Meadowlands: Wagering format changes coming for 2019

In order to improve business you must make changes. Many tracks simply don’t understand this concept or don’t care enough to put in the effort to see it through.

One track that is willing to try new things is The Meadowlands. When 2019 rolls around, the track will be taking steps to improve its handle by altering its wagering menu.

It’s no secret that handle has been down at the New Jersey track as field size and product quality have taken a toll. Live, export and import handle has declined year over year from 2017 and Meadowlands General Manager and COO Jason Settlemoir is doing what he can to combat the disturbing trend.

“I’m always looking at ways to do things differently so we can create more excitement and raise the handle as well,” said Settlemoir.

The changes affect the majority of multi-race wagers regularly offered by the track.

The Pick 5, which has rotated between races two and three throughout much of 2018, will now have a permanent home in race one where it excelled in years past. The wager was eventually removed from the opening race on the card to avoid conflict with the Survivor Pick 10 bet that debuted in November 2017. That overlap has been solved by backing up the Survivor wager to race three, thus potentially making it a Pick 7 on nights with just nine races or remaining a Pick 10 when the track has at least 12 races on the program.

The change in starting position for the Pick 5 is a great move as it provides smaller players who like these multi-race wagers a reason to bet from the start of the card. The Survivor Pick 10 simply isn’t conducive to a guy who may show up at the track with a $100 to $200 bankroll because it ties up their money for all or most of the card and produces very few winners. Interestingly, on cards with just nine or 10 races, players with smaller wallets may be able to now try the Survivor bet because it will include just seven or eight races, respectively.

Perhaps the biggest change on the new wagering menu is the removal of most Pick 3 wagers for Daily Doubles. All cards will now only feature one Pick 3 bet, which will cover the final three races on the card. Doubles will start in every race that doesn’t already contain a multi-race or Jackpot Hi-5 wager (race one is an exception with both a Pick 5 and double).

“We had a few of our larger customers who had mentioned it, so we looked at our Pick 3 numbers and thought it was worth taking a chance to see how it performed,” said Settlemoir.

The addition of more double wagers is interesting because they are clearly easier to hit than a Pick 3 and could lead to increased churn, which in theory will result in more money for wagers on future races. Even though I’ve always enjoyed Pick 3s, I applaud the change and look forward to seeing if it produces strong results.

The tracks’ most popular bet, the nightly guaranteed Pick 4, remains on the program each night but continues to rotate depending on the number of races. With at least 11 races, the wager starts in race eight. With fewer than 11 races, it will occupy the final four races on the card.

The rotating of the Pick 4 is something I’ll never understand. Consistency of wagering menu is very important and moving around a pool that is one of your highest only confuses those looking to wager. Personally, I would place it in race seven every night (unless there is a nine-race card) and leave it there. That said, there is some value to placing it in race eight because you keep players interested for an additional race. Ideally, The Meadowlands will get the purse subsidy they have been seeking from the state and 13-race cards with larger purses and full fields will become the norm, meaning the Pick 4 will always start in race eight anyway.

One line item staying static for 2019 is takeout rates. The track will continue to offer a low of 15% on the Pick 4, Pick 5, Jackpot Hi-5 and Survivor wagers. Win Place and Show check in at 17%, Exactas and Doubles at 19%, Pick 3s and Superfectas at 20% and Trifectas at 25%.

Despite the decline in handle and other challenges that Settlemoir has had to deal with, he remains optimistic that better days are ahead.

“I’m cautiously optimistic about what 2019 will bring with sports betting and the potential purse supplement,” said Settlemoir. “We just have to keep our heads up and keep moving along.”