Higher stakes – Increase in unit cost of bets from Sept 14
THE unit cost for most bets offered by Caymanas Track Limited (CTL) is to be increased by varying amounts with effect from September 14, 2013.
The announcement of the bet increase comes with the approval of the Betting, Gaming and Lotteries Commission (BGLC) and was published in the official race programme last Saturday.
The unit cost is now $10 for the Trifecta (first three past the post in correct order); the Superfecta (first four pass the post in correct order); the Pick-9 and the Pick-6 bets, representing a 100 per cent increase over the former amount of $5.
Through its public advertisement, CTL said adjustments are to be made to the payout distribution for winners of the Pick-9 and the Pick-6. As of September 14, the Pick-6 and Pick-9 net pool will pay 90 per cent to bettors selecting six of six winners and nine of nine winners. The remaining 10 per cent of the respective pools will be paid over to punters selecting the second highest number of winners, for example, five of six winners, and eight of nine winners.
In the past when the Pick-6 or the Pick-9 wagers were caught, no payments were allotted to holders of tickets with five winners in the case of the Pick-6 and eight winners for the Pick-9.
The unit cost to purchase, win, place, exacta (first two past the post in correct order); quinella (first two past the post in any order); double event and the rolling triple bets is now $50 compared to the previous cost of $40, representing a 25 per cent increase. The release from CTL stated that dividends on all bets will be increased in proportion to the new unit cost of bets which have been increased. The cost of all other bets remains unchanged.
Justifying the increase in betting options available to the public, Chief Executive Officer (CEO) of CTL Cedric Stewart said the company had no choice, especially given the spiralling costs of putting on a race meet and to maintain the present purse structure.
“The increase in unit cost for some of the bets we offer is inevitable. While we have strived to cut costs, which we are constantly doing and having fairly good success with, there are some inescapable costs which we have no control over that are inhibiting our ability to cover our expenses, with the payment of purses to the stakeholders being paramount,” Stewart said.
The increase in bets was one of several proposals recommended by the stakeholders’ group at Caymanas Park when CTL announced its intention to cut purses last May by an overall amount of four per cent.
