Brokerage wager
by Trey Nosrac
Let’s discuss a new wager.
Polite readers will label this idea unconventional; others will get some exercise by rolling their eyes. Describing the new wager is tricky. The wager would require an online firm to act as a brokerage to facilitate transactions and enable clients to trade efficiently. A brokerage involving horse racing wagers would be unique.
The proposed new gamble asks the player to attempt to win a series of three exacta boxes during a race program. If they win the first level, they win $500 or a live ticket for the second level of the wager at a designated race later in the program.
Imagine a guy at the racetrack in a baggy suit with a fedora hat growling, “I hit a 1-7 exacta in the first race for five hundred bucks. If I let it ride on another 1-7 exacta in the fourth race, it’s going to be worth eight grand if it hits. If you are interested, I’ll sell you my ticket, and you can take the risk in the fourth.”
The gist of this new wager is that the person holding the live ticket for the second leg can “let it ride” or resell the voucher online before the fourth race. The working title of the wager is the Brokerage Wager.
THESE ARE THE RATIONALES BEHIND THIS CONCEPT:
1. The money at each stage of the wager is substantial.
2. The amounts used in this prototype are flexible.
3. Reselling live vouchers uses the pedestrian pace of a program to our advantage because our pace of play allows time for dealing.
4. The unique gamble uses cutting-edge technology and is very interactive.
LET’S WALK THROUGH THIS WAGER HYPOTHETICALLY:
Eight horses are in the field for race number 1, which goes off at 6 p.m. at Greenville Downs Racetrack. You designate you are playing the Brokerage Wager and select a 1, 7 exacta box. In this model, Brokerage Wagers are in $5 increments for two horses on an exacta box. If the first race finishes 1, 7 or 7, 1, you win $500. Everyone else loses.
After the first race, an information box related to a pair of later races in the program displays the brokerage action. You see five significant numbers in large block numerals on the tote board or your device.
THE DISPLAY IS A MARKETPLACE FOR LIVE VOUCHERS HEADING INTO RACE 4:
• 208 (total number of winning live vouchers)
• $500 (payout if cashed before race number 4)
• 76 minutes, 59 seconds (is the countdown clock until the market closes for race number 4).
• $7,900 (fixed price payoff if a 1, 7 box repeats in race number 4)
• $512,000 (fixed price payoff if a 1, 7 box repeats in the seventh race)
Two hundred and eight gamblers hold live vouchers and are under pressure as the clock approaches zero and the fourth race begins.
THEY HAVE THREE OPTIONS:
1. Cash the ticket for $500
2. Let it ride for $7,900 if the 1, 7 exacta repeats in the fourth race.
3. Sell their live voucher on the online open marketplace before the fourth race.
The clock ticks down to race 4. The race goes off. Race 4 just finished, and the 1, 7 (or 7, 1) repeated. When the display refreshes, we learn only 18 owners possess live shares. The rest of the players took the $500 payout. Those 18 in possession of a live voucher now face difficult decisions.
If shareholders act before race number 7, they can cash in for $7,900.
Or shareholders can let it ride for $512,000 in race 7.
Or, shareholders can return their shares to the online auction board, hoping someone will pay more than the $7,900 they could have cashed in on.
HERE IS WHAT THE BOARD LOOKS LIKE:
• 18 (total number of live vouchers)
• 76 minutes, 59 seconds (until the market closes for race 7)
• $512,000 (second and final repeat fixed price)
My head hurts. What a show! Jockeying for those live vouchers for big money could become part of the entertainment. Okay, roll your eyes one more time.
