Oaklawn Park will try to create more pari-mutuel churn this season by leveraging its on-track customers' penchant for show wagering. When the meet opens Jan. 13, the effective takeout for show bets made on-track only will be sliced almost in half.
The track did not specify the exact formula for calculating the new “Show Bet Bonus” in a press release announcing the incentive, but Bobby Geiger, Oaklawn's director of gaming and wagering, told the Hot Springs Sentinel-Record that the bonus would essentially take the form of a takeout cut from 17% to 10%.
According to Oaklawn, show betting accounts for about 12% of all on-track wagering in a typical three-month meet.
“We are in a unique situation,” Geiger said in the Oaklawn release. “A significant number of our attendees every season are still relative newcomers to the sport or have never been to a race track before. We want to increase their opportunities to cash tickets, put more money in their pockets, and create a more fun environment for them.
“We believe one of the biggest challenges in racing is attracting new fans and getting them to return,” Geiger continued. “If a first-timer gets caught up chasing more complicated wagers, there is a good chance he or she will spend that entire first day at the races and never enjoy one of the best parts–the thrill of picking a winner and cashing a ticket.”
The reduced takeout rate will not apply to off-track simulcast or advance-deposit wagering customers. On-track bettors will be able to follow the Show Bet Bonus on separate displays on the tote boards and in-house TVs.
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