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View Poll Results: Should CA be required to post all take out rates at all points where wagers are made?
Yes - put all take out rates out in the open for all to see 28 87.50%
No - the state of California loves the mushroom theory 4 12.50%
Voters: 32. This poll is closed

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Old 08-27-2010, 01:11 PM   #1
DJofSD
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Should CA have all take out rates openly posted?

Should every bet be labeled as to the takeout cost, or signs be posted at all purchase locations with this information?

I floated the idea recently, I think it was in one of the HANA threads, that in CA, there should be signs posted advertizing the take-out/vig rates for all wagers. It should be posted on all self service machines, within 20 feet of any wagering window and a pop-up on any online platform.

Call it the truth in wagering law.
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Old 08-27-2010, 01:25 PM   #2
rwwupl
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Quote:
Originally Posted by DJofSD
Should every bet be labeled as to the takeout cost, or signs be posted at all purchase locations with this information?

I floated the idea recently, I think it was in one of the HANA threads, that in CA, there should be signs posted advertizing the take-out/vig rates for all wagers. It should be posted on all self service machines, within 20 feet of any wagering window and a pop-up on any online platform.

Call it the truth in wagering law.

Thanks DJ I was trying to put up a poll on the other side, but I got something wrong and had to delete the thread.

It would be like labels on a can of corn,saying how many calories you are consuming.

I think that would put an end to the foolishness of tiered takeouts and possible rebates, and the racing managers would then be compelled to "compete" in the real world as to the cost of a bet. The cost of a bet would be more consistent and LOWER, if everyone was aware of the cost.

It would put an end to the blind takeout that the racing managers hide behind now and give the public confidence that true transparency and competition has arrived in horse racing.

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Old 08-27-2010, 01:29 PM   #3
PhantomOnTour
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They should, but they won't.

They should also have a sign that says: Why are you betting on this poly junk?
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Old 08-27-2010, 01:44 PM   #4
mikejlb
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The poll is a great idea.

I just found out that HANA has a page on their website that lists all the tracks and appropriate tax rates for WPS and exotics. Anyone that wants to seriously try to make money betting should know the affect of taxes.

What I said about HANA's page takes nothing away from your suggestion. The racing industry has decided that it's easier to squeeze a shrinking customer base for an extra 2% than to promote racing with a goal of raising the handle 2%+... Is there something not logical in that statement? If the tracks chose to shoot a hole in their foot then they should post what they are doing to the sport and take responsibility for ruining it for young people.
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Old 08-27-2010, 01:55 PM   #5
andymays
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They should be mandated to put the takeout on each betting slip (ticket).

Good Poll.
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Old 08-27-2010, 01:58 PM   #6
DJofSD
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Quote:
Originally Posted by andymays
They should be mandated to put the takeout on each betting slip (ticket).

Good Poll.
Yes. IMO, that would not be any different than the line item showing sales tax on your receipt from the store.
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Old 08-27-2010, 02:27 PM   #7
Greyfox
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"Comments and Questions"

I haven't answered the poll yet for several reasons.

First of all, I think the poll itself shows the pollster's bias:

Yes - put all take out rates out in the open for all to see
No - the state of California loves the mushroom theory

The nature of comment behind the "No" selection, will automatically discourage respondents to select that option. The results will not be valid, in my opinion.

Secondly, what is the "Motivation" for the poll?
Is it to educate the betting public? If so, why don't most of them already know the current rates?

Is the motivation to drive away customers? Certainly some bettors who don't know the rates would consider lowering their plays or not playing at all.
Is that good for racing?

Thirdly, I'm guessing that the poll question implies that we are all in favor of lower take out rates. If more people knew the rates, more would put pressure on the Administrative types to lower the rates. Ultimately, the tracks would consider lowering their rates.

Sure, I'm in favor of lower track takeout rates, as most of us are here.
I'm also in favor of tracks posting their rates somewhere in the building and on the program. Beyond that is "overkill" and likely a "turn off" to some bettors.
Some of them may walk away and never say why.
Having them "in the face" of the bettor every time he goes to a teller or every time he looks at his ticket is not my idea of an improvement to the game.

I may vote later, but that's what I'm thinking now.
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Old 08-27-2010, 02:33 PM   #8
DJofSD
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Sure I'm biased.

Since when is transparancy a bad thing?

Yes, I am for lowering the take out rates. However, the poll and discussions are primarily in response to the pending raise in take out rates. These are two separate but related issues.
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Old 08-27-2010, 03:02 PM   #9
Greyfox
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Quote:
Originally Posted by DJofSD
Sure I'm biased.

.
Your poll is obviously going to conclude that voters want the take out rates posted. They should be.
But how and where they are posted is open to debate. Posted as some visitors to this site are suggesting would possibly damage the game.
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Old 08-27-2010, 04:29 PM   #10
CBedo
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So casinos should also post vig rates for very slot machine and table game?

Last time I checked, most companies aren't required to tell you their margin or markup before they sell your a product.
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Old 08-27-2010, 04:47 PM   #11
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Quote:
Originally Posted by CBedo
So casinos should also post vig rates for very slot machine and table game?

Last time I checked, most companies aren't required to tell you their margin or markup before they sell your a product.
I agree.......if you agree to take the bet, I don't think they have to post their mark-up, especially considering that you can get that info from multiple sources online with little to no effort.......I bet in CA regularly and it'd be OK if they posted takeouts on-site, but they don't have to.

+++++ BTW, are there any states that DO post their takeouts on-track?
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Old 08-27-2010, 05:06 PM   #12
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Quote:
Originally Posted by positive4th
if you agree to take the bet, I don't think they have to post their mark-up, especially considering that you can get that info from multiple sources online with little to no effort..
Ask Bill W about that.

I think getting Obama's personal cell phone number is easier than getting accurate takeout rates for racetracks on the web.
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Old 08-27-2010, 05:06 PM   #13
Hanover1
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I agree with the other guy.....a simple yes-no poll would remove politics, and add objectivity, and perhaps elict more response bolstering either side....for my money I cannot see how it would entice a local $2,00 bettor to examine what, if any, good choices are out there in regards to ROI. Seems going the other direction would produce favorable results, but hey, we talkin SoCal here.......
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Old 08-27-2010, 05:39 PM   #14
TEJAS KIDD
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Someone should do a survey at the racetrack.

Question 1.
Do you know what takeout is?
Question 2
Do you care what takeout is?
Question 3.
Do you know what the takeout is at this racetrack?

A huge majority will answer.
NO NO NO

That's why the tracks have us over a barrel.
The masses don't care.
If you put a slot machine and a racing form in front of a teenager, which do you think he'd go for? What if you told him he has a 5% chance of winning with the slot machine and a 10% chance with the racing form,but he'd have to spend months or years to learn how to read it to become successfull?
I'd bet he'd probably still go for the slot machine.
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Old 08-27-2010, 05:48 PM   #15
Hanover1
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Quote:
Originally Posted by TEJAS KIDD
Someone should do a survey at the racetrack.

Question 1.
Do you know what takeout is?
Question 2
Do you care what takeout is?
Question 3.
Do you know what the takeout is at this racetrack?

A huge majority will answer.
NO NO NO

That's why the tracks have us over a barrel.
The masses don't care.
If you put a slot machine and a racing form in front of a teenager, which do you think he'd go for? What if you told him he has a 5% chance of winning with the slot machine and a 10% chance with the racing form,but he'd have to spend months or years to learn how to read it to become successfull?
I'd bet he'd probably still go for the slot machine.
The boys had this figured out 25 years ago. That is why those glittery eye candy machines are keeping many tracks on life support, and have them begging for more-see NJ.
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