Ouch: Betting Down 17% in June

[Cangamble]

http://www.paulickreport.com/blog/us-wagering-nosedives-by-17-in-june/

[Valuist]

That's what a hard recession will do. I'm surprised its not down more.

[jballscalls]

our family's casino business drop/handle is down about 20% also. credit card purchases are wayyyy down, i think people aren't able to get credit either on their cards or home equity loans like so many were for a while.

[DJofSD]

Just remember to turn off the light when you leave the room.

Small fields, plastic dirt, inability to play the tracks I would like to play, my interest in handicapping and wagering is not any where near what it was even 5 years ago.

[magwell]

Its my fault I didn't play for 3 weeks......:)

[GMB@BP]

17 ha, thats nothing, they are hanging tough

I am in real estate development in Az and we are down about 70% from last year and over 100% from the year before.

[DeanT]

I guess the thing that is disconcerting is that Real Estate was at least at one time up with the economy. Horse racing has been down even before the recession.

[castaway01]

Casinos are down even more---it's the economy and not horse racing.

The best investments are liquor stores and fast food restaurants---they usually do well in tough economic times.

[DeanT]

People are gambling still, just at the 'cino' part of racinos.

http://www.standardbredcanada.ca/news/7-3-09/almost-1-billion-in-penn-slots-revenue.html

Slot machine play in Pennsylvania in the 2008-9 fiscal year reached almost a billion dollars, up 24.86% over the previous fiscal year.

Philadelphia Park’s racino led the gross revenues at the state’s slots facilities, producing $356.2 million. Chester Racetrack produced $319.6 million. Others in order were the Meadows with $264.4 million, Penn National’s Hollywood racino with $219.2 million, Pocono Downs with $216 million.

All of those but Chester were up in gross revenue, Pocono leading the increase from June 2008 to June 2009 with a 37.65% jump, and the Meadows up 19.16%.

[Jeff P]

The quote from Paulick that tells me it isn't just the economy:

If the declines persist, 2009 will be the fifth year in the last six that pari-mutuel wagering on U.S. races has fallen, and the year-end totals may be the lowest since 1998, when just over $13 billion was handled.




-jp

.

[Tom]

People are waking up.
The game is not.
It is doomed because it is run by totally clueless people.

On the grand scale, racing is a notch above WWE Wrestling as far as integrity goes. Oh, wait, WWE admits it is not a sport. :rolleyes:

[Watcher]

Does anyone know where there's information regarding OTB/online/on-track betting breakdowns of the total industry handle?

[Valuist]

People are waking up.
The game is not.
It is doomed because it is run by totally clueless people.

On the grand scale, racing is a notch above WWE Wrestling as far as integrity goes. Oh, wait, WWE admits it is not a sport. :rolleyes:

Absolutely. Unfortunately I don't see those clueless people working to get the takeout lowered.

[andymays]

Downsize for the millionth time already!

Too little handle for too many tracks!

10% across the board take brings back most of the offshore money! A one weekend experiment would be nice to try. What's the downside of trying?

When TVG signs a contract with a track like Woodbine that has a ridiculous take on tri's then you know they don't get it and are moving in the other direction. What direction is that? The down the drain direction!

[DeanT]

Watcher, offtrack/otb/online are 89% of handle. I think that was what the report said last year but I could be mistaken and cant find the link right now.

Valuist,

I guess the question is, with $1B in slots revenue in PA alone, do they even care they have 32% exotic takes?

the scary thing is if you show them that dropping slots takeout from 7% to 5% would raise revenues and profits they would do it in a heartbeat. if you show them that dropping their takes to 15% would raise revenues and profits for racing they will call you names and say that they will go broke and you are a whiny bettor who knows nothing about "putting on the show".

[NoCal Boy]

Not only are overall handles down, but there has been an increasingly greater shift to ADW wagering in 2009 which is actually up over 2008.

Watcher, offtrack/otb/online are 89% of handle. I think that was what the report said last year but I could be mistaken and cant find the link right now.

Valuist,

I guess the question is, with $1B in slots revenue in PA alone, do they even care they have 32% exotic takes?

the scary thing is if you show them that dropping slots takeout from 7% to 5% would raise revenues and profits they would do it in a heartbeat. if you show them that dropping their takes to 15% would raise revenues and profits for racing they will call you names and say that they will go broke and you are a whiny bettor who knows nothing about "putting on the show".

[jballscalls]

Downsize for the millionth time already!

Too little handle for too many tracks!

10% across the board take brings back most of the offshore money! A one weekend experiment would be nice to try. What's the downside of trying?

When TVG signs a contract with a track like Woodbine that has a ridiculous take on tri's then you know they don't get it and are moving in the other direction. What direction is that? The down the drain direction!

I read a survey/report that said lowering takeout would help but only to a certain point. they said a total takeout average lowering to 17% would spur higher handle yet stil have take enough to make a profit, any lower, it wouldnt make up the difference in lowered takeout. I"ll see if i can figure out how to scan it and post it. it was interesting

[andymays]

I read a survey/report that said lowering takeout would help but only to a certain point. they said a total takeout average lowering to 17% would spur higher handle yet stil have take enough to make a profit, any lower, it wouldnt make up the difference in lowered takeout. I"ll see if i can figure out how to scan it and post it. it was interesting


I'm sure what I laid out isn't the cure all but it would be a step in the right direction and it wouldn't hurt to try it.

Betting on Horses right now is not a good bet compared to other types of wagers like sports betting. Until the general public perceives it as a good bet then it will continue to suffer. Years ago the general public wasn't as informed as it is now and didn't know or care what takeout was.

[Valuist]

Other than lowering takeout, I don't see any other options. The industry is already a bailout beneficiary; via the slots. At what point do the slots interests say, enough is enough and we're tired of subsidizing you? Marketing campaigns aren't the answer. And about half the tracks operating in North America need to go away.

[Imriledup]

Racing industry will blame the economy( they are great at handing out blame to other people and things) , but they should really try blaming themselves and work to fix what's broken.

[dutchboy]

http://racing.scmp.com/freeservice/news/news20090702f.asp

[rrbauer]

Not only are overall handles down, but there has been an increasingly greater shift to ADW wagering in 2009 which is actually up over 2008.

I missed the link to support your assertion. Can you provide it again?

[Imriledup]

http://racing.scmp.com/freeservice/news/news20090702f.asp


I guess the economy over there isn't as bad as what we have in the US. :rolleyes:

[rrbauer]

We're beyond the point where simple "it's the economy" or "it's the takeout" responses will explain the decline. Try, "IT'S THE PRODUCT, STUPID." Then you have something.

[lamboguy]

http://racing.scmp.com/freeservice/news/news20090702f.aspnice article, thanks for the link. it further reinforces what i truly think about the game in the united states. we have to many dopes at the top!!

[dutchboy]

If you click on the link on the right side of the page you will see their racing schedule. They only have two tracks and only race twice a week. One runs during the day and one runs at night.

Phone and internet wagering is huge part of their business as you may know and the government in that area seems to be interested in growing the biz.