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Well this made for an interesting read on a snowy morning here in the northeast.
"Fake" or "inflated", $2 wagered on a race is still $2 wagered on a race and at its most basic level, handle.
Top line its all the same, bottom line is a different story.
A discussion of margins would be more fruitful, but that information is not exactly readily available. A comparison of net revenue margins on handle across race tracks/companies and their respective "blend" would shine some light on things. Not all rebates are created equal and a lot depends on their client mix.
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