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Since December, bettors have placed $132,544,146 in sports wagers at Maryland casinos. It affects the bottom line for both casinos and players. We’ve had the OTB for a minute, as well around Triple Crown is when it really starts to hit its high notes.” They’ve been asking for sports gambling for a long time, and they’re having a lot of fun with it. Horseshoe Casino vice president of marketing Tom Yorke said “it just gives something else that our customers wanted. It's a first for five Maryland casinos since sports betting became legal in December 2021. Watch the race and then come back and cash it in,” Horr said. Bet your parlays, your quinellas and your exactas, take your ticket, go home. You go walk right over to the machine, put your money in, bet your horse.
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“Saturday morning, always day of bet the race. It also seems appropriate an experienced horse racing fan like Horr would place his bets at a casino named after a widely recognized symbol of good luck. It just makes it more convenient,” Horr said. “I grew up near Saratoga, so I know all about horses from Justify, Secretariat, Alysheba, Lady Secret, like John Henry was one of the best horses ever. He plans to skip the trip to Pimlico and head straight to the Horseshoe Casino in South Baltimore instead. The Preakness stakes is a nearly 150-year-old tradition but this year it brings something new to diehard horse racing fans like Billy Horr. Total casino gaming revenue in Maryland is up nearly 18% for fiscal year 2022 from 2021, from $1.4 billion to $1.6 billion. Sports wagers got off to an explosive start bets nearly doubled in the first two months from December to January, from about $16 million to $32 million. Sports betting has been legal in Maryland since December at five of the state’s casinos. For the first time in the history of the race, Maryland bettors can head to a local casino and place a bet on their favorite horse to win. He points to a study published in JAMA that found dieters with a financial incentive to lose weight were significantly more likely to reach their target compared with those who had no money at stake.BALTIMORE - Not all of the action surrounding the Preakness Stakes will take place at Pimlico. And they lose the bet.īut Roddenberry says the model is sound.
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The others? Yep, they fail to reach their goal weight. "About 30 to 40 percent of participants win challenge," he told me. I put that question to the founder of HealthyWage, David Roddenberry, a former health care consultant. So, how many people who bet on their own weight loss succeed? And how often does the house win?
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He's currently training for a triathlon and says he no longer needs to take high-blood pressure or cholesterol medicine. "People don't want to lose something they already have." "We know from studies that people more motivated by losses than gains," says Patel. She kinda yelled at me and said, 'We're paying way too much money for you to just bail on this now.' "Ĭarnes' - and his wife's - aversion to losing the more than $700 they'd put into the bet turned out to be a powerful motivator to stick with it.Īnd this "loss aversion" is part of what makes this model successful. "My wife actually at one point called me out. He wanted to go eat burgers and fries - and bail. I hadn't lost any weight for like a three- or four-week span," he says. But then things got tough.Īt one point midway through the wager, Carnes says, his weight had hit a plateau. In the early months, the weight fell off. (Over a yearlong wager, he'd put in $720.) And if he failed to meet his weight-loss goal, he'd lose his money. If he achieved his goal, he'd double his money. Here's how his wager worked: He put down about $60 a month, aiming to lose close to 100 pounds. Through programs such as HealthyWage, people are betting on their own weight loss. So, here's an alternative that's gaining traction: a good old-fashioned wager. Telling people to look for a few extra bucks in a future paycheck due to a discounted health insurance premium, it turns out, just isn't very sexy, or motivating. Why? Well, for starters: "People are motivated by immediate awards," explains Mitesh Patel of the Center for Health Incentives and Behavioral Economics at the University of Pennsylvania, one of the study authors. Workers, on average, lost less than two pounds. Just last week, our sister blog, Shots, reported on a workplace initiative that promised to cut workers' health insurance premiums if they lost weight. So, what happens when financial incentives are tied to weight-loss goals? A growing body of evidence suggests that it's not necessarily a slam dunk. And the prospect of a cash payoff in any sort of gamble is alluring - just think of the Powerball buzz this week.