Straight Wagering Only to Prevail For Todays Running of Preakness: Commission Okays Request Of Track to Prevent Minus Pools for Place and Show, Daily Racing Form, 1948-05-15


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Straight Wagering Only to Prevail For Todays Running of Preakness Commission Okays Request Of Track to Prevent Minus Pools for Place and Show ShowPIMUCO PIMUCO Baltimore Md May 14 The Maryland Racing Commission acting upon the request of the Maryland Jockey Club to limit wagering on tomorrows Preak ¬ ness Stakes to straight betting only de ¬ cided late Thursday night to approve the request requestIn In making its decision the commission thoroughly investigated the possibility of an extremely heavy loss by the Maryland Jockey Club the extent of which cannot be predicted The commission also stated that to limit the wagering to a straight pool only was absolutely necessary consid ¬ ering that Calumet Farms Citation most certainly would creat a tremendous minus pool if place betting were permitted permittedThe The decision to allow straight wagering only was also made at Louisville where Citation raced with a stablemate Coal town While the Calumet entry paid 280 to win in Kentucky many observers feel that there is more than a remote possibility that a minus straight pool may be created even though Citation will race alone in tomorrows fixture fixtureThe The commissions statement follows followsThe The Maryland Racing Commission has approved the request of the Maryland Jockey Club to limit betting on the Preak ¬ ness to straight wagers only j The commisison considers this action necessary in order to avert the possibility of a heavy loss the extent of which can ¬ not be predicted which might result to the Maryland Jockey Club and the State of Maryland in the event that the track was obliged to accept place and show bets and pay off at the xequired minimum of ten cents on the dollar Minus pools are made up from the breakage which under the Maryland law is divided between the track and the state Hence the state in effect bears 50 per cent of the loss on a 1 minus pool poolTrack Track StakeHolder Only OnlyFurthermore Furthermore it must be remembered that it is the theory of the parimutuel system that the track is a stakeholder only It receives a commisison on the amount wagered and has no interest in the outcome of the race When it is re ¬ quired to contribute to a minus pool the effect is to require it to bear this loss and to that extent to give it ah interest in the outcome of the race alhoiigh it has no chance of winning winningThis This is a risk which the track and the state may reasonably accept under normal circumstances to make up from the break ¬ age which they receive but to require that such an obligation be assumed in this years Preakness would in the commis ¬ sions judgment place the track hi the position of having a heavy stake in the result of the race and expose it to risks which it would be unwise for it to under ¬ take takeAnother Another factor in the situation is the wellestablished fact that it is the profes ¬ sional gamblers and organized syndicates which benefit from a minus pool and not the average patron The ordinary bettor will not put up 200 to win twenty cents or even 1000 to win 100 The gambling syndicates on the other hand will risk the large amount of capital required to make substantial winnings This is proved by the course of betting on such races with Single wagers of 25000 or more frequently veing made Consequently the commission els that the limitation on place andshow etting will not be hardship to tbe genr era public but will serve only to prevent professional gamblers from profiting at the expense of the track and the state to an extent which cannot be estimated with any accuracy in advance

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