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Legalized Sports Betting Can
Reinvigorate the Country and Racing
No Floridian
should take lightly the defeat in Tallahassee of the
resort destination bill, an attempt to build three
multi-billion-dollar casinos in Miami-Dade and
Broward counties. But just as we have come to accept
no guarantees in life other than death and taxes, we
would be wrong in not adding a third. Namely, the
eventual passage of a casino destination bill in one
form or another, possibly during the next
legislative session.
The global
giant, Malaysian-based Genting group, purchased the
Miami Herald property last May for $236 million.
Since that time, Genting has spent an additional
billion dollars, primarily collecting Miami Beach
area property for its proposed $3 billion
destination casino vision. Further, Genting, Las
Vegas Sands, Caesar's International and Steve Wynn's
organization have spent millions more in the last
three months in lobbying for their pursuit of
passage of the bill.
Among those
fiercely opposed are the winners of the first round,
Miami business tycoon Norman Braman, owner of
Carnival Cruise Line and the Miami Heat, Mickey
Arison, Orlando's Disney World, the Seminole
Indians, and, of course, the always-present
anti-gambling group "No Casinos." To say a
continuing war including these divergent factions is
a sure thing would be putting it mildly. However,
this time the antagonists accustomed to preventing
so much gambling legislation are in for a rude
awakening. And it's why I have not hesitated to
state that the destination casino bill, modified or
not, will become reality. How, when and why will be
the subject of a future column.
The New
Jersey legislature approved a bill in January
allowing legal sports betting on professional
baseball, basketball, hockey and football at 11
casinos and four racetracks, two of which would be
Meadowlands and Monmouth Park. Also approved was
pari-mutuel wagering at up to 12 racetracks and/or
bars in northern and central areas of the state.
Unfortunately, a proviso to the bill is that the
federal government, perennially the biggest
deterrent to the growth of the thoroughbred racing
industry, must confirm this legislative decision.
However,
despite the state's positive stance, which was also
affirmed in writing by N.J. Governor Chris Christie,
those in the know understand the issue is a fiasco
and is doomed to fail. Why? Because the bill passed
by the legislature is a ruse, a coverup meant to
diffuse the crisis faced by the possible demise of
Meadowlands and Monmouth.
New Jersey
missed a 1991 federal deadline to legislate sports
betting and was left out of a 1992 law which gave
Nevada, Delaware, Oregon and Montana acceptance.
Although Delaware Park has a watered-down version of
sports betting, Nevada is currently the only state
allowed to accept legal sports wagering on
professional sports. If the new legislation comes to
pass, perhaps as many as half the owners of
thoughbreds could look forward to breaking even.
Kentucky's
racetracks, which have been constantly smacked in
the mouth by unrealistic legislators, are getting
closer to gaming, something Gov. Steve Beshear is
rallying behind. Kentucky and its racetracks,
particularly Keeneland and Churchill Downs, would
benefit greatly, and deservedly, from legalized
sports betting. The same is true of every racetrack
in the country.
However, to
believe the feds would give the green light to what
the racing industry direly needs is being grossly
naive. History has taught us that racing takes it on
the chin despite state and federal regulators
repeatedly telling everyone how important their
industry - and its derived benefits - is to them.
But actions speak louder than words and racing
industry rewards have never been close to becoming
commensurate with industry contributions.
I have
always looked upon most racetrack slots as a bandaid.
While assisting in keeping racetracks on somewhat of
an even keel with the competition, slots are bound
to eventually devour it unless the industry comes up
with a better solution. I do not feel the same way
about legalized sports wagering, which I have been
in favor of for decades. This type of wagering at
racetracks should certainly fill the gap until the
industry finds the definitive answer it so
desperately needs.
The audacity of legislators who take
the position of opposing any extension of gambling
while brazenly allowing a myriad of additional
lottery games is outrageous. Further adding to the
absurdity is a lottery buyer's possibility of
doubling or tripling unlikely winning amounts by
adding another buck or more to one-dollar tickets.
In light of the state's mantra of opposing any
extension of gambling, this is beyond preposterous.
What it
vividly points out is the hypocrisy of state and
federal regulators. The federal government has
crippled racing through its patently unfair waiving
of Indian taxation under its sovereign nation
exemption. Ever wonder what the mavens in Washington
could do to somewhat ease the pain so many citizens
endure if they taxed legalized sports betting? It is
estimated that hundreds of millions of dollars are
wagered on sports weekly, and a quarter of a
trillion dollars annually. This year's Super Bowl
wagering, in Las Vegas alone, surpassed $100
million.
Sponsors forked over 3 to 5 million
dollars for 30 to 90-second commercials. Beer
companies pay billions annually to advertise on NFL
footall. We are all aware that sports betting is
rampant everywhere around us. As it now stands, the
only ones benefiting from this massive financial
windfall are off-shore companies, bookies and
criminal elements. Try to estimate the vigorish
(commissions) which would be available if sports
betting was legalized everywhere. It is nothing
short of mind-boggling.
