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.”
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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.