Pennsylvania racetracks continue to have some of the highest takeout rates in horse racing and industry leaders in the state have weighed in with their thoughts on the rates
in a Pittsburg Tribune-Review article.
Daniel Tufano, Pennsylvania Director of Racing, said the takeout rates are the revenue for the state's six tracks.
"If you are going to the track trying to make a fortune, find something else," Tufano was quoted as saying in the article. "If you are looking solely to win at gambling, there are better options."
"If the takeout rates get too low, the tracks will lose money on those wagers," said Mike Jeannot, President of Meadows Racetrack and Casino. "We've lowered them and watched what happens, and there's never been any evidence that lowering the takeout increases the [betting] handle."
Sal DeBunda, President of the Pennsylvania Thoroughbred Horseman's Association, believes lower takeout rates will not attract more bettors.
“We have discussions from time to time whether lower takeout rates will attract bettors," said DeBunda. "To be honest, I have not heard a lot of complaining from our bettors. The payoffs are big enough that the bettors don't really realize what [the takeout] is."
To read the Pittsburg Tribune-Review article in its entirety, click here.
(With files from the Pittsburg Tribune-Review)
I find it interesting that
I find it interesting that Turf Paradise has the highest takeout percentage in the USA on win/place/show wagering at 20%. My favorite track to bet is the Meadowlands, and at Windsor/Dresden/Woodstock simulcast, the takeout is Win-17%, Place and Show-26.3%! In fact, all pools except Win, Daily Double, and Exactor (the pools that show probable payoffs before the race) are 26.3%. I recently had a Meadowlands Win-4 that paid $1148 at Hiawatha and I received $995 at Dresden. Windsor took an additional $153 over all other tracks in ONTARIO. I have contacted both the ORC and CPMA and they see nothing wrong with this. Unfortunately for bettors, the majority of people involved in racing that are in position to make positve change seem to have the same mindset as our friends in Pennsylvania.
Finally Mr. Dufano says what
Finally Mr. Dufano says what the rest do and think. He misses the point that they/we have already left!!
I am always worried about
I am always worried about who is in charge and this article increases my concerns. There is no evidence that lowering the price of beer at the ball parks attracts more baseball fans but it does show that people will drink more. Lowering the takeout will attract more sophisticated higher volume gamblers and will increase the handle but it doesnt insure a higher revenue for the track or purse accounts. If you reduce the takeout in half you have to double the amount of betting to make as much in revenue for the purse account but I am sure that hoping that naive, stupid, or derelict gamblers who dont know any better will continue to fuel the industry,s purse accounts is just as naive. Lets put some people in charge of this industry who understand the cause and effects of pricing on their different customer bases and stop quoting or encouraging the talking heads to continue to reveal their lack of knowledge. A colleague of mine used to have a saying that I think applies to some of the industry leaders and the apparent quotes in this article." It is sometimes better to say nothing and have them wonder if you are a fool than to say something and remove all doubt"
Keep your heads in the sand
Keep your heads in the sand there fellas, see where it gets ya...
So what Daniel Tufano is
So what Daniel Tufano is saying is if you want to win at gambling then you better not play the races, you had better play sports or poker or other low vig options. That's the type of publicity that a dying industry needs, keep up the good work Mr. Tufano. Mr. Sal Debunda then makes the ridiculous statement that lowering takeout will not increase handle and nothing could be further from the truth. There is all kinds of people like me who once was a very large player who no longer plays the races because of the excessive takeout when compared to other forms of gambling and they have no chance of competing for the next generation of gamblers because of it. What everybody is missing is as the handle at tracks continue to fall once it gets down to the point of no return the slot revenue will quite likely be taken away from many if not all racetracks. Don't laugh it can happen. To stay relevant the race game needs to find a way to either maintain but better yet increase the handle and there is no other way to do it then addressing the takeout issue and competing with other forms of gambling.