Quote:
Originally Posted by Candybag
My original idea was to have Medicaid savings go to horsemen purses in part. Although legal, feedback from this forum and HTR members made me reconsider to fixed odds wagering. Bad public relations optics.
According to one article, bookmakers can offer fix odds wagering at three New Jersey racetracks. Fifty percent of the winnings are required to go to horsemen purses.
Everything is negotiable. I would want the racing fan to get a reasonable "vig" set by law on their horse racing bets in exchange for drastic savings captured in other areas of the state's budget. A state could do a pilot project of my concept with bookmakers, or even with the racetrack if so desired.
To be clear, no Medicaid monies go to racetracks. A process to prevent Medicaid monies paid in error is only a tool to facilitate a discussion to save wasteful Medicaid monies, while also starting a conversation that benefits racing fans, horsemen and racetracks.
When discussing one of my concepts with the democratic nominee for Governor in Ohio, the Medicaid savings would have been used to expand pre-K education. Not directly, but via a budget process that had no direct link to any Medicaid program.
I also have a call into BetMaker to see if their company has any interest in taking the concept to states outside New Jersey.
https://www.casino.org/news/fixed-od...%20the%20stake. |
Why would any kind of government program align itself to horse racing. I do not really understand the connection.
Who is on the hook to pay fix odds? Today, when a horse is 20-1 on the morning line and gets bet down to 2-1 and wins by a pole, the players basically pay for the heavy action in the form of a lower price (i.e. 2-1 instead of 20-1). With fixed odds, the tracks will be on the hook to pay out 20-1 odds on the winner. Guess how long anyone will book that when the connections manipulate the situation to get 20-1? I'd give it 4 hours.
