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Raise The Takeout...Brilliant! (1775 Views)
Posted by: miff (IP Logged)
Date: April 10, 2014 06:02PM

F--king morons at it again!

Courier Journal

Churchill Downs to take more from each bet

Churchill Downs has decided to increase the amount it takes from each bet – a move that could add $8 million to its revenues and provide a similar amount to purses.

Churchill’s purses have declined in recent years. Unlike other states that have used casino revenues to supplement purses, Churchill’s push to legalize casino gambling has repeatedly failed in Frankfort.
But reaching into the pool of money paid back to bettors is being criticized by a horseplayers group. Churchill’s move means its takeout will now be the maximum allowed under state law.
“If Churchill Downs is to present a competitive racing product, purses must be strong enough to keep current stables in the state and attract new stables and horses to the Kentucky racing circuit,” Churchill Downs spokesman John Asher said. “Without the change in takeout, our purses in the spring meet would have certainly declined ... and some stakes races would have been dropped from the schedule.”
CASINOS | Stumbo: Gambling bill will be priority in 2015
If the new takeout rate were applied to last year’s wagering, Churchill would get about $65 million from the betting pool. Under its contract with horsemen, almost the same amount from the pool would go to purses.
Churchill did not release exact takeout percentages, but said they’re the same as Ellis and Turfway. The amounts also were in simulcast contract language reviewed by The Courier-Journal.
For instance, where a win-place-show wager previously had 16 cents of every dollar taken off the top, it now will have 17.5 percent taken out. People betting multi-horse or multi-race exotic wagers (like exactas, daily doubles and pick 3s) will have 22 percent taken out, compared to 19 percent now.
Churchill’s takeouts had been the same as Keeneland Race Course in Lexington, Ky., and now will be at the same levels as Ellis Park and, for the most part,Turfway Park in Florence.
Under Kentucky law, tracks can’t take out more than 17.5 percent for single-horse bets.
For multi-horse bets, the limit is 22 percent.
Keeneland, which also uses revenues from its horse sales to help purses, isn’t planning an increase, Chief Operating Office Vince Gabbert said.



Subject Written By Posted
Raise The Takeout...Brilliant! (1775 Views) miff 04/10/2014 06:02PM
Re: Raise The Takeout...Brilliant! (1105 Views) Boscar Obarra 04/10/2014 08:17PM
Re: Raise The Takeout...Brilliant! (997 Views) Rick B. 04/10/2014 10:12PM
Re: Raise The Takeout...Brilliant! (891 Views) P-Dub 04/11/2014 01:57PM
Re: Raise The Takeout...Brilliant! (1124 Views) TGJB 04/11/2014 03:24PM
Re: Raise The Takeout...Brilliant! (896 Views) richiebee 04/11/2014 04:40PM
Re: Raise The Takeout...Brilliant! (1220 Views) Tavasco 04/10/2014 11:56PM
Re: Raise The Takeout...Brilliant! (848 Views) louisvilleguy1111 04/11/2014 07:02AM
Re: Raise The Takeout...Brilliant! (826 Views) Topcat 04/11/2014 10:23AM
Re: Raise The Takeout...Brilliant! (703 Views) plasticman 04/14/2014 06:57PM
Re: Raise The Takeout...Brilliant! (711 Views) toppled 04/15/2014 08:37AM
Re: Raise The Takeout...Brilliant! (621 Views) FrankD. 04/15/2014 10:30AM
Re: Raise The Takeout...Brilliant! (689 Views) Boscar Obarra 04/15/2014 06:06PM
Re: Raise The Takeout...Brilliant! (804 Views) Boscar Obarra 01/10/2018 11:43PM
Re: Raise The Takeout...Brilliant! (581 Views) JimP 01/11/2018 12:11PM
Re: Raise The Takeout...Brilliant! (607 Views) TempletonPeck 01/11/2018 12:49PM
Re: Raise The Takeout...Brilliant! (634 Views) Boscar Obarra 01/12/2018 11:08AM
Re: Raise The Takeout...Brilliant! (593 Views) johnnym 01/11/2018 01:33PM
Re: Raise The Takeout...Brilliant! (349 Views) Boscar Obarra 08/01/2019 11:23AM
Re: Raise The Takeout...Brilliant! (400 Views) Topcat 08/04/2019 07:00AM


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