It should
come as no surprise that the government continues to
hock our future generations by printing more money
each time a financial crisis arises. And it doesn't
have to. Yet, it's the single biggest cause of
America's insane 15 trillion-dollar debt. Why is it
insane? To illustrate we must analyze the impossible
task of repaying this crippling amount by
considering the following:
If a thousand dollars were put in an
escrow account every day starting with the day a
person is born, nobody will ever live long enough to
compile one billion dollars; and a trillion is 100
billion.You do the math. It's a given that a
significant portion of America's 15 trillion-dollar
debt could be whittled down through the government's
take from legal sports betting (especially if we had
begun 46 years ago, the anniverary of the first
Super Bowl).
Of
course, I wouldn't want to confuse anyone in
congress or racing with likely solutions to the
industry's problems. But I have touched upon this
and other solutions during my nearly 40 years of
publishing Post Time USA. I have never tried to win
a popularity contest, so whether someone likes or
agrees with me or not, my credentials and past
performances speak for themselves. They give me
license to be bold enough to say I have a new age
marketing and promotion form that could not only
resurrect the thoroughbred industry, if done
properly it should go a long way to significantly
detour the irresponsible mortgaging of our heirs.
I'm awaiting an acceptable offer.
Breeders' Cup Was a Gimmick Player's Dream
The 28th Breeders' Cup,
showcasing its two days of stellar competition and $26-million
purse distribution, once again produced the most mesmerizing 48
hours on the North American racing schedule.
The 105,820 on-site
attendees at Churchill Downs, coupled with the countless number
of customers at racetracks and simulcast outlets, accounted for
a handle of $155.5 million (which does not include separate
pools and exchange wagering). The marquee event has come a long
way since Hollywood Park's pre-simulcasting inaugural running in
1984 when 64,254 attendees wagered $19.4 million.
Last year's Churchill
hosting, which featured Zenyatta and the first BC performance
under the lights, drew records of 114,353 to Louisville with
total wagering on and off-track of $173.8 million. Churchill's
runnings have averaged a BC attendance record of 82, 685,
followed by Santa Anita's 71,701, Hollywood Park's 57,716 and
Belmont Park's 48,939.
In 1998, Churchill
attracted 80,452 on-site and in 2006 produced wagering of $140.3
million, both record performances. The Cup's two-day format
began at Monmouth Park in 2007. Churchill also leads in total BC
wagering with $660 million, followed by Santa Anita with
$547 million, Belmont with $350 million and Hollywood Park's
$130 million. Lone Star's only BC hosting produced wagering of
$120.8 million.
Racing aficionados have
had enough time to digest the ramifications of this year's
races, the connections of the winners, the exhilaration,
heartbreak, year-end Eclipse possibilities and hundreds of human
interest stories well-played out by excellent and extensive
media coverage.
But this year's Super
Bowl of Racing went even further from the customers' most
important standpoint - making a score. What too often gets
overlooked in all the BC hoopla is that the superfecta is
undeniably the greatest wagering value in racing. Correctly
picking the first four thoroughbreds to cross the finish line
makes the Pick 4 Lottery look like a game of jumping jacks in
which the winner keeps the jacks. Same goes for the Lottery's
Pick 3 versus racing's trifecta. From a Breeders' Cup
standpoint, the public often has a great deal of difficulty
establishing a clear-cut favorite, and that makes the gimmick
possibilities even more enticing. Anything is possible, and it
was proven time and again by this year's Breeders' Cup.
A winning superfecta can
be a life-changing experience for many. And what could be more
compelling than the following: On
Saturday,
Nov. 5, the BC Juvenile Mile Turf winner was the Coolmore (Susan
Magnier, Michael Tabor and Derrick Smith) connection's Wrote,
who paid $25.20. Trained by Aidan O'Brien (his fifth BC winner),
and ridden by Ryan Moore, Wrote was the key to a 5-11-4-12
superfecta that paid $90,140.40 for a deuce. The trifecta was
worth $8,131.20.
Finale, the 4-1 favorite, finished seventh.
A short time later,
O'Brien notched his sixth BC winner with St Nicholas Abbey in
the Emirates Airline Mile Turf for the same trio of owners. The
significant difference between Wrote and this winner is that St
Nicholas Abbey was ridden by O'Brien's 18-year-old son, Joseph,
the youngest jockey to every score a BC victory and no doubt one
reason why the colt didn't go off less than nearly 7-1. He paid
$15.60, while favored Sarafina finished fourth at 2-1. The
1-7-8-2 superfecta paid $4,536,
the trifecta $1,221.80.
The Marathon was won by
Kasey K Racing Stable's Afleet Again, with Cornelio Velasquez in
the irons, and the 4-year-old lit up the board to the tune of
$85.20. He began an 8-1-5-4 $2 superfecta that paid $39,533.20,
while the trifecta came back $4,147.40.
The 3-1 favorite, A. U. Miner, did not finish the race.
The Turf Mile was
captured by Spendthrift Farm's Court Vision in a major upset,
with Robby Alvarado aboard, and the 6-year-old by Gulch paid an
astronomical $131.60, not far off the record win payoff -
$133.60 - of Arcangues in the 1993 renewal. The 9-1-13-5 $2
superfecta paid $26,926.80.
