A Frugal Day at the track-Inspired by Rod Speed's "race track bum" rants

[William Souden]

A few things to keep in mind:

The track has no interest in the outcome of a race.
Favorites generally win about 1/3 of the time and finish in the money
2/3 of the time.
In most states the minimum payout is 5 percent or $2.10 on $2 bet. Win
19 bets in a row at that price, lose the 20th and you lose money overall.
It is hard enough to win if you know what you are doing,harder if you
do not so if you are a novice go out with the idea of having fun.
Outside the track you will see people selling multi colored sheets
purporting to pick winners. Run the other way. If they were any good
they would be living on their picks instead of selling them.

Most tracks have a 9 race card and a Pick e bet on all races. The bet
is $1 and you need to pick the winners of three consecutive races. On a
9 race card there are 7 Pick threes. If you lose the first bet start a
new one on the next race but if you win you already have action on the
next race. Total outlay-$7

There is usually a $2 Daily Double on the last two races requiring
picking the winners of both races. If you are not alive in the final
Pick 3 make this bet. Cost-$2.

If you are not alive on the P3 or double on race 9 bet $2 to win.
Total outlay for the day -$11.

Want lottery type fun? The $2 pick six requires getting the winner in
each of the last 6 races. 75 percent of the pool goes to6 of 6 ,the rest
to 5 of 6. If no one gets all 6 the 75 percent carries over to the next
day. Compared to the lottery racing is a charity.

Most tracks have three seating areas:

Grandstand-around $3. This is where people like Rod go to bet their
welfare checks.

Clubhouse-$6-8. Better behaved crowd.

Turf Club- $15-20 dress code and table service. Nice but not frugal.

Finally unless the odds are over 300-1 and the payout is over $600 the
IRS does not get involved.