Can a casino accept a bet it knows it wont pay?

https://www.actionnetwork.com/horse-...-darren-rovell

This sucks for the bettor, but this kind of thing happens all the time with casino payouts, and frankly it doesn’t seem like this casino actually did anything wrong. The PR won’t be good for that book, and it will take a short-term hit accordingly, but no way will the Control Board force payment as though the bets were non-capped trifecta and exactas.

We should all read the fine print when we give action.

This reminds me of an enormous HE bad beat jackpot that Harrahs New Orleans refused to pay out. A new player had just sat down in the game. He had folded the first hand dealt him and wasn’t really focused on the game yet because he was a regular and was gabbing with a member of floor staff, asking about the guy’s kids, etc. The next hand, he took one red check out his rack to make the pre-flop call, stacked his chips in front of him, and then folded to an early position bet on the flop. Two players remaining in the hand met the bad beat requirements and thought they’d hit for several hundred thousand dollars. The table went crazy because the table-share alone was around $40k. When the floor reviewed the tape, it disqualified the jackpot on the ground that it is against house rules at Harrahs New Orleans for anyone to play out of the rack... Everyone at the table got buffet tickets. They were NOT happy.

This guy, Reno Doc, was interviewed on DAT poker podcast a week ago. He's a friend of Adam Schwartz

it's bad enough that american books give you the closing line instead of the line you bet on, but then they go and cap the winnings.

these places don't deserve anyone's action, even recs.

I can't begin to understand how the book wasn't obligated to point this out. I'm not naive enough to think that contract law would protect him here, but seems like it should.

Always have the cashier verbalize how much you will be paid out when placing a bet imo.

This seems pretty standard anywhere, in the UK, at least for horse racing, if you don't indicate you want to take the current price they'll settle it at the SP

So this is Reno Doc, that posts on 2p2?

They won't know. The odds you will get are the odds at race time, not when you place the bet.

I'd rather have it printed on the bet slip. imo.

they had an odds cap of 150/1 for exacta and 500/1 for trifecta , definitely expected it to be the $ capped , thats ridiculous in such a big race for a company associated with William hill .

Quite simply this guy hasn't got a leg to stand on here. If you walk into any racetrack that simulcast races, you will be betting into a parimutuel pool ( every bet made at racetracks get pooled together and that's how payouts get determined) This guy bet at a casino that is essentially "booking" his bets and thus has to protect themselves by capping payouts, just as they do if you bet horse offshore online. Essentially since this guys wager didn't enter the parimutuel pool for the derby, he's technically getting a better payout than he would have had he bet it at the track ( though so much is bet on the derby it would be a small dent to his payout)......The casino does this to protect themselves from exploit at track that has a small parimutuel pool say Cal expo harness. Say the total win pool is 1k for race 1, guy bets 1k to win on any horse in that race at the track and he immediately become a huge favorite. If same guy bet 1k at the casino this idiot made these bets he would be capped at a certain odds. In this example it would be hugely favorable for the bettor to bet at the casino.......In short this guy is a moron for betting this kind of money and being unsure of what the policy is for said casino.

Poor Renodoc, who is still recovering from this moment:

After reading this thread I understand that this guy may not have a leg to stand on, but if a place caps payouts at 150-1, I don’t understand why they’re even allowed to take bets with longer odds than that? Seems like an easy way to cap payouts is by only offering bets with odds within whatever parameters you’re comfortable with.

If I placed bets worth $600K if they come in I'm damn sure asking if I'm certain to get paid.

It's a really bad idea to buy exactas or trifectas from somewhere like that, as the odds are often over 150-1. If it's paramutual, the money comes from the pool, so the house doesn't lose no matter how high the odds.

The bettor made a huge mistake by betting into a non parimutuel pool. Some of the posts in this thread including the OP are so misinformed.

Burn the place down, start over.

If the cap was reasonably posted the casino did nothing wrong at all.

Payout caps on horse bets are SOP for bookmakers who hold the action.

All the old Vegas books had caps, btw.

Buffet tickets looool here’s some bad food to get stuck in your craw

Can anyone explain to me why casinos are such hardasses about bad beat jackpots? It’s the money that the players paid in over time...correct?

Huge bad beat jackpots attract players. A lot of players will specifically play hoping to hit them. When they hit and it resets to some low amount it's not a positive outcome for the casino.

Yes.

This sounds similar to something I saw years ago on a table game. I cant remember the exact details. It was a game like let it ride or three card poker or the such that had a bet that paid out really highodds. But the table had a sign on it that said something like "total agrregate payout per hand cannot exceed $100,000" or something like that. So if you bet more than $10 or so on the bonus bet and hit, you wouldnt actually get the amount the odds would give you.

Mannnnnn, those players were STEAMED! They had to bring security and everything! And nbody wants that lousy Harrahs “food” that’s just a needle, lol!! And it was mostly locals in the game at that particular table, so management must have calculated whether it was +EV to piss those people off and keep the jackpot intact. In OP’s example, obv the book isn’t going to pay; but the poker room could have chosen to pay out that jackpot, yeah. (Now, as soon as you sit down in a game in that room, the locals shout at you to “GET YOUR CHIPS OUT OF THE RACK!”)