odds wagering
Historic Pimlico Race Course, home of the Preakness Stakes, first opened its doors on October 25, 1870, making it the second oldest racetrack in the nation behind Saratoga, which debuted in 1864 in upstate New York. Engineered by General John Ellicott, Pimlico has played host to racing icons for over a century, where Baltimoreans have seen the likes of legendary horses such as Man o’ War, Sir Barton, Seabiscuit, War Admiral, Citation, Secretariat and Cigar thunder down the stretch in thrilling and memorable competition. Constructed on 70 acres west of the Jones Falls, the Maryland Jockey Club purchased the land for $23,500, and built the racetrack for $25,000 after Maryland’s Governor at the time, Oden Bowie, suggested the interesting proposition during a dinner party in Saratoga, New York in 1868. Bowie and his friends, prominent racing figures, had agreed to run a race in two years commemorating the evening, for horses that were yearlings at the time.
The winner would have to host the losers for dinner. Both Saratoga and the American Jockey Club made bids for the event, but Governor Bowie pledged he would build a model racetrack in his home state if the race were to be run in Baltimore. Thus, Pimlico was built. “Pimlico” was the name given the area by English settlers in Colonial times, although the “Pemblicoe” spelling appeared on the original settlement charter granted to a group of Englishmen in 1669. The colonists hailed from an area near London, and harbored memories of a famous landmark “Olde Ben Pimlico’s Tavern.”On a typical race day in the 1800’s, Baltimoreans in all sorts of horse-drawn carriages paraded out through Druid Hill Park, then by Green Spring Road to the Course. Afterwards, in the early days, a spur was built from the Western Maryland Railroad at Arlington direct to the grandstand, for convenience.
The racetrack soon became affectionately known as “Old Hilltop,” after a small rise in the infield that became a favorite gathering place for trainers and race enthusiasts to view the contestants close-up, and vigorously cheer on their favorites. The infield was always a fashionable rendezvous, where in days gone by the four-in-hands, “spikes,” tandems, pairs and singles were parked and lively guests congregated between the races for a champagne lunch. This custom continues today in the Corporate Village at Preakness, where over 5,000 people representing many major corporations in the Mid- Atlantic region gather in a 21st century version of yesteryear’s “garden party.” Over 60,000 revelers crowd additional areas of the infield to celebrate Preakness Day.Regrettably, though the famous moniker remains today, the notable infield “hill” was removed in April 1938, ostensibly for obscuring track-level vision of the racetrack backstretch, which appeared to pose a problem for movie and television cameras in the infant days of filming races.
Despite a brief hiatus from flat racing between 1889 and 1904 — when the Preakness and Dixie were run at other tracks, and “outlaw” race meets sprung up around Maryland Pimlico has conducted racing each year since its revival in 1904. During this interim period, steeplechase enthusiasts kept racing alive, and even became Maryland Jockey Club members upon Pimlico’s re-emergence. In 1904, racing at Pimlico ignited unprecedented recognition and interest Pimlico today welcomes racegoers arriving by car, limousine, and even helicopter, as graciously as those who visited when “Old Hilltop” was reached primarily by horse-drawn vehicle, over 130 years ago. During its rich history, the racetrack has enjoyed being the only track in the United States to be honored by the djournment of the U.S. House of Representatives for the first and only time in history in 1877 to watch a race between Parole, Ten Broeck and Tom Ochiltree. The race became known as “The Great Race,” and a reproduction of its finish is immortalized as a Pimlico trademark, adorning the clubhouse as a signal to all entering that Pimlico is a place where legends will endure forever.En route to becoming a true national treasure, Pimlico has earned its patina of age, weathering small and major wars, recessions, depressions — including the Great Depression of the 1930’s — fires, storms . . . and the simple passage of time. Its vitality has spanned many an era, representing a time and a society now involving three centuries. More than 50 years ago, the youthful president of the Maryland Jockey Club, Alfred G. Vanderbilt, made a pertinent observation that remains today, as Pimlico moves into another century: “Pimlico is more than a dirt track bounded by four streets. It is an accepted American institution, devoted to the best interests of a great sport, graced by time, respected for its honorable past.”
