Speaking during the panel “The Sustainability Algorithm: Balancing CAW Growth with Racing’s Long-Term Health” at the conference in Tucson, Arizona, O’Rourke discussed steps aimed at reducing the volatility of late-cycle odds – a long-held frustration among retail horseplayers who believe the pari-mutuel system is tilted against them.
O’Rourke was joined on the Pat Cummings-moderated panel by economist, horse owner and horseplayer Dr. Marshall Gramm; Eric Halstrom, vice president and general manager of Racing for Horseshoe Indianapolis; and Scott Daruty, president of Monarch Content Management and Elite Turf Club. Elite Turf Club is one of many CAW platforms.
O’Rourke’s announced move follows a restriction that NYRA has imposed on CAW in the winning pool for years, which ended such play two minutes before the end. Sea And Santa Anita Park are two other songs that have since followed suit in this practice; efforts that have dramatically reduced late-odds fluctuations in their profit pools, according to studies conducted by Gramm.
Other leading songs, such as Churchill Downs, Keeneland, And Gulfstream Park– which have no such restriction – have much more frequent odds swings, he added.
O’Rourke said retail bettors contributed to odds changes and to CAW, with many punters betting on their phones in the last few minutes.
“This volatility has gotten a little out of hand. So let’s put some guardrails in place,” he said.
The one-minute threshold will also apply to the winnings pool when the changes are made to align with other bets, O’Rourke added.
CAW bettors account for 20% or more of the winnings at some race tracks. Typically, CAW bets are placed in the final moments before the start of a race through advanced betting technologies. This results in a delay in information for players, as the actual odds for a race are not published on simulcast feeds and tote boards until after the start.
Cummings asked how NYRA would prevent or limit CAW players from hypothetically betting huge amounts on exactas within the six bets per second window. O’Rourke responded by saying that tracks “need to increase cycle times” and that NYRA has asked the Thoroughbred Racing Protective Bureau to “create an odds volatility metric so we can start measuring it.”
Daruty later responded that CAW will still be able to place large bets under the six bets per second restriction, but “Does that mean this policy is a failure? I don’t believe it.”
During the panel, O’Rourke also described NYRA’s intention to make raw data feeds publicly available, perhaps as early as next month. Prepayment betting platforms currently offer this access to their bettors, Daruty said.
Cummings, who has advocated for retail players and answered an audience question from horseplayer Andy Asaro toward the end of the discussion, urged other operators in the symposium audience to follow NYRA’s lead. NYRA’s efforts come at a time when betting confidence among traditional horseplayers is under pressure.
“You could all use a really good PR head to explain a lot of things more regularly from official sources because it shouldn’t be coming from us,” Cummings said.
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