Kudos to Keeneland this year for introducing the $3 minimum Keeneland Turf Pick 3, which regardless of what it generates in handle has the added benefit of providing a little remind horseplayers that there are many ways to land a big score at the track.
While, like many, I enjoy taking a swing at a large Pick 5 payout through many combinations of 50-cent wagers, I have often wondered of late if many players were overlooking opportunities to play wagers with smaller combinations—Pick 3s and doubles, for instance. While connecting for a large Pick 5 payout at 50 cents typically involves hitting a longshot, players also can have success by loading up on some smaller-priced horses in bets like the Pick 3 and doubles.
I think Keeneland has provided a useful nudge toward considering the latter approach by putting a $3 minimum in place for its Turf Pick 3. Consider the Oct. 10 results where I Hear You scored at 5-1 in an allowance race and then a pair of favorites, Averly Jane at 4-5 in the Indian Summer Stakes Presented by Keeneland Select and Tiz the Bomb at 5-2 in the Castle & Key Bourbon Stakes (G2T), closed out the sequence. For $3, that wager returned $135.
Consider that a 50-cent wager on the same sequence (if it had been allowed) would have paid $22.50. For plenty of players that have loaded up on 50-cent combinations on such wagers only to lose money relative to the cost of the ticket when a sequence comes up chalky, Sunday's Keeneland Turf Pick 3 reminded players that if they don't like a longshot in a given multi-race sequence, they can put together a ticket with a larger base wager and fewer combinations. That approach could be done for the same cost as going deep but playing a smaller base wager.
Beyond that, the wager is attractive to horseplayers who enjoy focusing on turf racing. I think there could be more opportunity for tracks in this area, such as Pick 3 wagers on three juvenile races on a card, or multi-race wagers on all the dirt routes on a card, etc.
And the wager offers a 15% takeout—the price of wagering—which generates higher payouts and can deliver increased churn.
"With Keeneland's deep turf schedule and the caliber of racing we expect to see during the fall meet—combined with a $3 minimum bet amount and lower takeout of the Keeneland Turf Pick 3—this innovative wager should be appealing to handicappers," noted Keeneland vice president of racing Gatewood Bell in a release ahead of the fall meet.
The wager is holding its own in terms of handle. Sunday's sequence did better than the $1 Pick Six and $1 Daily Double that ended with the Bourbon. Beyond that, it's helping educate players who may have been focusing on trying to connect on difficult wagers like the Pick 5.
Bank on It: On a different issue, my credit union recently sent an email encouraging me to reach out to lawmakers to oppose a potential new federal law that would require financial institutions (banks, credit unions) to provide added data to the Internal Revenue Service on virtually every active account in the country.
While more information likely is needed, I'm inclined to follow my credit union's advice.
Relative to horse racing on this issue, I would be concerned that the IRS would flag the accounts of horseplayers for more scrutiny as they are likely more active in the areas of withdrawals and deposits than the average American. I'm basing this on the withdrawals from banks needed to fund advance-deposit wagering accounts and the deposits to banks when players cash out winnings.
While the vast majority of players follow tax laws, no one wants added scrutiny from the IRS.
On Monday the New York Times wrote more about this issue—in general, not relative to horse racing.
