Betfairs exchange wagering offering was not even in the same postcode as a bookmaker offering punters a fixed odds market on each horse in each race.
Are you a punter.....JB? if so, you would know that anyone wanting to bet large amounts will not participate in a parimutuel pool ie why bet $50,000 on a horse that is showing odds of $5 but the current parimutuel pool on the race is only sitting at $50,000?? The odds, after the bet, will immediately be showing the horse as odds on favourite!!
All of the big American punters do not bet on horse racing......for the above reason.....they all bet on fixed odds sport options. money will start flooding back into racing and also be able to offer fixed odds multi bets with sports and racing legs.....its mind boggling simple!!
Also, California worrying about the prize money going down is a bit weird........if the betting pools on each race grow Ie combination of parimutuel and fixed.....and the race tracks are getting their slice of all the gross profits.....then prizemoney will substantially go up ie as has happened in OZ.
Fixed odds will make all of the racing bodies in each state a truck load of dough.
Buy in now JB.....and enjoy the ride to $2!!
BET Price at posting:
51.0¢ Sentiment: Hold Disclosure: Held
