Dispute with a local

[SundayTiger]

I do not bet horses too much, but once in awhile I will call a couple horses into my local. We always go with what the closing number is in the race.

Over the weekend I called in the 3, 8, and 17 horse in the derby. 20 to win on all of them. I hit the 50-1 shot on the 8 horse. So I am thinking I won $1000 on the bet.

Call the local today and he tells me that locals like himself cap the odds off at 20-1. He says its what all locals do. Never heard of such a thing.

Have any of you heard of a local having a rule like this?

How would you handle the situation?

 

[Matt24]

Most cap at something because of exactas/tris. It's 50-1 at one I know of. Though they do not cap on just Win bets.

 

[billhill999]

Most small to midsized locals do indeed cap off at a point.
The office I used to work for capped off at 50-1, but they were pretty big.
So what he says is legit, however, this should have been made known to you.
I don't think he's being a weasel, however he should have stated his policy when you first started wagering the ponies.

Do yourself a favor, if you are going to play the ponies on occasion, do so at a reputable offshore book, or a a legal racebook in the US. (like NYRA or something)

 

[SundayTiger]

Most small to midsized locals do indeed cap off at a point.
The office I used to work for capped off at 50-1, but they were pretty big.
So what he says is legit, however, this should have been made known to you.
I don't think he's being a weasel, however he should have stated his policy when you first started wagering the ponies.

Do yourself a favor, if you are going to play the ponies on occasion, do so at a reputable offshore book, or a a legal racebook in the US. (like NYRA or something)

Ya I now know that going forward. I think I am just going to tell him that it should of been stated beforehand, and if the bet is not going to fully be honored at 50-1, then I am going to take my business else where. During August-March I have one of the larger handles at his book, so I think he might throw me a bone here.

 

[D2bets]

Ya I now know that going forward. I think I am just going to tell him that it should of been stated beforehand, and if the bet is not going to fully be honored at 50-1, then I am going to take my business else where. During August-March I have one of the larger handles at his book, so I think he might throw me a bone here.

Tell him you could have had 130-1 at 5Dimes.

 

[punter]

Before all the online competion the max PO on horses was 32/16/8 on straight bets. most would not take exatas but when they did it was $50 max payout (25 to 1).

make that 24 to 1 $2 returned 48 if you were not posting up.

 

[Betallsports]

Almost Every Local has a Cap on Horses. Even Offshore is now getting Tight on what they will payout.

A local or even Offshore could get hurt taking horses.
Back in the day, some did.

 

[Betallsports]

Oh, and BTW

The Lowest I ever had from a Local, was 25-1 on WPS bets.

 

[billhill999]

Before all the online competion the max PO on horses was 32/16/8 on straight bets. most would not take exatas but when they did it was $50 max payout (25 to 1).

Remember the old Bogart (Sam Spade) quote?

"It's six, two, and even he's playing you for a sucker"

Those were the bookie caps on the ponies in Bogey's days.
6-1 win
2-1 place
1-1 show

 

[In2Win]

My local caps at 20-1 but he lest me know beforehand that that was his limit.

I think its smart on their part to cap it off but it probably should have been stated to you. I don't know how the convo went between you to but you could be at fault also. I think you should have asked

 

[wilheim]

SundayTiger

Punter is correct before all the online competion the max PO on horses was 32/16/8 on straight bets, which breaks down to 15 to 1 to Win, 7 to 1 to Place and 3 to 1 to Show plus your $2.00 investment back.

These payoffs were very common with local horse offices for generations although I knew of some that would pay $102 to a $2 bet (50-1) on Daily Doubles and Exactas.


wil.

 

[MICKEYL]

Reason all books cap horses is that any tip on a horse players want the bet to be made where it WON'T show up anywhere especially at smaller tracks where the handles are much lower, thus books cap their payouts. BUT your local should have told you the capping price for each wager. HE had to know this horses odds when you bet it thus telling you that you won't get the 50-1 but you will get 20-1. IF he NEVER stated any caps on horse payouts to you, he needs to pay you the full amount. OFFSHORE their payouts are stated for all to see before you bet. I made great money back in the 70's and 80's using locals betting at Monticello raceway when I owned horses. Hell if you bet $200 at Monticello you change the odds from 5-1 to 4/5. Spread it around with 5 locals and no red flags ever were raised. Bottom line if you ever want to play BIG odds horses you are better off playing it at an OTB, and lose the 5%.

 

[billhill999]

Same with that hole in the wall Penn National in Pa.
Used to watch the trots there.
Plunk down a 50 to win, watch the odds go from 4-1 to 3-2.

 

[bellyputter]

A local that pays track odds????

 

[whalewager]

If you have been betting with locals for any period of time, you know there is a cap. In fact, I find it hard to believe that he hasn't told you this sometime in the past.

 

[JudgeWapner]

Most locals have caps, but most waive them for the Triple Crown.When it comes to the ponies, always ask.

 

[JudgeWapner]

And how the fuck did you pick that horse?

 

[billhill999]

And how the fuck did you pick that horse?

I almost wagered the five longshots myself.
Wish I did, I had a feeling we'd see box-car payouts.

 

[NES]

If there is a rules page on the website and you didnt read it before wagering then its your own fault, period.

 

[NES]

On a side note Dsethi doesnt tell me that smoking causes cancer every time I buy a pack of cigarettes at the 7-11 either.