Amid frustrations from retail gamblers over a series of dramatic late odds changes during its races this summer, Del Mar announced July 29 it would close access by computer assisted wagering players to its win pools at two minutes prior to the off time, beginning July 31. The move mirrors a policy currently in place at New York Racing Association tracks.
"This is part of an overall effort to ensure an optimal wagering experience for fans on-track, at simulcast locations, and those playing via our advanced deposit wagering partners," said Del Mar president Josh Rubinstein. "We had taken steps to encourage CAW players to process their win wagers earlier in the cycle, but it has become clear that we need to take additional measures. We will continue to do our best to create a racing and wagering product that appeals to all segments of the horseplayer market."
CAW teams bet vast sums of money—accounting for 20% or more of the handle at some racetracks. Usually, CAW wagers are sent in the final moments before a race's start through sophisticated wagering technologies. Sometimes the amounts of money wagered and the timing of those wagers results in dramatic odds changes. The information on those odds changes often isn't fully available until after the gates open.
Del Mar officials indicated that the new policy on the timing of win wagers for CAWs is a response to multiple late odds changes over the first seven days of racing at the track's summer meeting.
Economics professor and horseplayer Dr. Marshall Gramm posted on social media that 15% of the win pool at Del Mar this meet has been bet in the final cycle, down slightly from 16.1% last year, with 40 winners seeing an odds drop late and 30 seeing an increase in odds.
In perhaps the most glaring odds drop, Nanci Griffith—winner of the sixth race July 26—was 18-1 odds before closing at 6-1 in the final cycle. Nanci Griffith also was hammered late in exacta wagering, Gramm noted.
Exacta pools and other exotic wagers are unaffected by Del Mar's two-minute restriction.
More than many other tracks across the country, California tracks are reliant on pari-mutuel wagering for business because added-gaming is not permitted at California racetracks.
Some prominent track operators own the betting platforms used by CAW players, with The Stronach Group and the New York Racing Association owning one such company, Elite Turf Club, and Churchill Downs Inc. owning another known as Velocity. A Sept. 5, 2024, document outlining Elite Turf Club for the California Horse Racing Board said TSG owns 80% of Elite and NYRA 20%. Elite Turf Club is responsible for the bulk of CAW play on California racing, while Velocity is primarily focused on CDI-owned tracks.
Speaking last summer before the CHRB, Scott Daruty, president of TSG's Monarch Content Management and Elite Turf Club, acknowledged that the effectiveness of CAW teams raises the effective takeout for retail players. The aforementioned 2024 document estimated Elite's wagering results in a 2.5% increase in effective takeout for retail players.
