Skip navigation
Site powered by
Latest news:
msnbc.com: Top msnbc.com headlines: Violence widens ahead of Greek austerity vote

Horse racing needs to change its approach

Sport needs to narrow, strengthen appeal instead of reaching out to all

Tracks still won’t get together and make a concerted effort to invest in software that would transmit betting information instantaneously. How can players have confidence in the overall integrity of the betting pools when odds continue to change when horses reach the three-eighths pole?

There’s nothing wrong with the racing product only with the way it’s presented to current and future customers. Nascar isn’t popular because there are only 76 major races as opposed to racing’s thousands; it’s popular because it does a better job.

For instance, has anyone thought of pooling racing’s resources to buy those same full-page advertising supplements like those car folks do in all the local papers?

Have racetracks made a real effort to service existing customers by providing the latest betting information for informed decision making, as if tracks don’t have a vested interest in the fiscal health of its customers?

Have the tracks done a good enough job lobbying their state houses for permission to do what other businesses do when business stagnates, such as lowering the cost of the product?

Supply-side economics dictates there is a price at which supply and demand meet to optimize profits. Shouldn’t racetracks, like other businesses, be allowed to test its pricing structure to find that level, unencumbered by inflexible and arcane legislation?

“Innovation comes out of competition,” Evans said, referring to the failure of a handful of modern racetracks to continue to survive.

All Evans and other track executives and other state governments need do is look within the borders of the Commonwealth of Kentucky to see what one new track executive, Ron Geary of Ellis Park, did; instituting a new Pick Four wager with a four percent takeout.

On a small scale, this innovation already is beginning to show dividends. Last year, the bet averaged a mere $18,000 daily. On Wednesday, $36,000 was bet into the Ellis Pick Four.

In the long term, price will prove more important than product. As for the product, it’s fine just the way it is.

© 2012 NBC Sports.com  Reprints


< Prev | 1 | 2

advertisement
More news
Image: John Velazquez rides Animal Kingdom to victory during the 137th Kentucky Derby
AP
'All Others' a strong favorite?

The first of three pools of the Kentucky Derby Future Wager begins its three-day run on Friday and the bet's opening scenario is very similar to each of its opening pools since the wager was created in 1999.

Image: 2011 Breeders' Cup World Championships - Day 2
Getty Images
Breeders' Cup returns to NBC

It's first time that Classic will be broadcast in primetime on Nov. 3.

INTERACTIVE
AFFIRMED ALYDAR CAUTHEN VALASQUEZ
Timeline: The Kentucky Derby
The defining moments in more than a century of the Run for the Roses.
Slideshow
Image: Allison Baver
  Derby celebs
Plenty of stars from the entertainment and sports world attend the 136th Kentucky Derby.

more photos

INTERACTIVE
SECRETARIAT TURCOTTE
Triple Crown winners
The horses that have won the Kentucky Derby, Preakness and Belmont in the same year.