P Nat Handle Increase With PN/Bel P4
Nov 20, 2013 10:13:44 GMT -5
Post by Evelyn on Nov 20, 2013 10:13:44 GMT -5
I'm surprised as it didn't seem this bet was "taking off"!
Penn National sees handle increase with unique pick four bet with Belmont Park
By Dick Jerardi
DRF
The Penn National-Belmont Park Thursday 50-cent pick four (15 percent takeout) experiment went from Sept. 12 to Oct. 24. Nobody really knew what to expect, but Penn National officials were hoping there would be benefits beyond the pick four itself. The bet, which included the last two races at Belmont Park and the first two at Penn National, averaged $42,393. That, however, was not the story.
Average handle on the Penn races for the seven Thursdays of the wager was $1,303,787, a 31.5 percent increase from average handle of $991,344 on those same seven Thursdays in 2012. They clearly got more bettors interested in betting on the Penn races.
Dan Silver, Penn’s director of racing operations, said he hoped this would be the first of many wagers his track would do with other tracks. The 15 percent takeout on the pick four was a terrific marketing tool. That it got bettors interested was obvious by the handle numbers.
The first day was actually the best day. The pick four pool on Sept. 12 was $59,000. The Penn handle was $1,416,372, a 75.2 percent increase over the $808,298 from the same Thursday in 2012.
Those numbers should give track executives something to think about. Bettors like multi-race bets with low takeouts and small minimums. Betting on horse racing is attractive for various reasons, but none more than the opportunity to risk a little bit of money with the chance of winning a lot. And if you can entice bettors with a wager that gives them that chance, why wouldn’t they look at your product?
I spoke with Silver about the bet back in September. He was thinking long term even then.
“Part of the importance of a wager like this was showing that tracks can work together to try and give the bettors a new and unique opportunity,” Silver said at the time. “I think exciting possibilities could come of that down the road across multiple different time zones and tracks. Sometimes, things can get somewhat stale and our industry gets accused of not offering up new types of things.”
This pick four was new. It also may provide a road map to the future.
Penn National sees handle increase with unique pick four bet with Belmont Park
By Dick Jerardi
DRF
The Penn National-Belmont Park Thursday 50-cent pick four (15 percent takeout) experiment went from Sept. 12 to Oct. 24. Nobody really knew what to expect, but Penn National officials were hoping there would be benefits beyond the pick four itself. The bet, which included the last two races at Belmont Park and the first two at Penn National, averaged $42,393. That, however, was not the story.
Average handle on the Penn races for the seven Thursdays of the wager was $1,303,787, a 31.5 percent increase from average handle of $991,344 on those same seven Thursdays in 2012. They clearly got more bettors interested in betting on the Penn races.
Dan Silver, Penn’s director of racing operations, said he hoped this would be the first of many wagers his track would do with other tracks. The 15 percent takeout on the pick four was a terrific marketing tool. That it got bettors interested was obvious by the handle numbers.
The first day was actually the best day. The pick four pool on Sept. 12 was $59,000. The Penn handle was $1,416,372, a 75.2 percent increase over the $808,298 from the same Thursday in 2012.
Those numbers should give track executives something to think about. Bettors like multi-race bets with low takeouts and small minimums. Betting on horse racing is attractive for various reasons, but none more than the opportunity to risk a little bit of money with the chance of winning a lot. And if you can entice bettors with a wager that gives them that chance, why wouldn’t they look at your product?
I spoke with Silver about the bet back in September. He was thinking long term even then.
“Part of the importance of a wager like this was showing that tracks can work together to try and give the bettors a new and unique opportunity,” Silver said at the time. “I think exciting possibilities could come of that down the road across multiple different time zones and tracks. Sometimes, things can get somewhat stale and our industry gets accused of not offering up new types of things.”
This pick four was new. It also may provide a road map to the future.