From the Purebred Idea Foundation
Those who bet on races from Kentucky will enjoy the profits paid for the coin starting Friday, July 15. The Kentucky Horse Racing Commission has confirmed to the Thoroughbred Ideas Foundation (TIF) the change. The change will go into effect this week, three months after the diversion law was passed by the Kentucky General Assembly and signed into law.
Patrick Cummings, CEO of TIF, said: “This is a welcome and long overdue change in pari-mutuel betting to pay punters their full winnings, ” said Patrick Cummings, CEO of TIF. “Kentucky is in the lead, and if an equestrian wants the full winning dividend, they should bet on races taking place in Kentucky. This will be the first time in US history that a racing jurisdiction requires pennies on all bets and we hope it won’t be the last. This will bring more money into the hands and accounts of horsemen and inspire additional play, something everyone in the sport should be looking for, but notably We stay away from ours because of the super weird bets and the jackpot bets have expanded. We greatly appreciate the efforts of Kentucky Representative Adam Koenig, Bill Co-sponsor Al Gentry, and Senator Damon Thayer for their support over the years in bringing this topic to the forefront. They continue to seek the best interests of the riders and the greater sport. “
For the modern history of pari-mutuel betting on the American race, winning dividends are usually rounded to the lowest unit of 10 cents, with some limited exceptions. In the future, dividends are rounded to the lowest cent.
Up until now, if the unbroken profit on the program bet was $1.4854928, the profit for every $1 unit is rounded down to $1.40. A $2 bet returns $2.80.
Starting Friday, in the example above, the winning bettor will receive $1.48 for every $1. A $2 bet in this example would return $2.96, a meaningful increase in the return returned to the customer.
The campaign to bring coin sharing to horsemen was the subject of the first white paper in TIF history. It can be considered by multiply here.
“This endeavor would not have been possible without the tireless support of TIF Founder and Glen Hill Farm President and CEO Craig Bernick, who has been significantly driven to improve. American horse racing for voluntary financial participants – horse riders and horse owners,” said Cummings. “If we make the sport better for them, the benefits will trickle down to every corner of the industry.”
An estimated $35 million has been collected and withheld due to proceeds from races in Kentucky over the past 5 full fiscal years. Under the new law, nearly all of that money will go back to the winning bettors.
“The diversion will put millions of dollars back into the hands of jockeys every year, even if they are betting on the race in Kentucky,” added Cummings. “Until other states make changes, Kentucky will have the edge.”
In the past, the Kentucky and horseback races have split on the track, while the off-track and ADW bets have seen the break held by the respective bettors. In the future, all bets on Kentucky run races will be entitled to the full winning dividend rounded to the penny. The split amount will still be retained.
