combinations. You would have $36 left to wager the rest of the night and those sixty-four combinations wouldn’t give you a particularly good chance to hit the Pick-6. After a couple of times playing the Pick-6, the causal bettor will realize this bet is not for them. The casual gambler can play the Superfecta, after all, isn’t that why many tracks offer a $.10 wager on the Superfecta? Well, this is fine if you have favorites running out of the money but when you have a gambler boxing four horses for $2.40, winning a $13.00 pay-off is not going to excite them.
What the race tracks need to do is develop wagers where a casual bettor has a chance to win a three or four figure pay-off with a modest wager. Yes, a lottery type pay-off will attract people, but after a few times losing at the track those people won’t return. Many casual players will be satisfied winning a more modest paying wager with a reasonable investment; after all, all those slot players are not hitting the jackpot. Just get one non-favorite in a Pick-3 sequence and you typically are guaranteed a three figure pay-off. A gambler does not have to play those many combinations to have a reasonable chance to win. If a track does not offer a rolling Pick-3, they need to do so. It is also time to offer wagers like double exactas or double quiniellas; again wagers which can produce a reasonable pay-off without a huge investment by a gambler. Wagers like this will keep casual players coming to the track. Why worry about the casual player? Today’s casual player become tomorrow’s serious gamblers. They are the ones who are going to bring their children with them and expose them to racing and develop the next generation of fans. The casual fans are the ones who will bring moribund race tracks back to life.
This is not to say we should not be developing more attractive wagering options for big gamblers as well; we just need to realize they are not the same wagers. Racing needs the big gamblers in the short term, but like baseball, you need to develop your casual fans for the future. Developing attractive wagering options is the key.
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