SHOW me the money!

C’mon, you remember the movie! Good looking sports agent played by Tom Cruise has one client, played by Cuba Gooding, Jr, and has the beautiful Renee Zellweger as his love interest.  You know you loved it, and if you haven’t seen it, head over to Blockbuster, errrr, I mean Netflix, and give it a try.  Jerry Maguire is the film’s title, as well as Cruise’s character’s name, in the 1996 box office sensation.

Show me the money!  This was Jerry Maguire’s tag line.  Whenever his client, football star Rod Tidwell (Gooding, Jr.), was feeling downhearted, was feeling defeated, was feeling downright disgusted Maguire would jump up in a frenzy and start screaming SHOW ME THE MONNNNNEEEYYYY!

As racetrack patrons, as handicappers, as gamblers, as once-a-summer visitors, and yes, as racing executives, we all want to see the money. That’s why we come bet the ponies, isn’t it? But SHOW, as in a show bet, betting a horse to finish third or better, is that the best way to make money at the track?

I wanted to know so I took to the streets, or the 21st century equivalent, the internet, Jeanne Moos style, to find out. I was delighted to receive responses ranging from the $2 bettor to those executives in racings ivory towers, and everyone in between.

Come on in and enjoy the SHOW…

There’s an episode of the 70’s sitcom The Odd Couple where Felix and Oscar go to the races.  Oscar, a racetrack veteran, explains to his roomie that he can bet a horse to Show, to which Felix responds, “You mean you can bet on a horse, and he can lose the race, and you can still win money? And you’ve been losing money all these years?”

Oscar sees Show betting was a great way to introduce Felix to horse racing.  Racing Fan Amanda Simmons Luby agrees, “Show wagering is like training wheels on a bicycle, she says. “It’s the safest bet out there and you won’t topple over if you wager the minimum.  It’s how you can introduce new players to the handicapping aspect of the sport.”

I couldn’t have said it better myself, Amanda. Now, my question is, why are racetracks taxing these newbies, racings future customer, the newest money coming through the window, at a higher rate than the established customer.

When I say established customer, I’m talking about the customer making sophisticated bets – Pick 4’s, Pick 5’s, Pick 6’s. Contrary to what many out there believe, you are not betting against the house when you go to the track, you are betting against other players and the facility simply takes their cut, the takeout, the previously referred to “tax”.

A track such as the Meadowlands already has their loyal patrons, the ones playing those multi-race bets and rewards them with a nice 15% takeout on those wagers, why take 17% from the unsophisticated Show bettor?

“We do what is best for our business and our customers,” says Jason Settlemoir, COO and GM New Meadowlands Racetrack.

I liken the show bettor to a casino customer who walks in and pulls the lever on a slot machine, not knowledgeable enough to play table games but still looking for some action.  Apparently, The Meadowlands must feel the same.  Their Show bet takeout is exactly the same as the New Jersey state mandated maximum slot machine takeout of 17%.

In other words, for every dollar put into a slot machine state law mandates that 83 cents must be paid out as winnings.  The only difference between casinos and The Meadowlands is the 17 percent takeout is the MAXIMUM on a slot machine, it can vary and often does.  For the Show bettor, the 17 percent takeout is set in stone.  And racing wonders why they are losing the casual customer to casinos.

Racing fan Darren Taylor says, “Do they (the novice bettor) really care or are they even aware of takeout percentage? I have my doubts.”

The casual fan may not know about, or understand, the takeout on a Show bet, but I guarantee you, if the takeout was lowered on the popular-wager-for-racetrack-first-timer, he’ll be happy that his bankroll lasted longer.  He might not understand why it stretched further, but he’ll hit the parking lot a happy customer and will most likely return.  Heck, I bet he’ll even bring a friend next time.

Now, I keep referring to Show betting as being for the beginner, that’s not always the case. There’s a time when even the most hardcore gamblers will get excited about a Show bet, and that’s when a bridge jumper shows up.

A bridge jumper is someone who bets a large sum of money, usually over five figures, on a horse he deems a “sure thing” to at least finish third. Well, as the saying goes, the only sure things in life are death and taxes.

These are animals you are betting on. Anything can, and will, happen. Also remember, in racing, you are betting against other customers in the wagering pools, not the house.  While the bridge jumper is trying to make a quick 5 percent on his money, with state mandated minimum payouts being $2.10, other savvy gamblers who are watching the pools, will bet against him hoping his horse finishes off the board (worse than third), hence dividing his large bet up amongst the actual winning tickets, often paying big bucks.

Of course, the bridge jumper is a far from a novice himself and picks his spots carefully. “Years ago, we (The Meadowlands) had a bridge jumper who won 30 $200,000 (Show) bets in a row,” says Meadowlands Racetrack on air personality, Gary DiLeo.

Great for the bridge jumper, he got his $2.10, but kind of uneventful for those trying to beat him.

Long time Meadowlands Track Statistician, and member of the of the Harness Racing Communicators Hall of Fame, Bob “Hollywood” Heyden chimes in, ”Kassa Branca made a break at Freehold (in the late 80’S) and caused a $300 show payoff, or very close to that.”

And who says Show betting can’t be exciting?!?!?!

In the days of creative, low takeout wagers such as the Pick 4, Pick 5, Pick 6 and Survivor Pick 7 is there a need to keep offering the archaic, seemingly so simple, higher take out Show bet?  Read a few of these responses I received, and you tell me.

From Harness Racing History Facebook Group Moderator Peter Lawrence, “I made a big show score at Hollywood Park in ’79, so I like it.  I bet Flight Director something like $5-$10-$120 across the board in, I think, the American Pacing Classic.  He won, but the 1-5 or 1-9 favorite (Try Scotch?) finished off the board and took almost the whole show pool with him.  I had 60 show tickets worth like $20 or $30 each.”

Racing fan Michael Robertson says,” I bet $20 win-place on the 6. It came 6-1-3 until an inquiry placed the 6 third.  What I didn’t notice was the 5 horse was a bridge jumper and ran out of the money.  My 6 paid $120 to Show. I started paying attention to Show pools after that.”

Mr. Cal Expo, Steven Lake says, “If disciplined, and if successful, combined with the REBATES, this (Show betting) can be very lucrative.”

And racing fan E.A. Hendy says, “Not a good way to make money, but entertaining. A Show parlay with a group of friends is fun during a day at the races.”

Long live the Show!

by Jason Rogers, for Harnesslink