Racing: Triple Trio won't be canned

Big-race favourites like Puccini winning the TV3 Derby haven't helped build Triple Trio jackpots. Photo / Richard Robinson

TAB concedes new bet type disappointing as $1 million prize pool fails to live up to hype.

The Triple Trio is here to stay, even though turnover on the TAB's newest product has plummeted to a new low.

And while the much-hyped bet type has failed to provide the $1 million weekly prize it was supposed to, TAB spokesman Michael Dore says it hasn't cost the industry as much as its critics suggest.

Just $83,000 was invested on the Triple Trio last Saturday, the lowest investment since it was launched amid much fanfare in January.

The bet type, which requires punters to pick the first three home in any order in three races, was expected to provide a guaranteed $1 million prize pool every week but that has got as low as $300,000. It will jackpot to $450,000 this Saturday.

It suffered from being struck too easily on its first day, with the lack of early jackpots seeing it quickly fall to $500,000.

And while it has been a success in Hong Kong, until a recent tail-off, the Triple Trio seems to suffer from a lack of understanding from Kiwi punters how best to attack it.

Either way, its early results could only be described as disappointing.

But Dore is adamant the product is not close to being axed. "I think it will definitely still be going this time next year," he told the Herald.

"We are tinkering with it and crucially waiting until the fields come out on a Wednesday before deciding exactly what races to put it on because it ended up being too easy the first couple of weeks.

"It would be great to get it back to $1 million because that attracts people, and we hope especially non-regular racing bettors who see a $1 million pot." Dore says smaller fields and a run of favourites placing in Triple Trio races have depleted the TAB's reserve fund used for bigger Pick6s and quaddie jackpots.

"It has taken about $600,000 out of that fund but nowhere [near] as much as some people would think."

And while it was launched with aggressive advertising, even if it gains a stronger foothold the Triple Trio is never going to be a golden goose for the TAB.

"Even if it gets really strong, it still won't make up more than 2 per cent of our weekly turnover."

Harness racing is set to see its first Triple Trio for the Jewels on May 31, but guaranteed to only $100,000 as it would be near-certain to be struck.

The bet type is not expected to be a regular fixture for harness meetings.

While the Triple Trio struggles, quaddies continue to grow in popularity, with the TAB working on introducing an early quaddie on Australian meetings in line with SuperTAB.

But the biggest mover in the domestic market continues to be the acceleration of the trend towards fixed odds gambling.

In the year so far, 33 per cent of win or place bets on New Zealand racing have been at fixed odds.

That number is as high as 42 per cent in Australia and certain to grow.

"One of the main reasons behind that is the multi betting options on fixed odds," said Dore.

"We have a lot of punters taking multis and now coupling up even seven or eight horses and taking various options with them."

That puts extra pressure on the TAB's bookmakers to get their markets right, because with such a large percentage of win and place betting being fixed odds, if the bookies lose the industry gets less return overall.

Money matters
• Investment on the Triple Trio dropped to a new low of $83,000 last Saturday.
• It had cost the TAB $600,000 from its reserve fund after being struck more easily than expected.
• One in every three dollars invested on domestic win and place markets is now at fixed odds.
• Harness racing will have a one-off Triple Trio on the Jewels meeting on May 31.