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 had the chance to try out the fixed-odds wagering system at Monmouth Park, available on track through traditional ticket wagering or through the Monmouth Bets app.
The app itself still has some bugs to work through, such as frequent automatic log-outs and location setting errors (a problem if you don’t live in New Jersey, where the app is active and available). Still, the app makes fixed-odds wagering easy and clear to understand, and helps you keep track of the horses’ projected prices for win, place and show on a $1 wager, in real-time.
With a nice bankroll to play with, I concentrated my efforts on win wagers. Fixed-odds wagering for exotic bets such as doubles, exactas and trifectas are not yet available. And yet, even sticking with the win-only wagers (and an unusually good day of handicapping for yours truly), I turned a nice profit, thanks largely to the fixed-odds.
Here’s some highlights of how I did:
- In the fourth race, I had a $10 win wager on Nolo Contesto at $7 fixed odds. He went on to take the 6 furlong sprint at 4-1 track odds, paying $10.60 to win for a $2 bet; for a $10 win wager, the payout was $53. But under the fixed odds, I got $70 in return for my $10 investment.
- Things really went well in the ninth race, when Alogon upset the field in the 5 1/2 furlong Wolf Hill Stakes on the grass. He paid $23.20 to win on the track, roughly 10-1 odds. But I had a $10 win wager on him at $20 fixed odds; I got back $200 on that bet, while the same bet at track odds returned $116.
- Then, in the feature Haskell Stakes, I was stunned to see Geaux Rocket Ride as a massive overlay on his 9-2 morning-line odds; he was 13-1 by the time the gates opened. I got him at $14 fixed odds for a $10 bet minutes before the big race. Geaux Rocket Ride went on to score the upset over both Kentucky Derby winner Mage and heavy favorite Arabian Knight. He paid $27.40 on the track, or $137 for a $10 wager; slightly better than the $140 I got back for my fixed odds wager.
- Finally, in the race right after the Haskell, I plunked down $20 to win on White Lilacs at $8 fixed odds. But bettors had her at 6-1 by the time the gates opened in the 1 mile turf event. White Lilacs ran beautifully to win the contest, and paid $14.20 on a $2 wager; a $20 investment at track odds would have returned $142. But at the fixed odds I played, my winning bet returned $160.
If you’re the type of bettor to plunk down $5, $10 or $20 on a horse’s nose, you can’t go wrong with fixed-odds betting. The return can be great, provided your horse comes through with your win, place or show bet. Beyond having luck, of course, the tricks to making the most of fixed odds comes down to good handicapping, tracking the odds and optimal timing on when to make the bet.
Track the fixed-odds prices up until 10 minutes to post, and compare them to the traditional track odds. They will not always be the same. You can find value, but it’s important to strike when you feel the value is best — whether that’s 10 minutes, 5 minutes or 2 minutes to post.
All in all, Monmouth Park and BetMakers are certainly on the right track when it comes to fixed-odds wagering. Once they perfect the app and expand fixed-odds wagering to cover other betting products, it can prove to be a complete game-changer for a sport always in need of it.
Fixed-odds wagering is only available at Monmouth Park, or in New Jersey on the MonmouthBets app. You can download it on your iPhone or Android device, or by visiting monmouthbets.com.
Always remember to bet with your head, not over it! If you or someone you love has a gambling addiction, seek help by calling 1-800-GAMBLER.
