FIRST TURN
APRIL 8, 2005
Keeneland adds a new wrinkle
by James Scully
Rain or shine, Keeneland’s opening day is glorious. The arrival of the 16-day
meet signifies the beginning of spring in the Bluegrass, with top-class horses
and radiant crowds highlighting the grand sport of Thoroughbred racing.
Management recently announced the offering of the 10-cent superfecta wager
for the spring meet.
The idea, which was introduced nationally at Sam Houston, has been met by
skepticism by those who have mistakenly seen the move as simply a gimmick,
something to allow the novice player to make a cheap bet. It does that, but the 10-cent superfecta
has far more value to serious bettors, opening a window that allows all horseplayers to avoid
signing tax tickets on a wager that brings whopping returns.
The average superfecta payout at Keeneland’s fall meet was $4,909.18. In
October, all superfectas that returned more than $602 (the threshold for declaring
winnings to the IRS) for the minimum $1 wager required a signature on a tax form.
Under the present system, bettors taking advantage of the 10-cent superfecta
won’t have to sign anything unless the $1 ticket pays more than $6,000.
The tax ceiling has been raised nearly $5,400 for the benefit of horseplayers.
“The serious handicapper is making a big mistake by making a $1 wager if
there is even a remote chance that the superfecta could pay more than $600,”
Kentucky Handicapper Steve Moody explained. “The tax implications are huge. It
virtually eliminates you having to sign for a superfecta unless you don’t take
advantage of the 10-cent bet or hit a monstrous ticket.”
There are plenty of serious handicappers playing superfectas daily across
America, and Keeneland has done them a serious favor. The 10-cent wager is
available both on track and through account wagering services like BrisBET.com.
The next step is getting 10-cent Pick 6s, Pick 4s and Pick 3s.
One foreseeable downside is getting a bet down. Crowds overstuff the enchanting facility
on Saturdays,
and betting lines that fail to move due to tellers
punching 50 or 60 tickets for an individual instead of five or six will draw
complaints. There
always seems to be plenty of inexperienced tellers working the windows on big
race days.
However, 10-cent wagers will be available on all self-service betting
terminals, and not everybody will be playing them. Officials worried when
introducing multiple exotic wagers in the past that it would be more difficult
to place a wager, but those fears are long-forgotten. Keeneland can
bring in as many self-service betting machines as necessary to alleviate
problems with long lines, and horseplayers will find a way to adjust to any
headaches caused by the new denomination.
The 10-cent superfecta should be an option at all tracks.