NEWS
Contest winner emphasizes advantages of pari-mutuel wagering
Posted: Thursday, August 12, 2010 1:37 PM
by Frank Angst
In winning a contest for the best idea to help racing out of its problems, Mike Caggiano said racing leaders should market wagering on the sport as a profit-driven endeavor similar to poker.
Dennis Mills, chief executive officer of racetrack owner MI Developments Inc., launched racingfuture.com two months ago and featured a contest looking for ideas to improve the industry. Caggiano’s entry was selected from 21 semifinalists.
Caggiano noted that many bettors are not aware racing offers a gambling form that pits player against player, as opposed to player against the house. He said the pari-mutuel form of gambling is similar to poker but this aspect of race wagering has not been properly promoted.
“Yes we want the player to believe that through education he will become more profitable,” Caggiano said. “Dangle big paydays in front of him/her and they will educate themselves. The poker boom is a perfect example. Thousands of poker book titles are sold every day in search of education to reap more money.”
“We strongly agree with Mike’s concept of big paydays and we are working hard at developing large, guaranteed, multi-leg wagers that will attract lottery-type players and create more carryover opportunities,” Mills said. “His suggestion that the industry needs to follow the poker boom hits the mark, in our opinion, as television coverage has created a new league of poker superstars and a huge international fan base.”
Caggiano, 50, of Royal Palm Beach, Florida, has been betting on horses since his late teens and also enjoys playing poker. As a prize, Caggiano received a half-interest in a foal Mills bred by Epsom Derby (Eng-G1) winner and Adena stallion North Light (Ire) out of the winning Touch Gold mare Golden Buckle.
To read Caggiano’s full entry, click here and go to page 37.
Frank Angst is senior staff writer of Thoroughbred Times
READER COMMENTS
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Posted by: darrel, tacoma, WA on September 08, 2010 at 10:55 PM
the problem with horse racing is cost cost cost. when you walk into a casino it cost nothing until you play. at a horse track it cost to park,to get in and buys 2or 3 race forms plus 3or 4 programs to cover all the track why in the world would some one with no horse racing experience read a race form it is all greek to him there is to much information in it we do mnot have to go back 10 races to gauge how a horse is going to run that is stuped thinking. i could go on and on but why the horse offical will just ignore what i am talking about
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Posted by: Lexi, WAKEFILED, MA on September 03, 2010 at 11:33 AM
THIS KID HAD THE BEST IDEAS
K. Gordon July 26, 2010
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