Pennsylvania legislator considers taking racing money

[jelly]

Rep. Mark M. Gillen, a Mohnton Republican, said legislators also should be exploring options for savings that could reduce the needed increases or the number of items on the taxable list.

One area he would look at is the $250 million in annual gambling proceeds being paid to the horse racing industry, he said.

"We've got horses living better than people," Gillen said. "When was the last time you heard about a horse being kicked out of his stall? The horse racing fund is not audited. We need to crawl in there and find out what's happening.

"That's money that could be going to tax relief."

http://readingeagle.com/article.aspx?id=351668

[Shemp Howard]

Cutting purses at dog tracks like Penn National and Presque Isle can only help the quality of racing in the long run. Some races at PID this past summer the handle was lower than the purse money.

[therussmeister]

There were entire days at Presque Isle when handle was lower than purses.

Zia Park paid an average of 53% of handle in purses in their recently completed meet.

[forced89]

Cutting purses at dog tracks like Penn National and Presque Isle can only help the quality of racing in the long run.

How? Please explain.

[cj]

How? Please explain.

Pretty easy really. Maybe the horses would move somewhere else and help field size at tracks where people actually place wagers.

[alhattab]

Rep. Mark M. Gillen, a Mohnton Republican, said legislators also should be exploring options for savings that could reduce the needed increases or the number of items on the taxable list.

One area he would look at is the $250 million in annual gambling proceeds being paid to the horse racing industry, he said.

"We've got horses living better than people," Gillen said. "When was the last time you heard about a horse being kicked out of his stall? The horse racing fund is not audited. We need to crawl in there and find out what's happening.

"That's money that could be going to tax relief."

http://readingeagle.com/article.aspx?id=351668

God willing, Mr. Gillen's idea will be implemented as fast as possible. This slots for purses program is the dumbest thing I've ever seen.

[JustCoolGene]

Why not just have ZERO takeout!

Take one half of the $250 million in annual gambling proceeds being paid to the horse racing industry and return $125 million to thoroughbred bettors and there will be ZERO take out!

According to 2010 DRF report on gross and daily handles the following was listed at.. http://static.drf.com/PDFs/SlotsChart.pdf

Yearly handle

$201 Million......Pen National
$307 Million......Parx
$ 41 Million.......Presque Island
__________
$549 Million Total Yearly handle for all three tracks.

Approximatly 23% takeout on $549 Million = $125 Million. Clearly enough to completely eliminate all thoroughbred takeout. The remaining $125 Million could then be used to remove all takeout at the Pennsylvania Harness tracks and also be applied to race track purses.

Increased handle means more revenue and more jobs in Pennsylvania.

Gene

[HUSKER55]

I bet my $2 that won't fly.

[jelly]

Why not just have ZERO takeout!

Take one half of the $250 million in annual gambling proceeds being paid to the horse racing industry and return $125 million to thoroughbred bettors and there will be ZERO take out!

According to 2010 DRF report on gross and daily handles the following was listed at.. http://static.drf.com/PDFs/SlotsChart.pdf

Yearly handle

$201 Million......Pen National
$307 Million......Parx
$ 41 Million.......Presque Island
__________
$549 Million Total Yearly handle for all three tracks.

Approximatly 23% takeout on $549 Million = $125 Million. Clearly enough to completely eliminate all thoroughbred takeout. The remaining $125 Million could then be used to remove all takeout at the Pennsylvania Harness tracks and also be applied to race track purses.

Increased handle means more revenue and more jobs in Pennsylvania.

Gene



Drop the take to 8% and you'll have 2 billion in handle and alot of new gamblers.

[JustCoolGene]

Eight percent takeout instead of ZERO?

Eight percent of the $549 million yearly handle is only $43 Million. It's in Pennsylvania's best interest to give back fifteen percent rebates to all horse race bettors. After all, Pennsylvania would not have the $250 million to give back to horse racing except for the fact that casinos got their licenses and came into existence because of horse racing and its bettors!

The state, the casinos, and casino employees are all making money because of horse racing bettors. It would be wise for the state and casinos to compensate their "creators" for the privilege of profiting millions of dollars per week. Imagine for a moment that the courts forced all casinos to shut down! See how fast they would all change their minds and rebate the $43 million back to horse players. The state and casino owners would then realize that a 15% reduction in takeout is a miniscule cost for protecting the giant revenue stream provided to both Pennsylvania and the casino industry!

Eight percent takeout will benefit Pennsylvania, the tracks, the casino owners, the casino employees, the horsemen/horsewomen, and the bettors!

EVERYONE WINS

Never forget... the casino industry was originally created by horseplayers!

Gene

[Robert Goren]

The one thing I am pretty sure is that horse race bettors are not get a cut of the casino profits in Pennsylvania. What may happen there is that the state sooner or later take the money going to the purses and let the casinos close the race tracks. It will probably take a few years for this to play out. If I was a horseman I would be real worried that this is the future. Once one state does it, other won't be far behind.
If horse race bettors are ever going to get a break from Casino revenues, It has to happen from the start. They aren't going to come in latter and start helping the Bettors. Yes I know that Tampa has thrown the bettors a few bones, but they are the exception that proves the rule.