Fixed-odds wagering expanded from on track to any mobile device in New Jersey just in time for the Monmouth Park meeting, and chalk players in particular benefited most through the first two weeks of the meeting.
The MonmouthBets app launched for opening day, May 13, and offers fixed-odds wagering not only on its eponymous venue but also Century Mile, Emerald Downs, and Hawthorne with Canterbury and Delaware coming on when they open this week and Tampa Bay Downs later this year.
"One of the most complained-about factors in betting is the late price crush punters suffer, with all the sharp money coming into the tote pools in the last few minutes," said Dallas Baker, BetMakers head of international operations. "In the vast majority of cases, the first two weeks at Monmouth Park, the best price through fixed odds during the life of the market is a better price than the tote price at closing, simply meaning smart shoppers are getting a greater return for their investment and more money back in their pockets."
Of course, the "best price" is not always the one available, but in the case of favorites, even other prices such as the open and closing offered a premium over the pari-mutuel market.
Through 40 races at the current Monmouth meeting, 15 favorites have won. All of the 15 offered a best price ahead of winning mutuel. Fourteen opened at a higher price, and 13 closed at a lower price. Of the five odds-on winners, all opened, closed and offered a best price in excess of the less-than-$4 win payout.
Of the higher-priced winners on the tote, the fixed market was not quite as kind, but still reliably better if you caught the best price. Thirteen of the 15 highest offered a "best price" higher than the pari-mutuel market. But seven of those horses opened lower than the tote price and eight closed shorter. Two of the 15 longest-priced winners never traded higher than the pari-mutuel payout.
"And this is one of the great layers that fixed-odds betting provides," Baker said. "It's not just about finding the winner and hoping the tote price holds up, but now the fascinating game within the game of reading the market and aiming to secure the top odds.”