Bonus introduced for winning Preakness Stakes

Horseracing Betting Lines

08/28/2010 - Philadelphia, PA (Sportsbook Betting Lines) - It's been a few years since there has been a bonus for sweeping the Triple Crown races. During the time that VISA sponsored the bonus, no three-year-old thoroughbred won the three classics, Kentucky Derby, Preakness and Belmont Stakes.

Now, MI Developments Inc. has announced a bonus program involving winning the Preakness Stakes at Pimlico Race Course and specified prep races at company owned racetracks. The name of the program is PREAKNESS 5.5. The 5.5 represents the $5.5 million that would be up for grabs by owners and trainers.

The tracks involved are all owned by MID: Gulfstream Park, Santa Anita Park and Golden Gate Fields. The $5.5 million bonus will be shared between the winning owner ($5 million) and trainer ($500,000).

"The purpose of this grand prize is to provide a spectacular event for the fans and to create a potential life changing experience for the stakeholders of the racing industry," stated Frank Stronach, Chairman of MID. "These events represent the greatest hope for the renewal of the thoroughbred racing business in America. Our continued development of MID's recently acquired assets should translate into improved results across MID Racing Properties' asset base."

In order to receive the bonus money horses prepping for the Triple Crown at the designated tracks must win at least two stakes races for three-year-olds.

At Gulfstream Park a horse must win either the Holy Bull Stakes or the Fountain of Youth, and also capture the Florida Derby on Sunday, April 3, 2011. The purse for the Florida and the Santa Anita Derbies have each been raised to $1 million.

At Santa Anita Park, before claiming the Santa Anita Derby a horse must win either the Robert B. Lewis or San Felipe Stakes. A horse can also qualify by winning the El Camino Real Derby at Golden Gate Fields and then win the Santa Anita Derby.

"Gulfstream and Santa Anita have long and storied traditions of producing the finest three-year-olds in the country," said Gulfstream Park General Manager, Steve Calabro. "I expect this will produce Gulfstream's finest winter racing."

A consolation prize will also be offered sponsored by XpressBet. This will be called XpressBet .55. If the winner of the 2011 Preakness is not eligible for the Preakness $5.5 million bonus, the winning owner would get $500,000 and the winning trainer $50,000. However, the Preakness winning horse must have been a runner in one of the initial qualifying races and finished first, second or third in the Santa Anita or the Florida Derbies.

"I am really excited to support the owners and breeders in the 2011 three- year-old season," said Ron Luniewski, President of XpressBet. "As we move towards the three-year-old season, we will be offering some fun wagers based on the Preakness 5.5 and the XpressBet .55."

Any new idea that can increase interest in thoroughbred racing must be commended. I would like to see more bonus programs created spanning races over an entire year.

A logical one would involve the Haskell Invitational, Travers Stakes and Pennsylvania Derby. All are $1 million stakes for three-year-olds during the summer and early fall.

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Sportsbook Betting Lines

Who Makes the Sportsbook Betting Lines?

Las Vegas Sports Consultants (LVSC) is the world’s premier oddsmaking company and the most respected authority on making the lines. Mike Seba is a Senior Oddsmaker at LVSC and has been making lines for the last six years. In our extended interview, Seba explained that there are 4-5 oddsmakers assigned to make lines for each of the major sports (pro & college football and basketball; MLB, NHL, boxing, golf). Each of these oddsmakers bring unique opinions, strengths and weaknesses to the process. Oddsmakers at LVSC are professional sports junkies who love what they do and would probably do it for nothing if you asked them, but they do get paid for it. By necessity their approach is very research-oriented and concise, since with millions of dollars at risk there is little margin for error.

“You either have a passion for it or you don’t,” Seba said.

“The #1 thing for us is to make a line for each game that creates good two-way action. We do this by drawing from past experiences and applying them to current situations. People think it’s much more complicated, but it’s not. “

What are the Football Betting Lines Trying to Accomplish?

There is a common misconception that point spreads represent the oddsmakers’ prediction of how many points the favorite will win by. That is not the case at all – their intent is NOT to evenly split the ATS result between the teams; rather, their goal is to attract equal betting action on both sides. Stated another way, they want to create a line that half the people find appealing to bet one way while the other half find it appealing to bet the other way (known as ‘dividing the action’).

Divided action means the sportsbook is guaranteed a profit on the game because of the fee charged to the bettor (called juice or vig – typically $11 bet to win $10).

How the Opening Line Is Made

The opening line is the first line created by the oddsmakers, which is then sent out to sportsbooks. Of course there is an entire method to the madness on how the opening line is created. Seba explained that it all starts with each oddsmaker creating a line on each game based upon their own personal approach. This usually includes having up-to-date power ratings on each team.

Power ratings are the oddsmaker’s value of each team and are used as a guide to calculate a "preliminary" pointspread on an upcoming game. The power ratings are adjusted after each game a team plays. Examples of non-game factors that would require an adjustment to a team's power rating are key player injuries and player trades.

Once a game’s power rating based pointspread is determined, the oddsmaker will make adjustments to that line after considering each team's most recent games played and previous games played against that opponent. Also, adjustments are made after reading each team’s local newspapers to get a sense of what the coaches & players are thinking going into the game.

Since the oddsmaker’s ultimate goal is equally dividing the sports betting action, public perception and sportsbook betting patterns must be taken into account. For example, the public might have heavy betting interest week after week on a popular college football betting team such as USC. If an oddsmaker comes up with a preliminary line of USC -7, then an adjustment up to -7.5 or -8 would be made in response to the public’s expected USC bias.

The last step in the line-making process for each oddsmaker is taking one final look to determine whether or not the line "feels right." This is where common sense and past experience with how games are bet enters into the picture.

A round-table discussion among the 4-5 oddsmakers involved in making the line for each sport is then conducted and a consensus line is decided upon by the Odds Director before it is released to the sportsbooks. Of the 4-5 oddsmakers, generally the 2 most respected opinions are weighed more heavily by the Odds Director before he decides on the final line.

Why Sports Betting Lines Change

Once the opening line is released by LVSC, the individual sportsbooks decide if they want to make any adjustments before offering it to the public. Reasons for such adjustments include:

Experts working for the individual books having a strong opinion on the game

Individual books having players who consistently bet with certain tendencies (such as an extreme bias toward favorites or toward a certain popular team like USC)

The purpose of these adjustments, like all line adjustments, is to more equally divide the betting action.

Once betting begins, sportsbooks can adjust the line at any time. In doing so they attempt to make more attractive the team that is getting less action. By moving the line, sportsbooks can influence how the public bets on a particular game.

For example, if the pointspread on a game is 7 and most of the money is coming in on the underdog (taking the +7), sportsbooks will then move the number down to 6 ½ to try and attract money on the favorite.

Moving the line is the oddsmaker's effort to balance betting action, and often times such moves can have a major impact on a bettor’s decision. Oddsmakers can also change the line depending on various event-related factors such as player injuries or weather. Obviously, if the line comes out a week ahead of the event (which is the case in football), there is much that could happen during the week leading up to the event that could affect the line. Oddsmakers have to determine if any changes are necessary and send out an "adjusted line."

“The main objective is that our clients get equal action on both sides,” Seba said. “We’re not trying to pick the team that covers the spread, we’re trying to make it a coin flip, a tough decision (for the bettor). If we’ve done that, we’ve done our job.”

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