takeout

No industry gathering at which Thoroughbred executives discuss pricing issues is immune from the intertwined topic of death and taxes. In the pari-mutuel world, that means talking about takeout, or, more specifically, how the disparate fees that different classes of bettors must pay for the privilege of placing wagers are killing off smaller-scale casual horseplayers. A Wednesday panel discussion at the Global Symposium on Racing hosted by the University of Arizona Race Track Industry Program in Tucson was the latest Thoroughbred confab at which the takeout issue got batted around...

Emerald Downs will offer Penny Breakage on all wagers Emerald Downs commencing with its 55-day 2024 season that begins on Saturday, May 4. Historically, wagers were rounded down payouts to the nickel or dime which made sense when most wagers were made with cash on track. However, the change was made because of the evolution of account wagering and vouchers on track. Emerald Downs estimates that penny breakage will return approximately $400,000 in additional payouts to bettors. Also starting in 2024, Emerald Downs will offer a "Dynamic Morning Line." The...

A deal that Del Mar has made with a titan of Computer Assisted Wagering (CAW) provides a rare glimpse into the tremendous sway that individual players can wield over track and racing officials, the potentially lopsided economic ramifications of such deals, and the tremendous pressures that California executives are under with competing jurisdictions that enjoy purse subsidies not available in the Golden State. It also turns a spotlight onto a world largely hidden from the public eye-one that industry leaders are generally loathe to discuss publicly, and in which just...

Delta Downs Racetrack Casino & Hotel will lower the takeout rate on all Pick 4 and Pick 5 wagering pools from 25% to 12% beginning Wednesday, Dec. 13, according to a press release from the track. The new rate will be in effect through Feb. 24, when the season ends. The track offers an Early Pick 5 beginning with the first race each night and a Late Pick 5, which covers the final five races. The Early Pick 4 starts on the second race and the Late Pick 4 covers...

It's the meet that keeps getting bigger, richer and better every year. During the seven days of racing that makes up the Kentucky Downs meet, there will be 11 stakes races worth at least $1 million and it looks like the all-turf establishment is on track to set another handle record. How has Kentucky Downs done it? Ted Nicholson, the track's vice president of racing joined the TDN Writers' Room Podcast presented by Keeneland to talk about one of the sport's great success stories. He was this week's Green Group...

With the approval of the Louisiana State Racing Commission, Fair Grounds is lowering the takeout on its Pick 5 from 25% to 15% and adding a new Pick 6 at the same 15% rate with a $1 minimum. "We are very excited about both of these new wagering opportunities for horseplayers," said Gary Palmisano Jr., the newly-appointed Executive Director of Racing for Churchill Downs Incorporated, which owns Fair Grounds. "Fair Grounds has not had a Pick 6 in many years. After monitoring the success of this same wager at the...

Effective Monday, July 18, 2022, purses at Assiniboia Downs have been increased across the board. The highlights include a 25% increase in maiden special weight races to $20,000 and a 20% hike for open allowance heats for $24,000 while the new minimum purse for 'open' stakes races has been raised to $40,000. "Our community of owners, trainers and jockeys continue to be so supportive of the racing program here," said Darren Dunn, CEO of the Winnipeg, Manitoba-area track. "We are happy to be in a position that we can introduce...

Colonial Downs has lowered the takeout rate on its Pick 5 wager from 22% to 12% and the bet will offer a carryover provision for the first time. The wager will have a minimum 50-cent base. The Pick 5, which will be offered on the last five races each day, will pay out 100% of its net pool to those bettors correctly selecting all five winners in the sequence. On days when nobody picks all five winners, 25% of the net pool will be paid to those who correctly selected...

Several changes for the upcoming 2021 racing season at Indiana Grand Racing & Casino were approved by the Indiana Horse Racing Commission at its Tuesday meeting regarding race dates and wagering and takeout rules. Indiana Grand was initially set to hold live racing Saturday, May 1 during GI Kentucky Derby Day. However, due to uncertainty directly related to COVID-19, a request was submitted to the IHRC to reallocate that date to Monday, Nov. 8, 2021, which will become closing day for the 19th season of Thoroughbred and Quarter Horse racing...

Amongst serious horseplayers, takeout rates in pari-mutuel pools are a frequent discussion. It should be a focus of breeders, owners, trainers and track operators. Unless they are serious bettors too, takeout rates rarely "get a run" from those constituencies, though. Our recent #FreeDataFriday piece highlighted the impact of various takeout rates on win pools at three different tracks. The higher the rate, the lower the return to winners--and thus, the less they would have to churn through the pools and start another cycle of betting. Recently, a few bettors lamented...

Indiana Grand Race Course will host a 94-day meeting in 2020, beginning Monday, June 15 through Wednesday, Nov. 18, on a Monday-Thursday schedule, after the Indiana Horse Racing Commission formally approved the schedule Thursday. There will also be four special Saturday programs for Quarter Horses only over the course of the meet. Also approved was a Pick 5 wager on the final five Thoroughbred races each day which will offer takeout of 11.99%, believed to be the lowest takeout on any wager in the country. The Pick 5 will be...

UNDERSTANDING TAKEOUT Ogden Mills Phipps, former chairman of both The Jockey Club and New York Racing Association and a legendary owner and breeder, heartily advocated for lower takeout nearly five decades ago. In December 1976, Blood-Horse outlined the Phipps plea, a source of great concern given the rising competition in the New York market. "With continuing declines in track attendance and mutuel handle, Thoroughbred racing is faced principally with twin threats, witnesses at an Aqueduct hearing stressed. There are the existing off-track betting structure, which has hurt track management and...