JC / Railbird

Takeout

The Disconnect

From Matt Hegarty’s must-read on the state of the racing business:

But continuing to fatten purses is a solution that directly serves horsemen, not bettors. In a macroeconomic sense, it’s hard to argue that the $318 million in subsidies distributed to purses in 2009 made the game better. The U.S. foal crop cratered, the bloodstock market remained in its doldrums, and handle continued to decline at unprecedented rates.

Slots are the subject above, but unleavened takeout increases are similarly flawed. We’re seeing the results of a horsemen-first view in California now.

Posted in Industry on January 28, 2011 / Tagged Business of Racing, California, Economics, Handle, Horseplayers, Purses, Slots, Takeout

In the Red

How the pool totals looked through the card at Santa Anita on Wednesday:

Edited screenshot from an anonymous player forwarded by Pull the Pocket. Player’s figures vary in amount, not trend, from the totals posted on Equibase.

There was a Super 5 carryover of $32,444 in the nightcap, to which bettors added $111,054, but that didn’t much help the day’s total. Only $4,038,178 was wagered on the eight-race card, 28.1% less than the $5,617,017 that was wagered on last year’s comparable eight-race Wednesday card. Reviewing the numbers, Bill Finley concludes:

There can be only one reason why Santa Anita has gotten off to such a wretched start — the takeout increase. It looks like horseplayers actually can be pushed too far.

I think he’s right that horseplayers are feeling pushed too far, although not to the extent that handle is off by so much due mainly to horseplayer action, which is likely magnified by several other factors influencing wagering. There were 50 betting interests at Santa Anita on Wednesday, for instance, compared to last year’s 60, a decline of 16.7%. Yesterday’s fourth race was scratched down to three starters — on which Santa Anita bizarrely allowed trifecta wagering — reducing the pool totals on that race to a third of what the fourth race took in last year. There also hasn’t been a ton of value in the pools since the opener: Favorites have won 13 of 26 races, at an average price of $4.50, and finished in the money in 20 of 26. I didn’t play Santa Anita on Wednesday, and it wasn’t because I was protesting — it was because there was nothing to play. Never mind the boycott — like the SoCal track surface argument of the past three years, the takeout debate obscures a deeper problem — for the most part, California racing just isn’t that compelling.

12/31/10 Update: Steve Davidowitz says it much better: “Given smaller fields dominated as they are by heavy wagering favorites, it even can be argued persuasively that the prescribed takeout increase will prove to be an unfair price for the product on display…. The net effect at the windows is sending a stronger message than any boycott.”

Posted in Racing on December 30, 2010 / Tagged Boycott, California, Horseplayers, Santa Anita, Takeout, Wagering

Speed Up, Handle Down

So, was the horseplayers’ boycott a success before it even began? I was among those who thought that anticipation for the first day of racing at Santa Anita in eight months and pent-up dirt demand would lead to a surge in opening day handle. That’s not what happened. From every angle (opening day last year, the last opening day on Sunday, the last opening day with a dirt track), handle was down across the board. Compared to 2009, attendance was off 4% (from 35,292 to 34,268), on-track handle down 15% (from $4,531,236 to $3,851,594) and total handle down 21.5% (from $14,913,953 to $11,707,276). Several factors surely affected the numbers: The track ran nine races this year, 10 in 2009; all the turf races were moved to the main track; there was no handle from now-closed NYC OTB; rain in California and snow on the East Coast may have kept some bettors away. But it also seems likely that a notable percentage of players held back bets, whether to protest the takeout increase or to watch how the reconstructed surface performed.

Santa Anita gave a brave spin to the day’s numbers, issuing a press release in which track president George Haines said, “I think it’s safe to say that we again demonstrated in a very profound way that our fans will continue to support Santa Anita in a big way on our big days. We’re very hopeful we can build on the momentum we generated today and carry it through the entire meet.” That might be difficult, if there are too many cards like Wednesday’s nine-race 61-horse line-up ahead. For comparison, Tampa drew 100+.

The new track looked like the Santa Anita dirt of old on Sunday, with California speed back in style and favorites winning four of nine races (and finishing in the money in eight of nine). “Southern California racing has been a soap opera the past few years,” writes Jay Privman. “Sunday made it feel even more so, as if the past three years at Santa Anita, under a controversial synthetic surface, had merely been a dream.” Trainer Bob Baffert, who might be more inclined to call the past three years a nightmare, was in the winner’s circle after the fourth race, posing next to a freakishly fast 2-year-old named The Factor. “If he’d have lost today, I would have quit training,” said Baffert. Going gate-to-wire, as did the winners of all three six furlong races on the card, The Factor set a new track record of 1:06.98 for the distance while winning a maiden special by 8 1/4 lengths as the 3-2 favorite, his time good for a Beyer speed figure of 102. Switch, the first of trainer John Sadler’s three stakes winners on the day, bested the stakes time of 1:20.45 posted by Mamselle Bebette in 1993 by winning the G1 La Brea Stakes in 1:20.33. Twirling Candy, finishing a nose in front of Smiling Tiger, broke the track record of 1:20 for seven furlongs set by Spectacular Bid in 1980 by winning the G1 Malibu Stakes in 1:19.70. That the Bid’s record was in danger was anticipated early in the day, and not with much joy. “I kind of have a problem with that,” said one of the house handicappers on the track’s feed, talking about Santa Anita’s decision to restore the old dirt track records, ignoring the differences in the surfaces and the synthetic interlude, and I kind of agreed. Twirling Candy is no Spectacular Bid, even if he — like Sir Beaufort winner Sidney’s Candy — is now an Omnisurface Star.

1:45 PM Addendum: Jay Hovdey posts re: Sunday’s lickety-splits: “Meanwhile, up in his booth at the top of the stretch, track superintendent Rich Tedesco was banging his head against the desktop, knowing full well that too fast is just plain too fast when it comes to protecting the frail infrastructure of the Thoroughbred racehorse from his own natural instincts to flee. He also knows that horses like Spectacular Bid don’t come along every 30 years.”

Posted in Racing on December 27, 2010 / Tagged Boycott, California, Handle, Juveniles, Santa Anita, Sidney's Candy, Speed Bias, Speedballs, Switch, Takeout, The Factor, Track Records, Track Surfaces, Twirling Candy, Wagering