Attendance and betting have fallen at New Jersey’s racetracks in recent years, and many officials and some lawmakers have strongly supported calls to add casinos and other expanded gambling opportunities.
Sports betting also has been strongly opposed by the four major professional sports leagues and the NCAA, who feel it would damage the integrity of the games and lead to a higher incidence of game-fixing.
Monmouth Park also has been very involved in efforts to bring legal sports betting to New Jersey. The tracks in the Mid-Atlantic region need to figure out a way to share the horse colony.”
Monmouth Park adviser Dennis Drazin says the decision not to allow a casino there and a shortage of horses in the Mid-Atlantic region is hurting the track, which is hosting a 57-day meet this year with live racing held on weekends and holidays. But on-track handle fell to $1,519,687 this season, a decrease of 32.8 percent.
With Monmouth Park getting around 20 cents on every dollar wagered on-site, that means the track saw about $149,000 less in revenue this year.
“There’s a horse shortage; all tracks are suffering the same things we are right now,” Drazin said. (AP) — It was a rough Memorial Day weekend for Monmouth Park.
There was $7,752,605 bet on races at Monmouth Park from bettors across the country this year. That’s down from more than $15 million last year.
Bettors wagered $2,264,176 at the track last year. The track held a similar 58-day meet last year.
Monmouth Park held live racing from Saturday through Monday and again hosted the Jersey Shore Food Truck Festival this year, but attendance was down to approximately 42,000. But the state’s efforts have been stymied by a 1992 federal law that restricted sports betting to Nevada, the only state to allow betting on individual games, and three others that had approved limited multigame parlay pools.
OCEANPORT, N.J. “The future is a circuit where we’re not all running against each other and all the tracks are better off. Last year, attendance was more than 60,000.
The Asbury Park Press reports (http://on.app.com/280cqLk) that attendance and wagering were down big at the Oceanport racetrack over the three-day holiday weekend compared to last year.
I, however, was not so wise. It was totally irrational. (Go Quakers!) Part of me wants to bet big on Penn (they were four and a half point underdogs as I wrote this) so I can reap the financial rewards when they win. There are even ways to hedge and minimize your losses if you really know what you’re doing. You can’t actually make bets – - they’re only for “entertainment purposes” – - but many of us were left scratching our heads about the favorites for the major awards.
It would have been nice to be able to make real bets on the Oscars though. I was convinced that Pepperdine would cover. Just goes to show that you can’t discount the importance of luck any time you put your money to work.. What if I bet on Penn with the spread and they don’t win but lose by only three? Would it make me happy to profit from a Penn defeat? This is too disturbing a thought to consider any further.
That’s what sleep deprivation does to you folks.
I reacted quite angrily any time one of the CBS announcers said a bad thing about a team I bet on. If Wake Forest won by more than 4 points he would lose his parlay bet but win $20 on the Wake bet. Pepperdine, a 4-point underdog, played after these two games were finished. All three teams had to cover in order to win the bet, which paid off at odds of 6 to 1. Grrr)
Most of my friends and fellow gamblers that I talked to would stick to betting on games with the spread but I foolishly followed the venture capital style of investing in college basketball. Hey, I actually thought the Waves would win the game outright (similar to how many investors were convinced back in early 2000 that tech stocks could only go higher and higher) and even have a chance of upsetting Oregon in the second round. Gandalf, baby!”
Odds for the Oscars
All in all, I made six bets on Thursday and won none, for a total loss of $100. I maintain that getting too emotional about a stock is not a good thing. Kent State and Missouri both covered. “Best bet on the board?” observed my friend Jamey Tesler, “Ian McKellen for Best Supporting Actor at 6-1. OK, there certainly has been some point shaving in the past – - the City College of New York scandal of the 1950s comes to mind – - but that doesn’t even come close to the scam that was Enron.
Betting on basketball isn’t even as risky as you might think. Penn didn’t cover, losing by 7 after this story was published. You don’t have to worry about whether or not Duke coach Mike Krzyzewski set up special purpose entities in order to keep some of star player Jason Williams’ turnovers off the stat sheet. But after spending most of Thursday watching college basketball at the Paris Casino’s sports book in Las Vegas, I can safely say that betting on the NCAA Tournament has a lot in common with investing in stocks.
Hoops junkies pore through the stats published in the USA Today college basketball special pullout section (an essential purchase for any NCAA fan) with the same amount of rigor that accountants use to audit financial statements.
My friend, being a prudent lawyer, decided to bet $22 dollars on Pepperdine’s opponent, Wake Forest. But another part of me is slightly worried. It’s kind of like making a covered call on an option, selling the right to buy shares at a certain price while also having a long position on the stock.
(Disgruntled writer’s note: As it turned out, my fears were for naught. (The spread is the number of points that the favored team is expected to win by while parlays are wagers that allow you to bet on several games in order to increase your payout.) And just as a market neophyte would be confused by a streaming quote feed, the rows of neon numbers on a sports book’s massive board is certainly overwhelming for the uninitiated.
LAS VEGAS (CNN/Money) – This will be blasphemy to hardcore followers of Wall Street, those who think of the market as a rational way to try and accumulate wealth. Huh? Ewan McGregor singing Elton John (quite badly I might add) is more worthy of the cinema’s highest honor than The Lord of the Rings, Gosford Park or In the Bedroom? Whatever.
Speaking of auditing, the fact that stats in college basketball cannot be manipulated is actually a reason why betting on a college basketball game might be a wiser move than buying a stock. Pepperdine was competitive for the entire game but missed some crucial shots in the last few minutes (the bitter loser in me would say that they choked) and lost by eight.
Why betting is better than investing
Betting on sports is legal in Nevada and most of the casinos in Vegas have a section called the sports book where people place their bets and watch the games. When the color commentator pointed out that Tulsa is a small team, I probably did not need to act as if he was insulting my mother.
When it comes to sports, the numbers for the most part don’t lie. A sports book during the height of March Madness is a wild, profane, testosterone-charged pit fueled by greed and fear. Betting the money line means you think a team will win the game outright, regardless of the spread.
Moulin Rouge was listed at 3-1 to win Best Picture: the second favorite behind A Beautiful Mind. So it would essentially be a wash. A friend of mine and I placed the same $20 bet on a 3-team parlay: Kent State, Missouri and Pepperdine. Example. Kind of like the way VCs invest in many risky companies with the hopes of having one big initial public offering make up for all the flops, I made several “money line” bets on huge underdogs. But I, hate to admit, am a bit of a hypocrite in this regard.
Like investing, gambling has a lingo that you need to learn in order to be successful. Sounds exactly like the trading floor of the New York Stock Exchange.
With that in mind, I have no idea what to do when my beloved alma mater Penn plays California on Friday. I occasionally get angry emails from readers who disapprove of negative comments I make about stocks they own. Instead of P/E ratios and mutual funds, you have “point spreads” and “parlays”. Kansas (boy did Holy Cross give the Jayhawks a scare!) isn’t going to announce that the NCAA is investigating it for improperly recognizing hundreds of points scored in Big 12 games from 1999.
In addition to the NCAA action, you can also get odds for the Oscars. So I did not hedge. Some of the odds did seem pretty good. Fortunately, a $100 windfall at a blackjack table that day kept me even for the day.