Tough times continue at Turfway Park

Horseracing Betting Lines

07/07/2010 - Florence, KY (Sportsbook Betting Lines) - In an effort to maintain daily purses equal to last year's, Turfway Park president Robert N. Elliston announced Wednesday that the track has asked the Kentucky Horse Racing Commission to approve a request to cut four Wednesday cards and all but one stakes race from the 2010 Fall Meet.

"We were forced to make deep cuts to at least stay even with last fall's daily purse averages and support our local horsemen as best we can," said Elliston. "We have to do whatever we can to maximize our field size, which means fewer race dates. And we are not alone. Churchill Downs ran four days instead of five except for (Kentucky) Derby week during their spring meet, and their average field size fell below eight. Keeneland cut more than $1 million from its fall meet purse structure and dropped two graded stakes. Except for Labor Day weekend, Ellis Park is racing only three days a week. Meanwhile, Indiana Downs just increased their purses by 30 percent and last month, on an ordinary Wednesday card, set a track wagering record."

Turfway is requesting to run Thursdays through Sundays from September 9 through October 3, a total of 16 days as opposed to last year's 20.

The lone stakes race to remain on the schedule will be the $100,000 Turfway Park Fall Championship at 1 1/2-miles, a Breeders' Cup Challenge race.

Eliminated from the schedule are the three Kentucky Cup Day of Champions races; $200,000 Kentucky Cup Classic, $100,000 Kentucky Cup Distaff and $100,000 Kentucky Cup Sprint.

"We are especially disappointed to have to drop the Kentucky Cup Day of Champions," Elliston continued. "Great horses came from all over for those races, and they've had a significant impact on the Breeders' Cup. If the state legislature allows us to level the playing field with surrounding states that enhance their purses with gaming revenue, the Kentucky Cup would be high on the list of races we would restore."

Additionally, Turfway has asked permission to move its Fall Meet post-time on Thursday and Friday up 90 minutes to 5:30 p.m. (et).

The Kentucky Horse Racing Commission is scheduled to consider the request at the group's next meeting on Tuesday, July 20.

Turfway Park is the home of the $500,000 Lane's End Stakes, a major prep race for the Kentucky Derby.

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Sportsbooks to bet on football

Recently I had an email debate with an angry reader who said I did not understand "the science of oddsmaking", as he called it.

He said I was wrong for suggesting oddsmakers care about who wins or loses games.

"Oddsmakers only care about splitting the betting public 50/50 on both sides of the line and keeping the commission (a.k.a. juice)," he wrote.

He might have been right about not understanding "the science of oddsmaking". After all, I'm not an oddsmaker. That said, I stick to my assertion that oddsmakers (a.k.a. sportbooks) often do care about who wins games.

Granted, as a general rule, sportsbooks try to balance their action so that they're not exposed to big losses. However, there are times when this is difficult to pull off, regardless of how much a line has moved. There are also times when that general rule is ignored and a book pursues risk.

Generally speaking, it's safe to say the books in Vegas are risk-adverse. Unlike in the past when the wise guys ruled the town, Vegas is now corporate and the goal of most casinos is to make as much money as possible with as little risk as possible.

Thus, Vegas sportsbooks try everything in their power to balance the action. They're satisfied simply collecting the juice. But these profits are small, especially compared to the take from other casino games, namely slot machines.

Because the profits at Vegas sportsbooks are so small, you could argue that many casinos operate sportsbooks simply as a novelty to keep the tourists happy.

With a growing aversion to risk, it should come as no surprise that Vegas bookmakers have been panicking this NFL season.

Despite huge pointspreads, a disproportionate percentage of bettors are still laying their money on favorites like the Eagles, Colts, Pats and Vikings rather than the dogs (a common trend for the largely recreational bettors that visit Vegas).

And much to the dismay of the books, those favorites are finding ways to cover the thick chalk. In fact, prior to Week 7, the four teams listed above are a combined 16-2-2 (88 percent) against the spread. (The tables turned dramatically in Week 7, but more on that later.)

The result has been an early-season beating for the books, and a bonanza for bettors.

While Vegas increasingly hates risk, it's no longer a major player in the sports betting world. Most of the betting action now takes place offshore where sportsbooks are not as obsessed about balance. In fact, some books encourage exposure to risk because the rewards can be so much bigger.

Consider MySportsbook.com. On its website, the book has odds pages which actually display the amount of action it's getting on games. In other words, you can see how much action the book is taking on both sides of a pointspread, moneyline or over/under.

One look at these numbers and it's obvious MySportsbook.com does not balance every game. In fact, far from it.

Take last weekend's matchup between St. Louis and Miami. By game time on Sunday, 83 percent of the betting action at MySportsbook.com was on the Rams; only 17 percent was on Miami.

What's interesting is that MySportsbook.com opened the pointspread with Miami at +6 1/2. By game time, the spread had lowered to +5.

That goes contrary to the balancing theory. If MySportsbook.com had wanted to balance the action, it would have given Miami more points; instead, it took away 1 1/2. World Series odds are now up as well.

MySportsbook.com exposed itself to even more to risk, and rolled the dice on the underdog Dolphins. Why? I contacted a representative with the book to find out. His answer was simple.

"The line moved early based on 'smart money' from sharp players," said Jeff Gilroy, a spokesperson for the book. "We also knew from early in the week that we would need Miami, therefore (we dropped) the spread to encourage Rams money.

"At the end of the day, we liked the home team."

So the conclusion is this: MySportsbook.com respected the sharp action, and gambled that the sharp bettors had a better take on the game than the recreational bettors, who were hammering the visiting Rams.

In the end, the gamble paid off. Miami, desperate for a win in front of its home fans, pounded the overrated Rams, who are terrible on the road and even worse on grass. Final score: 31-14 Fish.

MySportsbook.com was also heavily exposed on numerous favorites in Week 7, including Philadelphia, Seattle and Denver. All three failed to cover.

The fact that sportsbooks are exposed to risk on certain games is really nothing new. The fact, that Sportsbook.com is willing to show the public where it's exposed is intriguing.

Armed with this type of information, bettors can make more educated wagers. They can get an idea where the sharp money is going and conversely where the public money is headed.

MySportsbook.com is opening up its cashbox, letting bettors look inside and challenging them to take their best shot at grabbing the cash.

To visit this online football betting got to MySportsbook.com for all your football betting odds needs. Mysportsbook.com online sportsbook accepts Visa and Mastercard credit cards.