Michael-- just off the top of my head:

1-- The takeout is insanely high compared to other forms of gambling (you bet sports, you should know, and on-line poker is probably cheaper). An entire industry (rebating) has sprung up because the industry has no clue what it is doing, and rebaters are making a whole lot of money just for acting as middle men and giving customers what they need. That money could be staying in the industry.

2-- Cheating (drugs) is rampant, daily. The parimutuel pool is a market, and people with inside information (knowing who is drugged) are on a daily basis taking money out of the pockets of those participants in the marketplace that don't have the info. As I have pointed out recently to major entities, this is a moral issue for the industry, may be a legal one, and definitely is a practical one. There are many people who are playing less often (like myself), or have stopped entirely, because they think they are at a disadvantage.

3-- Slots etc. are a bandaid on a shotgun wound, fool's gold for horsemen. What happens when the state wants a higher percentage for education? What happens when they need more revenue, and start giving out franchises outside racetracks?



Edited 1 time(s). Last edit at 12/28/2006 03:01PM by TGJB.