Churchill Downs Tests New Type of Wager

11 June 2008

Kentucky-based horse racing operator Churchill Downs has begun testing a new bundled wager that covers all of the win, exacta and trifecta possibilities for three horses.

Called the Matrix, the minimum stake for the new wager is $9. A customer picks three horses and then receives a ticket made up of what is essentialy 15 wagers using all possible combinations of those three horses' finishing in the top three-- 3 win bets, 6 exacta bets and 6 trifecta bets. The customer receives a payout if any one of the three horses wins, if any two of the horses finish in first and second, and if all three of the horses finish in first, second and third.

The Matrix is being run on a trial basis through July 6 and is available only on-track.

"The Matrix is racing's first package bet, offering up a large number of possibilities for a bundled price that starts well below what the entire package would usually cost," Churchill Downs Inc. vice president Tom Aronson said. "It also allows players to set their own price anywhere above that minimum, which helps take the guesswork out of how much a ticket with a lot of combinations will ultimately cost.