From the public and newspapers alike. Race charts appeared, quite similar to modern-daystyle, and for the first time Baltimore readers found the news accounts more than mere social reports. Racing in Pimlico even survived a 1910 anti-gambling movement that swept the country, prohibiting the sport everywhere, except in Maryland and Kentucky. Colonel Matt Winn of Churchill Downs is alleged to have credited Pimlico’s Billy Riggs as the savior of eastern racing at thistime. It was Riggs’ use of the less sinful “French Pools,” or pari-mutuel machines, in 1913 as opposed to the controversial bookmakers and their blackboards, that preserved racing at Pimlico during this turbulent time in racing. A new era was born at Pimlico,which later became the first racetrack in the country to utilize an electric starting gate.In greyhound and horse racing, wagering is conducted under the pari-mutuel system, a term that comes from the French phrase “among ourselves.” The constantly changing odds for each race are set by the betting public, meaning that unlike certain casino games, patrons wager against one another and not against “the house.” In fact, the house (in this case Hinsdale Park) has no stake or interest in the actual outcome of the race. Its profit is derived from a small percentage extracted from each wager, similar to a stockbroker’s commission. Every dollar bet at the racetrack, minus the small percentage of “takeout” that gets split between the track and state government, is returned right back to the members of the betting public who hold winning tickets after each race.
Think of the betting process as one of risk vs. reward: Bet on “favorites” who have a solid shot of winning based on their published race records and you’ll cash more tickets—but the return on investment will be lower, because many other handicappers will have also backed the same winners (ie the total amount bet on the race must be distributed equally amongst a large number of people). Conversely, when you wager on “longshots”—finishers whose records indicate they have a remote, outside chance of winning—you’ll cash fewer tickets but the return on investment will be much greater, because only a small fraction of the public will share equally in the total amount of money bet on the race.
It is important to remember that the odds for each runner are not meant to represent an entrant’s actual chances of winning the race. The betting public speaks with money, and the odds for each race simply stand for the betting public’s opinion of who will win. Over many years, documented pari-mutuel analysis shows that favorites (entrants with the most money bet on them) win at a amazingly consistent 33 percent of the time. That figure is one of the few universal betting standards. However, some bettors turn that same statistic upside down to show that favorites lose at an equally consistent 66 percent! So do you jump on the “smart money” bandwagon or bet “bombs away” hoping to make a really big score? Just like playing the stock market, wagering strategy is a function of whether you want a small, steady return on your investment or are willing to withstand a fair amount of losing before you attain a more occasional, but potentially explosive, bang for your buck. The odds as listed on the tote board or on television monitors show how much an entrant will pay to win based on every dollar wagered. For example, a minimum $2.00 bet on a runner who wins at 3-1 odds will pay $8.00: Three dollars won for each dollar bet ($2.00 x 3 = $6.00), plus when you win you always get back the original cost of your bet ($6.00 winnings + the original $2.00 bet = $8.00).
Some win odds are listed as fractions and should be read as such: 7-2 odds equals $7.00 won for every $2.00 invested, which is the same as saying the odds were three and one-half to one; 9-5 odds equals $9.00 won for every $5.00 invested, which is the same as saying the odds were one and four-fifths to one. The chart below is a quick reference for common odds and their returns until you become familiar with calculating payoffsLinking the outcomes of two or more finishers or two or more races in a single bet is called an “exotic wager.” Keeping in mind the basic theory of risk vs. reward, it is far more difficult to predict what will happen to two or more entrants in a single race or to pick the winners of consecutive races. But if you do, the return on investment can escalate astronomically. Listed below are some common exotic wagers offered at Hinsdale Park and its OTB simulcasts. To see which exotic wagers are offered in which races, consult the heading at the top of each page in your official track program.
Perfecta (also Exacta): Pick the one-two finishers in a given race. Your selections must finish in the exact order you specified. A “box” allows you to reverse this order of finish but also doubles the cost of the bet. A “wheel” means you play a single entrant in either the first or second spot with all the others in the race. A “partial wheel” allows you to select two or more other finishers of your choosing to finish first or second with your single.
Quinella: Pick the one-two finishers in a given race in either order. Unlike the perfecta, this does NOT double the cost of the bet, but the payoffs are usually half of what a perfecta would pay (in pari-mutuel betting, just as in everyday life, insurance comes at a price!)
Trifecta: Takes the perfecta one step further by stipulating that you select the top three finishers in order. Again, a more difficult task with a potentially greater payoff. Boxes, wheels and part-wheels are allowed.
Superfecta: The first four finishers in order. Boxes, wheels and part-wheels permitted.
Daily Double: Pick the winners of consecutive races on a single ticket. A wheel in the daily double involves picking a single runner in either the first or second race of the sequence and combining it with all others in the remaining race. A part-wheel narrows your selections to just the one single and as many others as you like in the remaining race.
Pick Three (or Pick Four, Pick Six, etc...): Pick the winners of three or more consecutive races. You may use as many finishers in each leg of the sequence as you like, but each additional entrant increases the cost of the ticket exponentially.
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