SVREL targets greater Caymanas Park profitability
Supreme Venture Racing and Entertainment Limited's (SVREL), racing director Chris Armond, says transforming Caymanas Park into a profitable entity is the ultimate goal of the SVL subsidiary the new owners and operators of the venue.
Armond revealed a number of changes which are geared at improving the racing product and ensuring a commercially efficient racing track.
One of the major revenue increasing plans is the ammendment of several exotic bets such as the 'Twilight Six' (early pick-6), 'Sunlight Six' (late pick-6), 'Superfecta', 'Pick Nine' and 'Pick Four', as well as the creation of a bet call single-winner bonus.
Only one person can win the single-winner bonus, so if there is more than one winner for a bet, a percentage of what is left for the payout to the winners will be set aside to create the single-winner bonus.
If there is no single-winner for more than a month, SVREL will have the ability to declare the next race day as a mandatory payout, so even if there is more than one winners that day the bet will be paid out, and this will include all the funds that have been accumulated in the single-winner bonus, in addition to what is wagered on the day.
"So everything will be paid out on that (mandatory) day, even if there is more than one winner. If you have no winner of the bet (mandatory payout) then you will a carry-over, but no money from the carry-over will be put into the single winner bonus.
The whole carry-over will be a carry-over for the next bet," Armond stated.
This option will be offered at both OTBs and at Caymanas Park and the Racing Director believes this will certainly increase interest among punters.
"If you have a single-winner bonus that reaches $10 million, the betting that day will be significantly higher," Armond noted.
Meanwhile, he revealed they are also looking into 'tweaking the claiming system to suit the quantity of horse available.
"The claiming system has been around for about 25 years and I don't think enough tweaking has been done based on the horse population we have.
It's important we ride races on conditions that suit the horse population and that's one of the first priorites we will undertake, to see how best we can improve on what we have," Armond said.
He added that Caymanas Park enjoys 60 per cent of the betting dollar and the bookmakers 40 per cent, noting that if they can't increase the betting dollar, they want to increase their percentage.