The Stronach Group’s 1/ST Technology has signed a deal to bring pari-mutuel betting to stock car racing.

by Bob Duff

The recent news that NASCAR was moving toward a system of offering pari-mutuel wagering on the sport’s racing is intriguing on a number of levels. Certainly, it would be fascinating to see stock car racing offering the same style of fluctuating and changing odds that have been popularized for decades in wagering on harness racing.

That it is 1/ST Technology that will be handling the implementation of pari-mutuel wagering for NASCAR is another plus for the horse racing industry. 1/ST Technology is part of the Stronach Group, one of the major players in horse track ownership in North America. Along with some of the more prominent U.S. thoroughbred tracks, among the holdings of the Stronach Group is Rosecroft Raceway. In the past, the company also held ownership in such harness tracks as Flamboro Downs and The Meadows.

Of course, the implementation of pari-mutuel wagering on NASCAR racing will be contingent upon obtaining the necessary approval from regulatory bodies in states in which sports betting is legal.

SIMILARITIES BETWEEN NASCAR AND HARNESS RACING

Not unlike harness racing, NASCAR has endured its periods of boom and bust over the course of its existence. For much of the early tenure of NASCAR, and really reaching well into the 1980s, it was more of a regional sports pursuit, with its main popularity being held within the Southeastern U.S.

That would begin to change in the mid-1990s. NASCAR went mainstream. It was rivaling some of the major U.S. team sports in terms of popularity. However, entering the 2000s that popularity steadily began to wane. Much like attempts to grow the audience in harness racing, NASCAR officials found themselves walking a fine line between appealing to the masses without alienating the sport’s traditional fanbase.

Rule changes made the cars look and run too much the same. Many of the characters of the sport were pushed out as NASCAR sought to appeal to a wider audience. And it didn’t help that a number of the stars who’d crossed over into mainstream media appeal such as Jeff Gordon, Dale Earnhardt, Jr. and Carl Edwards retired from the sport.

NASCAR was also accused of not listening to its fans, a refrain not unfamiliar to harness racing enthusiasts.

WHY PARI-MUTUEL WAGERING WILL BE GOOD FOR NASCAR

Legal betting on NASCAR races has been widespread across the U.S. for less than a decade, so including pari-mutuel wagering into the mix doesn’t figure to rock the boat in that regard.

With its aggregated pools, pari-mutuel wagering offers the potential to create significant jackpots. The fluctuating odds enable bettors to wait and see whether a bet on their favorite driver is going to be worth their while.

In some cases, the odds may grow on a top driver if that driver struggles in practice and qualifies poorly for the race. Or perhaps they wreck their car during qualifying, forcing a switch to a back-up car and a start at the rear of the field.

It’s also a question of how far NASCAR is willing to dive into the pari-mutuel wagering experience. Will they be offering exactas, trifectas and superfectas on races? Providing the chance to wheel cars to finish among the top three finishers could create massive betting pools.

Another possibility would be to employ Pick 3s up to Pick 6s, in which you’d be betting to see if you could nail down which drivers, or perhaps even which race teams will be winning a run of races. There could even be a NASCAR form of daily double play in which you try to pick the winner of the Cup Series race and the Xfinity Series race on the same weekend.

COULD THIS HELP HARNESS RACING?

There’s always the chance that adding pari-mutuel wagering on NASCAR could create a spinoff effect that leads to more people opting to give betting on harness racing a try.

Sports bettors are accustomed to wagering via fixed odds. Pari-mutuel odds would be foreign to them if they’ve never bet on a horse race. Gaining a familiarity with placing a bet via a pari-mutuel system and its potential to create an enormous pool and possible payout is likely going to open some eyes for people used to betting via fixed odds.

Imagine the possibilities of a six-car trifecta box on a race. By adding in one or two longshot cars into the equation, you could be setting up a major payday for yourself. You can’t box a fixed odds parlay or same-game parlay.

Several U.S. online sports betting sites such as bet365, FanDuel, DraftKings, and Caesars are now offering pari-mutuel wagering on horse racing in certain states. If bettors get used to making pari-mutuel wagering on NASCAR and discover its potential, who’s to say that won’t encourage them to start betting on harness racing?