Quote:
Originally Posted by Jeff P
I was on the phone with them yesterday (ahead of this morning's announcement.)
One of the things they mentioned was Bill Nader's presentation at the AZ Symposium where Nader had suggested the industry had lost its way a bit by forgetting about churn. (And that multi-race bets have a tendency to keep money tied up which reduces churn.)
-jp
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That is grossly incorrect regarding what Nader "thinks"
Simulcasting is what killed live on track handles and in turn created greed to raise takeout!
No one NEEDS to go to the track anymore to place a bet, unless you are in Texas or AZ, so all ADW operations make a mint due to the current scale of what they get and their low overhead vs the track and all their operating expenses.
A great example is the poorly ran Penn Gaming tracks:
Charles Town Races: they handled "live"
$96.7 million in 2002
$23.8 million in 2016
Total C. Town handle is down $55 million from 2002 to 2016
The state of WV is down $330 million in bets (including greyhounds) from 2002 to 2016
On page three you can see the "state's share" tank from 1978 to 2016 according to the WV racing commission reports.
The industry did it to themselves