CG digs into the old racing forms and gives us an eye-opening piece on how racing was piece by piece chipped away as a proper gambling game over the years.
http://cangamble.blogspot.com/2009/0...ufficient.html
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Here is an article, most likely written by a DRF editor from May 13th, 1935:
The California legislature is considering an amendment to its parimutuel betting law reducing the takeout allowed the tracks from eight per cent to six. A Los Angeles assemblyman introduced it, but the change is being opposed by William P Kyne and John W Marchbank operators of the Bay Meadows and Tanforan tracks, who say they cannot operate successfully if the reduction is made at this time. The law does not have to be changed if a track wishes to have a smaller take, and it will not be surprising if Santa Anita voluntarily makes a reduction for its meeting next winter When the law is altered, however, the state should cut its percentage, which is now four. A total of ten per cent is sufficient and if anything is done by the California legislature it should at least make the tracks take seven, and the states cut three per cent. The smaller take, the better.
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More at the link. Really compelling stuff that shows that racing did once realize that lower takeout was a good idea, but politicos and everyone else wanted more and more, and thought they could do it with impunity.
Another classic line from over 50 years ago:
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"We have apparently failed to get across to state legislators and other public officials the message that a takeout from parimutuel pools of more than 10 or 11 per cent is not only unfair to the patrons but also is unwise and detrimental to the long term health of the sport."
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Another one from 50 + years ago:
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Thus we get back to this familiar and disturbing fact of racing. This is the fact that in the power politics of racing between the horsemen the organized employees. the racing associations, and the financially hard pressed state governments, every element of racing is able to force a larger slice of the pie for himself, except the racing fan, the all important lover and patron of the sport, who in the last analysis, is the man who keeps the show on the road.
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Racing understood their problems more then, than they do now. Amazing!
