{"id":222789,"date":"2022-07-25T07:25:23","date_gmt":"2022-07-25T12:25:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=222789"},"modified":"2022-07-25T13:31:42","modified_gmt":"2022-07-25T18:31:42","slug":"monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/","title":{"rendered":"Monmouth Park Fixed-Odds Horse Racing App a No-Show for the Haskell"},"content":{"rendered":"

Monmouth Park ran its 14-race Haskell Stakes card without launching its MonmouthBets.com app in New Jersey. That’s after previously saying an online site for fixed-odds horse racing would launch before the premier event of its meet.<\/p>\n

\"Monmouth<\/a>
Cyberknife, with Florent Geroux (black cap) riding wins the $1 million Grade I Haskell Stakes at Monmouth Park on Saturday, edging Taiba and Mike Smith by a head. Track officials said an online fixed-odds wagering site was approved, but track Chairman and CEO Dennis Drazin said they want to ensure “everything is perfected” before launching it. (Image: Bill Denver\/EQUI-PHOTO)<\/figcaption><\/figure>\n

Dennis Drazin, chairman and CEO of the Oceanport thoroughbred track, told Casino.org<\/i> in a Sunday evening email that Monmouth\u2019s app \u201cwill be live soon\u201d and that the state has approved it.<\/p>\n

\n

Actually, it was ready to launch and fully approved for Haskell Day,\u201d <\/strong>Drazin said. \u201cBetmakers and Monmouth Park want to make sure everything is perfected for fixed odds as\u00a0we roll it out smoothly.\u201d<\/strong><\/p>\n<\/blockquote>\n

Monmouth Park introduced fixed-odds racing at the track when its meet started<\/a> in May. That was the culmination of a two-year effort. In 2020, Monmouth and the New Jersey Thoroughbred Horsemen\u2019s Association signed a deal with Australian-based BetMakers Technology Group to develop a fixed-odds product for the track. Last year, the New Jersey Legislature passed a law creating a regulatory framework for fixed-odds wagering.<\/p>\n

Drazin and Bill Pascrell III, a New Jersey lobbyist who has championed fixed-odds wagering for the sport, were part of a July 14 panel discussion at SBC Summit North America.<\/a> At the annual sports betting conference held in Secaucus, NJ., Pascrell told the audience that the app would be available for running the Haskell. That’s a Grade 1 race and one of the biggest for 3-year-olds outside the Triple Crown.<\/p>\n

Pascrell told Casino.org<\/i> on Friday afternoon that there were some \u201ctech issues, but nothing major\u201d holding up the launch. Then, on Saturday afternoon, he said that the app received its regulatory approval and industry certification. Some testing was still taking place on Saturday. But he was optimistic a launch would still occur before the race.<\/p>\n

Missed Opportunity?<\/h2>\n

To Drazin’s point, an app that may have encountered issues on its first day would likely have faced challenges winning customers back, especially new bettors to the sport. Depending on the severity of the glitches, it might have attracted more attention than holding off.<\/p>\n

Still, not having a fixed-odds wagering site up for the Haskell, especially after making a voluntary announcement, seems like a missed opportunity for Monmouth Park and the sport of horse racing.<\/p>\n

\n

The 14-race card on Haskell Day is the biggest event during Monmouth\u2019s four-month meet. Saturday\u2019s all-sources pari-mutuel handle of $19.9 million was nearly four times the size of the track\u2019s all-sources handle from the week before.<\/p>\n<\/div>\n

And while it would have only been available in New Jersey, it still could have generated significant traffic \u2013 especially since the race served as the first Grade 1 stakes race for trainer Bob Baffert. He was returning from the 90-day suspension he received from the Kentucky Horse Racing Commission stewards. That suspension was for Medina Spirit\u2019s failed drug test after last year\u2019s Kentucky Derby.<\/p>\n

