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Old 04-18-2001, 11:28 AM   #1
Druther
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New York Horsemen Back Push for Takeout Reduction
by Tom LaMarra
Date Posted: 4/18/01 11:02:45 AM
Last Updated: 4/18/01 11:02:45 AM

The New York Thoroughbred Horsemen's Association has thrown its support behind the New York Racing Association's quest to reduce pari-mutuel takeout at tracks in the state.
Richard Bomze, president of the New York THA, said Wednesday the organization that represents horsemen at Aqueduct, Belmont Park, and Saratoga met the week of April 9 and decided to support the plan pushed by NYRA chairman Barry Schwartz.

"We're going along with it," Bomze said. "We're in complete accord."

Schwartz has met with top state lawmakers at the capitol in Albany recently on the takeout issue. He said he wants to increase interest in New York racing among bettors by having the lowest takeout rates in the country.

The current takeout rate for win, place, and show bets is 15%, for exactas and quinellas 20%, and for exotics featuring three or more horses, 25%. Schwartz has not detailed how much he wants to cut takeout rates, which would not necessarily lower the state tax but come from the portion earmarked for the racing association or horsemen.



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Old 04-18-2001, 11:34 AM   #2
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An article on the DRF site says Hawthorne will also reduce their takeout.

"Takeout on win, place and show wagers will dropping from 17 percent to 15 percent; two-horse wagers dropping from 20.5 percent to 18.5 percent; and three-horse or more wagers dropping from 25 percent to 23 percent. The lower takeout, however, will not apply to the pick six."


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Old 04-18-2001, 12:17 PM   #3
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Why should the revenue distribution be a function of the handle? It would make much more sense to make all revenue distribution (purses, state tax, breeders fund, etc) from the actual takeout and not the total handle. This way it would be easier for jurisdictions to make the lower percentage changes to its statute!

By doing the above, a track could be given leeway to experiment and find its optimum takeout that is best to grow its wagering business.
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Old 04-18-2001, 12:17 PM   #4
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This would be awesome news if it happens!

As our racing world becomes more of a "global community" (and wagering at a track 6 states away is virtually the same as wagering on your home track) competition will surely become an issue. And it's about time!

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