Tuesday, September 15, 2020

People Love Jackpot Bets, Maybe.

One of life's many mysteries on gambling twitter is the Jackpot Bet. 

Oftentimes people like @shottakingtime, echoed by others, will post a jackpot bet pool (not a mandatory) where $15,000 or $20,000 was bet into it. The resulting discussion revolves around the statement, "who the hell are these people."

I don't know, and I wonder if 'racing' knows who they are either. The data is sporadic, there are computer teams who are probably trying to game it with some sort of contrarian ticket, huge rebatees; or it could be Russian bots, many of whom frequent this website. 

If they don't know, and don't seem to care, shouldn't it worry everyone?

Back in the 1870's Thomas Edison created Menlo Park to do what he called, "the invention business". He assembled 200 scientists and craftspeople to, according to Matt Ridley, "find out what the world needed and work relentlessly to meet that need, not the other way around,"

It worked. In only four years the team had over 400 actionable patents, some stemming, like the Nickel-Iron battery, from 50,000 or more trail and error tests. 

An idea is broached that a market demands, the idea is studied, implemented, then data is analyzed and married to market concerns. Sounds so simple, right?

When it comes to jackpot bets, racing makes the same mistakes that many businesses and entities make even today. They weren't Edison. They created something for them, not for you

They have not created something you demanded; they have not analyzed what these bets do to customers' bankrolls, frequency of reups; they have not determined how detrimental they are to lifetime value; they have not tweaked them, or changed them, or completed "50,000" experiments to make them better. Hell, they don't even seem to want to tell us when a jackpot is a jackpot carryover or a real carryover on ADW websites. Revenue by hoodwink.

Do people love Jackpot bets like Bucky likes to opine on twitter? Do they help the game, hurt the game or something in between? Is this a bet something players want or wager on them only because they are offered?

Your guess is as good as mine on those questions, but the worst part: Racing is right there with us.

Have a good Tuesday everyone. 

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