This is an insightful interview with my friend Ken Kirchner, who has managed the wagering and simulcast schedule for the Breeders’ Cup World Thoroughbred Championships for as long as I can remember.

“In 2000, the Breeders’ Cup was the first to add the pick four to the menu, and that’s now the most popular exotic bet in the country. We’ve experimented with head-to-head betting, future bets, jockey bets. We moved to reduce bet minimums, thereby giving more players the ability to cash in on the monster payouts offered every year at the Championships.”