The Jockey Club will take another step down the path towards customers one day designing their own bets with the world-first roll out of three styles of Composite Win wagers this season.
Using the cutting edge Longitude single-pool wagering engine already in use for merging First Four and Quartet bets, Composite Win will display odds for pre-nominated groupings of horses in a race.
The roll out starts with Sha Tin on October 25, with the "3 Pick 1" option on every race with seven or more starters, continues on the Melbourne Cup in November with "Winning Region" and in January the club will offer the option to bet all runners from one trainer's yard in Group races.
The "3 Pick 1" will have three options in a race - Overnight Favourites, Overnight Mid-Pricers and Other Outsiders.
Horses under each heading were to be decided by win pool weightings at half an hour past midnight prior to racing. But the club is now looking to make the cut-off time 5.30pm the day before racing to better disseminate the make-up of the groupings publicly. Horses in each group at cut-off time will not change, regardless of odds changes, but the Longitude engine will automatically adjust the odds to reflect market movements.
Longitude president, Tom Ascher said that 3 Pick 1 bore no resemblance to the failed Bracket Win bet of several years ago.
"Bracket Win was a separate pool starting from scratch, and that was its downfall - the composite win bets will use existing, very large betting pools and odds will be an amalgamation of the win odds," he explained.
"These bets enhance and build on liquidity already in the win pool, but will be tools to enable anyone to choose to bet a certain way in a sophisticated, agile fashion."
On the Melbourne Cup, the club will offer "Winning Region", where the customer chooses to back all horses from a region, e.g. all the Japanese horses or all the British ones in the Cup, and Winning Region will later be extended to other international events.
In January, "Winning Trainer" will be offered on Group races - events in which John Moore, for example, frequently has many runners - and punters can back all the multiple runners of any one trainer as a group.
In each case - 3 Pick 1, Winning Region or Winning Trainer, there will be a full display of updating odds and will have a final dividend.