Interesting NY Idea

[Figman]

Governor Pataki in NY has proposed that the management of each New York State racetrack can set their chosen takeout on their WPS, Multiple & Exotic wagers within a range and change the takeout as often as quarterly during any given year. Currently the State sets the takeout rate at a single rate by type of wager. For instance, NYRA could set the takeout anywhere within the range of 16-22 per cent on multiple wagers and 20-36 per cent on exotic wagers. From the press interviews of Barry Schwartz, the head of NYRA, he has been all for the lower takeout at his three racetracks. We'll see if NYRA opts for 16% on Multiples and 20% on exotics!

[Derek2U]

Good post because it all boils down to Returns.

[LOU M.]

When are the states going to tax racing like any other business,on the profits. Then the take out would be 10% and the churn would increase the wagers, which would increase the handle, yada yada yada.The real culprit is the race track owner. they should be making this case.Instead they are like any corporation nowadays, lobbying for some law for a quick profit rather than the ultimate good.

[so.cal.fan]

Could NYRA racetracks decide to take just 16% on ALL WAGERS?

[jotb]

Hi So cal:

That would be NICE! By the way, I swept the card every day for the last year..LOL Do you believe that one? Nice to hear from you So Cal. How are the thoroughbreds on the West Coast been treating you in the early stages for 2003? I'm sure with your expertise in the industry all is well thus far. I always enjoy reading your post and I hope you continue to share your thoughts on the best game played outdoors....

Best regards to you and family,
Joe

[so.cal.fan]

Thanks, Joe

I am really serious about the takeout across the board....you guys should lobby for that.
I don't want to sound like President Bush....but we need a TAX CUT on our bets. A really good target would be 10% on EVERYTHING....no signers! Fantasy....yeah, right now....but let's keep it in focus! Best of luck to all your NYRA players.

My expertise has failed me so far......January......4 bets.....to win....none of them won! I still have another couple of days to pull out the month....LOL

[Zaf]

No signers here in Canada. You keep what you win. I find it ridiculous that a horse player can lose for 10 years straight, finally hit his dream ticket, and then have to give Uncle Sam 30 %.

Ridiculous isn't it.

ZAFONIC

[Tom]

Stateside, it takes a lot of money to support the whores in congress.

[superfecta]

Originally posted by zafonic
No signers here in Canada. You keep what you win. I find it ridiculous that a horse player can lose for 10 years straight, finally hit his dream ticket, and then have to give Uncle Sam 30 %.

Ridiculous isn't it.

ZAFONIC Its friggin obcene IMO.Takeout is all that should be removed from the horseplayers dollar,its double taxation to get witholding on large windfalls.But its a cash cow in the minds of our govt.Which reminds me,does any body know what amount of money is recieved from the signers?Could the amount actually increase if there were no signers so the bettors would put some of that money back thru the window increasing the amount recieved from takeout?Or maybe that money would go into the economy and benefit the entire country?If you take that Xtra cash and buy a bigger TV or SUV,wouldn't that be a bigger benefit to the country?