The trifecta was worth $9,955.20
as everybody's darling, Goldikova, finished third at odds of 6/5
as she attempted to win the race for the fourth year in a row.
The Turf Sprint was won
by Vinery Stable's Regally Ready, with Corey Nakatani aboard.
The Kentucky homebred was the lone favorite to win on
Saturday, and
he paid $6.60. But with odds of 33-1, 10-1 and 18-1 in the
second, third and fourth positions, the 4-year-old by More Than
Ready started an 8-11-4-5
$2 superfecta worth $21,196.80.
The trifecta paid $1,542.00.
The Dirt Mile was won by Caleb's Posse, who,
despite being picked by many prominent handicappers, still went
off at nearly 7-1 and paid $15.60. There were two 5/2 shots,
Trappe Shot, who finished fourth, and Wilburn, who was seventh.
The $2 8-2-4-9 super paid $10,170.20,
and the trifecta was $2,220.80.
On
Friday, Nov.
4, the Emirates Filly & Mare
Turf was won by Charles Fipke's Kentucky homebred Perfect Shirl,
with John Velasquez riding, and the 4-year-old filly paid
$57.60. Favored Stacelita missed last place by a neck at odds of
9/5, and the 8-4-6-3 $2 superfecta came back paid $43,429. The
trifecta was $3,002.40.
Ken and Sarah Ramsey's
Kentucky homebred, Stephanie's Kitten, trained by Wayne Catalano
and ridden by John Velasquez, won the Juvenile Fillies Mile Turf
at odds of 6-1. Colorful Ken, who names his highly successful
litters of Kitten's Joy runners after family members, named this
one after his 14-year-old granddaughter after she told him she
had not yet been included in the naming process.
Now Stephanie has an idea of what it's like to be a rock star. Stephanie's Kitten's 5-4-6-3 $2 superfecta paid $16,668.80, and the trifecta $916.00, as 5/2 favorite Elusive Kate finished eighth.
The Sentient Jet Filly &
Mare Sprint was won by Pinnacle Racing and Bill Kaplan's
Musical Romance, under Juan Leyva. Co-owner Kaplan also trains
the winner, who was bred in Florida at Ocala Stud. Musical
Romance paid $42.40 and the $2 5-6-11-12 superfecta paid $30,809.60
as the 7/5 favorite, Turbulent Descent, checked in fifth. The
trifecta was $4,865.80.
The final race of the
two-day extravaganza was the always anxiously-awaited $5 million
Classic, and there was no let-up in the gimmick department. The
race was captured by Drosselmeyer, who hadn't won a race in a
dog's age and with Mike Smith aboard, went off at 14-1 and paid
$31.60. The lowest price on the board was Flat Out at 7/2 and he
finished fifth. The resulting 3-5-4-10 $2 superfecta paid
$47,631.80 and the trifecta $5,427.40.
Although racing, unlike
other sports, doesn't issue Most Valuable Player awards, my
choice for this year's BC Awards are twofold. One is trainer
Bill Mott, who not only sent out Ladies' Classic winner Royal
Delta, he also scored with Drosselmeyer. How outstanding is
Royal Delta? Because of a death in the family of her owners, she
was on the auction block just a few days later and was purchased
at the Keeneland sales for a stunning $8.5 million.
Co-MVP is Mike Smith,
who in addition to superbly guiding Drosselmeyer to his Classic
victory, was aboard Sentient Jet Sprint winner Amazombie, who
paid $17.80. This $2 7-6-5-3 superfecta paid $5,554
and the trifecta was a mere $610.40 because favored Jackson
Bend, at 5/2, finished third.
Now that there are unofficially seven billion
people on earth, with many living from day to day, it's
important to point out that the payoffs are not limited to
Breeders' Cup and Triple Crown races. They are available and pay
off handsomely at every major thoroughbred racetrack around the
country.
This article began with my extolling the virtues
of the superfecta as being the greatest wagering value in
thoroughbred racing. All you need do is look at the difference
in payoffs between same race superfectas and trifectas to be
convinced. Just a fourth correct number on a winning trifecta
ticket can forever change one's life, and who isn't in favor of
that?
A two-buck superfecta in
the 1999 Classic at Gulfstream Park paid $692,907. When Giacomo
won the 2005 Kentucky Derby nobody had a $2 superfecta ticket
that included the first four horses. But there were $1 ticket
holders who were rewarded with a payoff of $864,253.50.
Consequently, the six or seven each made a life-changing score
after taxes.
Today, unlike the aforementioned bonanzas, 10-cent
superfectas have become a major part of the wagering network.
This places an individual, for example, in a position to win
$100,000 on a million-dollar superfecta by only betting a dime.
However, a $1 superfecta box - for a total play of $24 - on the
same four-horse combination, can make a person an instant
millionaire.
Again, it's the greatest wagering value available
and I have yet to hear from
anyone who can point out anything that even comes close.
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Bernie's Blog I Gene Stevens I Ad Rates I Contact Us I Notes From North and South I Links I Comments I Freshman Sires