- Early approval granted for new pari-mutuel bet type.
- ‘Exact 2nd’ would operate much like a win bet – except punters need to select the horse that runs second
It’s been just over six months since TAB launched their newest pari-mutuel betting product, Odds & Evens. The reception to it has been mixed, but that hasn’t put authorities off pursuing further new pari-mutuel options for punters. The latest potential product to come to light is ‘Exact 2nd’.
While a timeline for the new product’s launch cannot be confirmed, the rules governing the new bet type have been approved in Australia’s two major racing states, Victoria and New South Wales.
Exact 2nd: How Does It Work?
In effect, it operates much like a win market – but instead of selecting the winner of a race, punters would be required to select an individual horse to run second.
Exact 2nd is a pari-mutuel product that would take advantage of merged-pool technology.
But hey, it’s good to come second. Everyone knows that. #TomFromMelbourne
— Tom Melbourne (@tommelbourne2) May 5, 2018
Exact 2nd: What TAB says
Contacted today, a spokesman for TAB made the following statement:
“Merged pool technology allows us to offer additional pari-mutuel bet types, as we have done with Trio and Odds & Evens. Exact 2nd – which would require the customer to select a runner to finish second – is another potential new tote bet offered via merged pool technology.
“While the rules governing it as a stand-alone bet type have been approved in two states (Victoria and NSW), there is significant technological work and additional regulatory approvals required to enable it to be launched as a merged pool product, which means it is not possible to put a timeframe on it being introduced at this time.”
Exact 2nd: Takeout rates
Totalisator betting rules published on the TAB website indicate that the pool would attract a commission (takeout) rate of 14.5 per cent – the same as a win bet – on the SuperTAB and NSWTAB totalisators.
Does the prospect of ‘Exact 2nd’ appeal to you? Let us know on Twitter.