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05/07/2010 - Wyomissing, PA (Sportsbook Betting Lines) - Penn National Gaming and MI Development (MID) announced Friday morning the establishment of a joint venture to own and operate the Maryland Jockey Club.
The Maryland Jockey Club conducts thoroughbred racing at Pimlico Race Course and Laurel Park, and maintains Bowie Race Course as a training facility. The announcement comes just eight days before the running of the $1 million Preakness Stakes at Pimlico.
"Our involvement in Pimlico, home to one of thoroughbred racing's crown jewels, the Preakness Stakes, and Laurel Park, is consistent with Penn National's strategy of expanding and diversifying our portfolio of pari-mutuel operations and presence in key markets," Peter M. Carlino, chief executive officer of Penn National, said. "We look forward to working with MI Developments on the redevelopment of surplus real estate assets at the Maryland Jockey Club, as well as collaborating with the local horsemen and community members and leaders in Baltimore and Laurel to support their efforts to continue delivering a high-quality racing experience at these two historic racing venues."
The future of thoroughbred racing in Maryland has been under question since Magna Entertainment declared bankruptcy last year. Magna, a subsidiary of MID, operated the Maryland Jockey Club.
"This transaction is consistent with our plan to enhance the returns of our racing and real estate assets and pursue other opportunities, including the potential for gaming, to benefit the value of the Maryland Jockey Club," said Dennis Mills, MID's vice chairman and chief executive officer. "Penn National is a strong partner with complementary pari-mutuel, real estate and gaming industry expertise as well as a strong financial position. We look forward to working with Penn National, the racing industry and local regulators to develop business models that will ensure the ongoing success of these high quality assets."
The transaction must be approved by the Maryland Racing Commission while other customary closing conditions must also be satisfied.
Just last week Maryland Governor Martin O'Malley, Attorney General Doug Gansler, Baltimore City Mayor Stephanie Rawlings-Blake and Tom Chuckas, President and COO of the Maryland Jockey Club, announced a settlement agreement that ensures the Preakness will remain in Maryland.
Under that agreement Maryland waives its statutory right of first refusal to buy the Preakness Stakes and parent company MID agrees that it will not move the Preakness from Maryland. The agreement also specifically states:
MID agrees that the Preakness Covenant will be binding on MID's successors and assigns; The State of Maryland and MID agree that any disputes about the agreement, including a dispute about the Preakness Covenant, will be decided in a Maryland court; The parties acknowledge that money damages would not be a sufficient remedy for breach of the Preakness Covenant, and agree that Maryland is entitled to specific performance and injunctive or other equitable relief as a remedy for a breach of the Preakness Covenant; and Nothing in the Agreement alters or negates the State's statutory, police, or regulatory power.
<< UConn's Calhoun receives five-year extension
Storrs, CT (Sportsbook Betting Lines) - The University of Connecticut handed longtime
men's head basketball coach Jim Calhoun a five-year contract extension running
through the 2014 season on Friday.
The deal is effective retroactively from July
<< Aussie great Newcombe has skin cancer surgery
Sydney, Australia (Sportsbook Betting Lines) - Former world No. 1 John Newcombe
underwent surgery to have a cancerous growth removed from the right side of
his nose.
"It's a cancerous growth so he (the doctor) had to cut...and finish
<< Dodgers to host Rockies in key divisional set
(Sportsbook Betting Lines) - Los Angeles Dodgers outfielder Andre Ethier will bring his
Triple Crown numbers and late-game heroics into Friday's opener of a three-
game series versus the NL West-rival Colorado Rockies at Chavez Ravine.
Ethier was at i
<< Angels, Mariners to square off in battle of reeling clubs
(Sportsbook Betting Lines) - A pair of slumping American League West rivals get together
tonight in the Emerald City, where the Seattle Mariners and Los Angeles Angels
of Anaheim collide in the opener of a three-game series at Safeco Field.
The Marine
Lipscomb F Hodzic withdraws for NBA Draft >>
Nashville, TN (Sportsbook Betting Lines) - Lipscomb University forward Adnan Hodzic has
withdrawn from the 2010 NBA Draft and will return to the school for his senior
season.
Hodzic had entered the draft on April 8, but did not hire an agent.
"By
Lyon desperate to get back to Champions League >>
Valenciennes, France (Sportsbook Betting Lines) - After reaching the semifinals of the
Champions League for the first time in club history, Lyon is eager to return
to Europe's premier club competition, but they must first get back into the
top thr
Lipscomb F Hodzic withdraws from NBA Draft >>
Nashville, TN (Sportsbook Betting Lines) - Lipscomb University forward Adnan Hodzic has
withdrawn from the 2010 NBA Draft and will return to the school for his senior
season.
Hodzic had entered the draft on April 8, but did not hire an agent.
"By
Motherwell eyes Europa League spot >>
Glasgow, Scotland (Sportsbook Betting Lines) - Motherwell needs a win over Rangers on
Sunday to clinch fourth place in the Scottish Premier League and secure a spot
in the Europa League for next season.
But if they are successful, they can point
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In terms of sports wagering, the NFL is "the most popular game in town." The explanation behind that is easy.
It is called the "pointspread."
Many years ago, NFL games, as well as the more popular college games, used straight odds as a vehicle for betting. For example, if the Bears were playing the Giants, and it shaped up as a competitive contest, the Bears might be, say, a 7/5 favorite. If they were playing an also-ran, it might be 10/1. Well, there is a point where a line becomes prohibitive, as far as betting the favorite. And who would waste money betting an underdog that has virtually no chance? Such a setup did not contribute to promoting betting action.
But in modern sports betting, a "pointspread" is used.
A NFL pointspreads are exactly that, a pre-established point difference between the two sides that will, for all intents and purposes, create a handicap that evens things out, and in doing so, produces comparable wagering activity on both sides of that proposition. So in lieu of a odds figure in which to bet the team to win outright, the Bears might be a three-point favorite over the New York Giants, and a 17-point favorite over the also-ran. Now that the team that is the underdog can "get" points, there can be equal action on both sides.
In sportsbooks, this is usually done with efficiency by charging the losing bettors 10% extra - in effect, bettors are laying 11/10 on those games. So they are actually betting $110 to win $100. If they lose, they pay the "vig." If they win, they simply collect.
The establishment of the pointspread as the corner stone around which team sports like football can be wagered upon was truly what brought gridiron betting into the stratosphere for online football betting .
Don't believe it? Just take a look at what happens around the Super Bowl.
Stay with us here as we take you through the best in NFL action on a consistent basis, with advice columns as well as handicapping selections. If you're looking for college football betting, that's in our NCAA section, which you can reach by clicking here. And if you're looking for a different kind of football, such as the Canadian Football League, which we'll deal with occasionally, or the Arena Football League, which we really like, you can find it in our Miscellaneous section by clicking
Note: Monday night game will be picked Monday. Lines used are from football betting odds .
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