Thursday, March 30, 2006
New York pool allows discounts for punters

The New York State Racing and Wagering Board authorized both the New York Racing Association and Capital District Regional Off-Track Betting to allow discounts to bettors during a one-year trial period.

According to the reward program, bettors will receive one point for every dollar wagered on a race at one of the three NYRA tracks — Aqueduct, Belmont, and Saratoga Race Course — and half a point for every dollar wagered on a simulcast race within one calendar month.

The minimum number of points needed to earn a cash reward is 2,000, which will return a 1% cash reward for either win, place, and show wagers as well as two-horse multiple wagers or exotic wagers. A bettor earning 500,000 points would get a 3% cash reward for win, place, and show wagers, 4% for two-horse multiple wagers, and 7% for exotic wagers.

The new reward programme comes in response to New York racing’s decision to end rebating of outer state bets. This has led to a decline in betting volume, which the new measure tries to reverse.