Re: Raise The Takeout...Brilliant! (823 Views)
Posted by: Topcat
Date: April 11, 2014 10:23AM
> 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
> 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
> 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.
Bucking 17.5/22% to deal with all those post-Derby week 5-7 horse fields of cheap plugs having shipped in from Godforsaken Downs? . . . good luck with that. Many, MANY superior options available. . .too bad . . . for CDI.