Small Piece of the Pie<\/h2>\n

So, instead of possibly enticing bettors from New York, Pennsylvania, and Maryland into making a short drive for an online bet, fixed-odds wagering was only available for the 22,138 in attendance at Monmouth Saturday. Those patrons accounted for $1.3 million, roughly 6.6%, of the pari-mutuel handle.<\/p>\n

\n

At SBC, Pascrell told Casino.org <\/i>that fixed odds were only available at six windows at Monmouth, a small fraction compared to the hundreds of pari-mutuel windows. He said in-person fixed-odds wagering windows were taking bets amounting to roughly 15% of the on-track pari-mutuel handle.<\/p>\n<\/div>\n

Drazin said he still has full confidence in Monmouth\u2019s partner despite not having the app up and running on Saturday.<\/p>\n

\u201cBetMakers is doing a great job,\u201d he said. \u201cNo concerns.\u201d<\/p>\n

About Fixed-Odds Racing<\/h2>\n

Fixed-odds wagering is being touted as a way to attract new fans to racing, a sport that has become stagnant in recent years. In particular, it\u2019s considered a way to attract those who are into sports betting but either don\u2019t understand or care for pari-mutuel odds, which fluctuate as more bettors enter the pool.<\/p>\n

\n

So, someone who bets on a horse at 7-1 may see his return dwindle if a large sum is wagered later on his pick. The allure with fixed odds, to both the novice and the experienced handicapper, is you\u2019ll get the odds as they were available when you made your bet.<\/p>\n<\/div>\n

It does not guarantee that your fixed-odds wager will have a better return than the pari-mutuel bet. Saturday\u2019s Haskell winner Cyberknife is a good example of that.<\/p>\n

The Brad Cox-trained horse paid $17.60 for a $2 pari-mutuel bet to win. His initial fixed-odds price was $7 for a $1 bet (or $14 for a $2 wager). But Cyberknife was $10 for a $1 bet closer to post time Saturday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Monmouth Park ran its 14-race Haskell Stakes card without launching its MonmouthBets.com app in New Jersey. That’s after previously saying an online site for fixed-odds horse racing would launch before the premier event of its meet. Dennis Drazin, chairman and CEO of the Oceanport thoroughbred track, told Casino.org in a Sunday evening email that Monmouth\u2019s […]<\/p>\n","protected":false},"author":45,"featured_media":222790,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14577,1074],"tags":[81978,81900,81980,26],"acf":[],"yoast_head":"\nMonmouth Park Fixed-Odds Horse Racing App a No-Show for the Haskell<\/title>\n<meta name=\"description\" content=\"Track Chairman and CEO Dennis Drazin said Monmouth\u2019s app has been approved by the state and will go live soon.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monmouth Park Fixed-Odds Horse Racing App a No-Show for the Haskell\" \/>\n<meta property=\"og:description\" content=\"Track Chairman and CEO Dennis Drazin said Monmouth\u2019s app has been approved by the state and will go live soon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-25T12:25:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-25T18:31:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/07-23-22-12-Cyberknife_Haskell_FIN_01.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/\",\"url\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/\",\"name\":\"Monmouth Park Fixed-Odds Horse Racing App a No-Show for the Haskell\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/07-23-22-12-Cyberknife_Haskell_FIN_01.jpeg\",\"datePublished\":\"2022-07-25T12:25:23+00:00\",\"dateModified\":\"2022-07-25T18:31:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"Track Chairman and CEO Dennis Drazin said Monmouth\u2019s app has been approved by the state and will go live soon.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/monmouth-park-fixed-odds-horse-racing-app-a-no-show-for-the-haskell\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/07-23-22-12-Cyberknife_Haskell_FIN_01.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/07-23-22-12-Cyberknife_Haskell_FIN_01.jpeg\",\"width\":1200,\"height\":800,\"caption\":\"Cyberknife, with Florent Geroux (black cap) riding wins the $1 million Grade I Haskell Stakes at Monmouth Park on Saturday, edging Taiba and Mike Smith by a head. 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