BC Hoping Full Fields Carry Handle Numbers
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After a 10.49% increase in total pari-mutuel handle in 2013 compared with 2012, Breeders' Cup officials are hoping for more gains this year. But they'll have to come in another year of depressed wagering on Thoroughbred racing.
With a record number of pre-entries, this year's fields for the World Championships are for the most part full. There have been a few defections of potentially heavy favorites, but Ken Kirchner of FalKirk International, which handles wagering and simulcast matters for Breeders' Cup, believes competitive races will prove attractive to bettors.
The event will be held Oct. 31-Nov. 1 at Santa Anita Park, which hosted it in 2012-13.
"Clearly there are more entries than there ever have been, so there are full fields," Kirchner said. "The racing is going to be very competitive. In some of the races the lack of strong favorites should disperse wagers to many more entries. This definitely should lead to high payouts.
"Horseplayers around the globe should embrace the challenge of doing hard work to find value, which I think will result in more wagering."
Kirchner said that of total handle for the two-day event in 2013, about $42 million was generated by advance deposit wagering. He expects that trend to continue.
Breeders' Cup continues to push for growth in the international betting marketplace, but the process has been slow. Kirchner said awareness of the World Championships never has been greater in other countries, but jurisdictional laws and protectionism thwart growth.
"We've made a concerted effort to expand internationally," said Kirchner, who is working his 19th Breeders' Cup. "We've successfully raised awareness of Breeders' Cup, but the difficult part has been to overcome the provincial nature of wagering in specific markets."
Hong Kong this year is importing two races: the Breeders' Cup Turf (gr. IT) and the Xpressbet Breeders' Cup Sprint (gr. I), which features Hong Kong runner Rich Tapestry. In 2010 Hong Kong generated $5 million in handle on six Breeders' Cup races through separate pools.
Kirchner said the presence of a local horse in the Sprint could fuel betting on the race in Hong Kong. But common-pool wagering in Hong Kong could "change the dynamic for participation," he said.
France, Australia, and New Zealand all offer separate pool wagering on the Breeders' Cup. And wagering on the World Championships isn't even offered in Japan.
"It's difficult," Kirchner said. "You take the largest wagering market in Japan off the table because it has been unable and unwilling to even pursue the changing of laws (to facilitate the simulcast). Hong Kong is severely selective regarding import of simulcasts, and in Australia, commingling isn't a priority at this time.
"In the United Kingdom, betting is 97% bookmaker-dominated. So in four of the top six markets, people aren't able to participate directly into our pools."