Far Hills Steeplechase 10/21/17 - Parimutual wagering in jeopardy

[Flatterer]

High costs associated with the implementation of pari-mutual wagering may postpone legal wagering at Far Hills.

Details are still under review however preliminary estimate costs are $250,000 for the one day meet scheduled Saturday October 21, 2017.

One-time costs include permanent betting areas and establishing telecommunication throughout the site.

Annual costs include an increased police presence and armored trucks that could double the cost for event security from previous years and now local politicians may request fees for permits and compensation for crowd and traffic control costs.

Great Meadow in Virginia and Fair Hill Maryland are the only 2 meets that currently offer pari-mutual wagering on Steeplechase races except for flat tracks during the summer and fall. Pari-mutual handle is small, averaging a total of $10,000 - $20,000 a race for all pools at Great Meadow and Fair Hill. This reflects the on track handle since the signals are not exported.

On track handle at Far Hills is difficult to determine. It could range anywhere from $15,000 to $40,000 per race this year if the weather is good. For bad weather, it would drop to a range of $10,000 to $25,000 per race. With 7 races and an average takeout of 20%, the highest revenue that can be realized is $56,000.

Exporting the signal through Advanced Deposit Wagering outlets (ADWs) greatly increases handle. All pool handle at Saratoga for Steeplechase races in 2016 averaged $400,000.00 per race. Monmouth hosted the races one day in 2016 and had an all pool average of $130,000.00 per race.

Exporting the signal through Monmouth and ADWs is vital for generating revenue. If all pool wagering averages $140,000 a race, revenue approaching $200,000 could be realized.

Is pari-mutual wagering justified if it generates a $50,000 deficit? This is the question that Co-Chairman Guy Torsilieri and the Far Hills Race Board of Directors will decide.

If the signal cannot be exported, there is no financial justification for pari-mutual wagering.

However, if the signal is exported, additional revenue can be realized by adding an extra race, and offering a full complement of betting for each race that includes $0.10 superfectas, rolling doubles, Pick3, Pick4 and Pick5 wagering. A $0.20 Pick6 could be implemented with payout the same day.

Would you follow Steeplechase racing closely over the summer and fall knowing there is a rainbow payday at Far Hills?

[Flatterer]

It's official - No parimutual wagering at Far Hills on 10/21/17.

According to Co-Chairman Guy Torsilieri, “testing of the fiber optic cable we need for the wagering windows in the meadow and on the hillside” and hardware related problems “threw up too many obstacles for us to be ready this year.”

The race committee is still committed to parimutual wagering for the 2018 meet.

[Kasept]

Monmouth, who was part of the equation for signal distribution, also contributed to making the execution difficult.