New Book: Exotic Betting at the Racetrack by William T Ziemba
 

After asking on another thread the meaning of a few simple exotic wagering terms, I realized I needed more knowledge. So of course Amazon to the rescue. I found a beginners classic "Exotic Betting: How to Make the Multihorse, Multirace Bets that Win Racing's Biggest Payoffs" by Steven Crist.

That book is now coming, but while evaluating whether to buy it, I ran across another book that is new, and won't be released until February 3, 2019.

The book is big, 488 pages! But more importantly it appears to cover the balance between risk and reward that is a shortcoming of Crist's book according to one reviewer. It is published as part of the World Scientific Series in Finance, so I am guessing the author comes from a Wall Street background. Further guessing the book includes the heavy duty risk/reward math that is part of options trading.

It is available for pre-order. If you're interested, here is the link:

https://www.amazon.com/Exotic-Bettin...exotic+betting

https://images-na.ssl-images-amazon....4,203,200_.jpg

Happy reading,

Hey that’s my birthday date. Lol

AbqVic:


Dr. Z is well know in racing circles. Also he attended the Pace & Cap annual get together last August which takes place each year at Saratoga, and the friend of several members here at Pace & Cap.


He's well know because back many years ago(circa 1987) he devised a technique of dutching a race based on odds. I'm unsure whether his new book is a new concept or a new take on his original.


He definitely deserves just dues in that he did beat the game which places him up there with the elites of the game and in rare company.


That being said I don't think his original concepts are valid today as they were back in 1987 because the game has changed. His original concept depended on knowing the odds to place appropriate size bets (dutching). Today with many tracks feeding simulcast money into a track late its difficult at best to make this work. This is easily noticed when we take 5-2 on a horse and as the race unfolds its odds continue to drop to 9-5 and lower, many times losing and or not getting risk verses reward for the bet made.


The game is forever evolving in numerous ways. The time between races no longer has the same impact as it did years back and slots purses has diminished class values to name just two.


Players have to also adapt or perish. If Dr. Z's new book provides even a nugget or two than the price is worth its purchase. Those nuggets are always in the mind of the reader. There is a plethora of nuggets, factors and tools here within Sartin's teaching but many fail to grasp them.


Mitch44

Thank you Mitch,

How little I know! That background on Dr. Z is very interesting. And, I know the game has changed, but your example of the last minute odds changes really bring it home to me about the difficulty of this game. I hope I'm not too late to get on top of being a winning player.

I agree with you 100% about the value a book may have even if only one idea resonates, and is actually employed. The same with finding nuggets in the Sartin materials on this site. For me, they are everywhere because all is new to me. I just need to develop a framework to organize them in my mind so they are retrievable when needed.

One very valuable asset you implied, and I noticed right away after joining P&C, is the cadre of genuine experts who are willing to help teach the Sartin method, and carry it into the future. Considering the constant change, and requirement to evolve, a novice like myself would quickly get lost in the chaos without that help.

Don't know for sure at this time, but am hoping I will be able to attend the Pace and Cap annual get together in Saratoga this year. Meeting some of the group here in person would be great fun.

And, thanks for the nuggets contained in your post,

Dr Ziemba gave me a draft of this book last summer to review and comment back to him on. It is an update and mixture of his classic Dr Z Beat the Racetrack and a paperback book he published titled Betting at the Racetrack. There is much scholarly analysis and presentation of the different modern exotic wagering options both horizontal and vertical, along with a lifetime of his adventures in racetrack betting and personalities.

Chapter 22 on the 2018 Pegasus Cup includes a screenshot of RDSS' analysis on that race and how Dr Z bet it. He also kindly included an acknowledgement to yours truly in the Acknowledgements for the Second Edition.

I would rate it worthy of inclusion in the library of a serious student of the game. For someone beginning to bet, I would still recommend Doc Sartin's 2 horse dutching approach, and also the Exacta betting approach outlined in the 55% Solution which is found in the Sartin Library here. Also - anything written here by Richard D (aka rdiam).

There is so much that could (and should) be written and discussed and learned about betting, that I will cut it off here and encourage further discussion elsewhere.

Here is the Table of Contents from the draft version I received Summer 2018:

Attachment 47603

Ted

Vic:
"I hope I'm not too late to get on top of being a winning player." No you're not Vic.


Smart players evolve and are always open to new ideas. Those that don't get eaten by this monster of a game. The racing world is full of non-progressive thinkers that are stuck in the pass, numerous others are inconsistent in both their approach and money management.

Thankfully much of the Sartin material isn't understood by the masses. Things such as deceleration, % Med,match-up, counter energy etc. just to name a few. Their just as valid today as when they were conceived by Sartin. The concepts require study, understanding and an education of Sartin. Many never achieve because they don't
put forth the necessary effort to succeed nor work smartly. They tend to be lazy when it comes to work and are into instant gratification. This is exactly why most fail and the public are even worse than those that try Sartin. They can't get by basic training let alone understand the counter energy horse or other things stated above.


Sartin never wanted players that were long into the game because they brought too much old baggage and clung to far too many old racing axioms that were no longer relevant. No different than today.

No your not too late but stay the course and don't expect to be an overnight sensation. It takes time to become a master at anything and after education it takes on the job training and experience. Stay the course and work smartly.


Losers give up,
Mitch44

Thanks, Mitch and Ted. I just ordered it. Gonna be some great reading.
Chuck

Thanks for the encouraging and illuminating words Mitch. More nuggets.

Like many here, I've worked methodically and persistently for long periods in the past when I needed to overcome an obstacle. I can do it again. A salute to you.

Too bad I used up my $50 Amazon gift card from Christmas :mad:
Sounds like a great book to read AND enjoy

I'm always open minded when it comes to racing. And will read anything on the subject. Sometimes an author will say just that one thing that turns on a lightbulb in your brain. And you say well what if I do that but add this or that tweak with it and new things are born.

Sartin was a genius at that, in that reading some scientific fact , book etc. he would ask the question;" How does this relate to racing." etc. Hence deceleration was born along with other things within the current RDSS program.


So stay alert and keep an open mind or keep driving that model T, without all those bells and whistles we enjoy today. Actually we have to love those model T drivers because we need their money in this game to make a profit. Old dogs can learn new tricks and those that believe the old axiom have never tested it.


Mitch44