An earlier starting time and reduced handle for some exotic bets have been reaping strong returns at the Meadowlands this winter.
The first post is now 6:55 p.m., or 20 minutes earlier than last year.
And for Pick-4, Pick-5, and Pick-6 betting, the takeout by the track has been reduced to 15%, compared to the usual industry take of roughly 25%.
Whether you are here for start of the card or cant get here until later on in the night, there is now a plethora of multi-race bets spaced out throughout the evening, said Meadowlands Racetrack General Manager Jason Settlemoir.
One multi-leg bet now flows right into another on a typical 13-race card, Settlemoir notes, as the 20-cent Pick-5 covers races one through five, the signature Early 50-cent Pick-4 spans races six through nine, and the new Late 50-cent Pick-4 covers races 10 through 13.
The idea is to put more money into the gamblers pocket, which creates what in the industry we call churn,' Settlemoir toldNJ Online Gambling. We had been tinkering about the idea for a couple of years, and I have done it at Tioga Downs, though on a much smaller scale.
Tioga Downs is an upstate New York track also owned by Meadowlands Racetrack owner Jeff Gural.
With both Pocono Downs in Pennsylvania and Hawthorne Race Course in Illinois now competing with the Meadowlands for winter racing simulcast dollars, the time change and reduced takeout have helped the Meadowlands still consistently clear a robust $2.5 million under the new setup.
The Pick-6 also is a 20-cent play, and on Feb. 15 one bettor cashed out for $20,797. There also is a late 50-cent Pick-4 available.
The math says that with the added money now going to the players, small losers can now become small winners and small winners can become big winners, Settlemoir said. Of course, we are counting on the support of price-conscious players regardless of the size of their bankrolls to make these multi-race wagers a must-play.
The reduced takeout has industry experts intrigued.
I was surprised, in a way, but it shows that the track at least is trying and so far results are encouraging, Mark Ford, president of the Standardbred Breeders and Owners Association of New Jersey, told NJ Online Gambling.
Dennis Drazin, who operates Monmouth Park for the states thoroughbred horsemen, also is on board.
Its a good idea, and its good for the industry, Drazin said.
Drazin added that some tracks that offer simulcast betting at his track didnt like the reduced share they would receive, and that many casual bettors dont pay attention to the tracks takeout.
Everybody who picks a winner is happy, no matter the takeout, Drazin said.
Still, Drazin said he will keep an eye on the Meadowlands results ahead of his thoroughbred racing meet at that track this fall, to determine if he finds it worth reviving the lower takeout plan.
Im not planning on it now, but if this is successful well take another look, Drazin said.
This weekend, there is a rare Pick-6 carryoverof $14,376 as part of a partnership with the United States Trotting Associations Strategic Wagering initiative.
After a long layoff, we are excited to see a Pick-6 carryover at the Meadowlands, Settlemoir said. The 20-cent minimum has given life to the Pick-6. In 2012, when the Pick-6 had a higher minimum, our Opening Night carryover was $1,975, and it took us four nights to get that number past the $8,000 mark.
Without the help of a carryover, the 20-cent version has an average pool this year of over $20,000 a night with 20-cent payoffs that have been excellent. With plenty of time between cards for handicappers all over the world to get ready to put money into this big pool, we obviously are expecting an enormous response to the one-day carryover of $14,376 on Friday.
Another factor boosting Meadowlands numbers is the fact that while some harness tracks have favorites winning 45% of the time or higher that has not been the case at the Big Ms full-mile oval. Favorites are only winning roughly one-third of the time, a rate more comparable to many thoroughbred tracks.
The percentage of winning favorites at the Meadowlands shows that the racing office is doing a great job carding ultra-competitive races to wager on, Settlemoir said.
The reduced takeout comes at a time when the Meadowlands Racetrack has become home to the FanDuel Sportsbook, a place where the hold tends to be a mere 5-10%.
But track operator Gural told NJ Online Gamblingthat the sportsbook has nothing to do with the reduced takeout plan.
Photo by Richard Mackson / USA Today Sports
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