Las Vegas racebooks step back in time, book Kentucky Derby bets

Betting the Kentucky Derby at Las Vegas racebooks Saturday was a hit-or-miss proposition, with different wagering schemes and payoff caps in place depending on where you decided to lay your money down.

Under new rules designed to prevent the race from being blacked out in Nevada because of a contract dispute between the Nevada Pari-Mutuel Association and Churchill Downs Inc., racebook operators had the option of setting their own wagering schemes as they booked the Derby bets the old-fashioned way rather than funneling them into the pari-mutuel pool.

Some, including the Golden Nugget and Circa sportsbook at the D Las Vegas, decided to keep it simple and offer “win” betting only, though Circa added a new wrinkle by converting the pari-mutuel odds into a line format more familiar to bettors on other sports. Its linemaker set the odds on 3-5 favorite Tiz the Law at -145, for instance, while winner Authentic was listed at +1,000.

Others, notably the South Point and Station Casinos, offered “win, place and show” wagering at full track odds, while also offering exactas and trifectas with payoff caps of 150-1 and 500-1, respectively.

Mary Jungers, the racebook manager at the South Point, said most players were OK with the limits, though one person who bet the winning trifecta, which paid $1,311,80 for each $1 bet in the pari-mutuel pool but $500 under the cap, complained afterward.

The books also were precluded from taking wagers on the other races on the stakes-laden Churchill Downs undercard, because a race must be “nationally televised” for them to accept wagers under the new regulations.

Some players who showed up were disappointed to learn about the diminished betting menu.

“As far as I’m concerned, this industry has been shooting itself in the foot forever,” said Eric H., a visitor from Fort St. Lucie, Florida, who said he was unaware of the contract dispute until he arrived at the South Point racebook. “Ultimately it’s the fans that suffer.”

But most on hand seemed happy to be in a crowded racebook again, even if facemasks and social distancing were required.

“Overall we’re just happy that a lot of sports are back and our customers are happy to see familiar faces,” said Chuck Esposito, Sunset Station’s race and sportsbook manager.

Jungers said a good crowd turned out to watch the race at the South Point, with every available seat filled and many more players standing.

“It was a really busy day and kind of crazy, but it was OK,” she said.

In some ways, it was better than OK, as the books got to keep the share of the wagers that normally go to the host track, which equates to 17 to 22 percent of the handle.

That seems only fair to Jungers. “We didn’t have to pay nobody because we did all the work,” she said.

While some fans complained about the setup, local Shane Tipton and his wife, Ashley, wearing matching horseshoe-patterned suit and dress at the D Las Vegas, said they were OK with it since the race provided a chance to get out with friends.

“It’s the Derby,” Shane Tipton said. “It’s about getting people together, having some fun and smiling.”

Mike Brunker can be reached at mbrunker@reviewjournal.com or 702-383-4656. Follow @mike_brunker on Twitter.