07/10/2014 3:56PM

Paulick Report co-founder seeks support for new wager

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Brad Cummings, the co-founder of the website the Paulick Report, is attempting to find support for a horse-racing wager that would be offered through lottery-ticket vendors like convenience stores and automated terminals, Cummings said this week.

Under his plan, lottery vendors would sell daily $2 quick picks that would be partially mingled with a betting pool at a North American racetrack, likely the trifecta pool, Cummings said. In that case, the winning tickets would be determined by the numbers of the horses who fill out the trifecta.

Bettors would not be able to select the numbers in the wager, which Cummings has called “Equilottery.” Only $1 of the $2 bet would be commingled into the pari-mutuel pool, with 80 cents of the other dollar going to the lottery and the remaining 20 cents being commingled into a separate pool that will be distributed only to the players who bought winning tickets through lottery vendors.

The lottery players will receive the $1 payoff in the trifecta pool despite betting $2, Cummings said, since only $1 of the lottery player’s bet was sent into the commingled pool. In the event of a scratch, players would receive a “free ticket” for a subsequent bet, Cummings said.

“This game is not for you and I,” Cummings said. “This game is for people like me six years ago, when I helped create the Paulick Report and didn’t know what a furlong was.”

Lottery vendors would be highly unlikely to offer the bet without receiving a substantial cut of the proceeds, since their own similar games, which would compete with the racing bet, frequently have margins of 40 percent or higher. 

Cummings said he was in talks with several lottery corporations, but he would not identify them. The bet also has not been considered for approval in any racing jurisdiction yet.