Raise The Takeout...Brilliant!

Started by miff, April 10, 2014, 03:02:57 PM

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miff

April 10, 2014, 03:02:57 PM
F--king morons at it again!

Courier Journal

Churchill Downs to take more from each bet

Churchill Downs has decided to increase the amount it takes from each bet – a move that could add $8 million to its revenues and provide a similar amount to purses.

Churchill's purses have declined in recent years. Unlike other states that have used casino revenues to supplement purses, Churchill's push to legalize casino gambling has repeatedly failed in Frankfort.
But reaching into the pool of money paid back to bettors is being criticized by a horseplayers group. Churchill's move means its takeout will now be the maximum allowed under state law.
"If Churchill Downs is to present a competitive racing product, purses must be strong enough to keep current stables in the state and attract new stables and horses to the Kentucky racing circuit," Churchill Downs spokesman John Asher said. "Without the change in takeout, our purses in the spring meet would have certainly declined ... and some stakes races would have been dropped from the schedule."
CASINOS | Stumbo: Gambling bill will be priority in 2015
If the new takeout rate were applied to last year's wagering, Churchill would get about $65 million from the betting pool. Under its contract with horsemen, almost the same amount from the pool would go to purses.
Churchill did not release exact takeout percentages, but said they're the same as Ellis and Turfway. The amounts also were in simulcast contract language reviewed by The Courier-Journal.
For instance, where a win-place-show wager previously had 16 cents of every dollar taken off the top, it now will have 17.5 percent taken out. People betting multi-horse or multi-race exotic wagers (like exactas, daily doubles and pick 3s) will have 22 percent taken out, compared to 19 percent now.
Churchill's takeouts had been the same as Keeneland Race Course in Lexington, Ky., and now will be at the same levels as Ellis Park and, for the most part,Turfway Park in Florence.
Under Kentucky law, tracks can't take out more than 17.5 percent for single-horse bets.
For multi-horse bets, the limit is 22 percent.
Keeneland, which also uses revenues from its horse sales to help purses, isn't planning an increase, Chief Operating Office Vince Gabbert said.
miff

Boscar Obarra

#1
April 10, 2014, 05:17:56 PM
Don\'t you know its a great privilege to be betting horses and you should be willing to pay whatever it takes so that the suits at CHDN can keep their fat paychecks?

Rick B.

#2
April 10, 2014, 07:12:47 PM
Why not just raise the takeout to 100%,
and get it over with it.

Tavasco

#3
April 10, 2014, 08:56:40 PM
So I ask myself what is it that the administrative geeks that run CDI and/or the NYRA have to believe in order to make decisions that appear so stupid to me as a player.

1. Clueless Clowns must believe players have little or no choice. Similar to Detroit auto execs in the 1960\'s.

2. Clueless Clowns must believe it is more important to suck up to owners than to players. Similar to politicians.

So I must come to grips with the reality - the future of US thoroughbred racing will be different than the past.

We live in a world economy, I will be betting into Asian pari-mutuel pools or bookmaker not US claiming races with five entrants.

I will be patronizing European style proposition betting operations. Hopefully Monmouth this summer?

NYRA and CDI will continue to downsize and the Clueless Clowns will not be offered new jobs by the wealthy owners they are sucking up to.

I\'ll spend more time watching the Masters this weekend than Horse Racing. Gotta go.... the 4th @ Eagle Farms is coming up and I like a couple of the 18 entries and each of them are better than 12/1.

Pathetic Clueless Clowns!

louisvilleguy1111

#4
April 11, 2014, 04:02:14 AM
This is all about Derby week and them totally making out like bandits. Bet come fall meet you will see rates back down to normal when they can\'t get 3000 people out there and the field sizes looks like Laurel!! CD has been a joke since I been attending races(1989)and they could care a less what goes on or how patrons are treated once Derby week is over and the out of state guest are long gone. Nothing will change. Nothing surprises me...

Topcat

#5
April 11, 2014, 07:23:08 AM
miff Wrote:
-------------------------------------------------------
> F--king morons at it again!
>
> Courier Journal
>
> Churchill Downs to take more from each bet
>
> Churchill Downs has decided to increase the amount
> it takes from each bet – a move that could add $8
> million to its revenues and provide a similar
> amount to purses.
>
> Churchill's purses have declined in recent years.
> Unlike other states that have used casino revenues
> to supplement purses, Churchill's push to legalize
> casino gambling has repeatedly failed in
> Frankfort.
> But reaching into the pool of money paid back to
> bettors is being criticized by a horseplayers
> group. Churchill's move means its takeout will now
> be the maximum allowed under state law.
> "If Churchill Downs is to present a competitive
> racing product, purses must be strong enough to
> keep current stables in the state and attract new
> stables and horses to the Kentucky racing
> circuit," Churchill Downs spokesman John Asher
> said. "Without the change in takeout, our purses
> in the spring meet would have certainly declined
> ... and some stakes races would have been dropped
> from the schedule."
> CASINOS | Stumbo: Gambling bill will be priority
> in 2015
> If the new takeout rate were applied to last
> year's wagering, Churchill would get about $65
> million from the betting pool. Under its contract
> with horsemen, almost the same amount from the
> pool would go to purses.
> Churchill did not release exact takeout
> percentages, but said they're the same as Ellis
> and Turfway. The amounts also were in simulcast
> contract language reviewed by The
> Courier-Journal.
> For instance, where a win-place-show wager
> previously had 16 cents of every dollar taken off
> the top, it now will have 17.5 percent taken out.
> People betting multi-horse or multi-race exotic
> wagers (like exactas, daily doubles and pick 3s)
> will have 22 percent taken out, compared to 19
> percent now.
> Churchill's takeouts had been the same as
> Keeneland Race Course in Lexington, Ky., and now
> will be at the same levels as Ellis Park and, for
> the most part,Turfway Park in Florence.
> Under Kentucky law, tracks can't take out more
> than 17.5 percent for single-horse bets.
> For multi-horse bets, the limit is 22 percent.
> Keeneland, which also uses revenues from its horse
> sales to help purses, isn't planning an increase,
> Chief Operating Office Vince Gabbert said.




Bucking 17.5/22% to deal with all those post-Derby week 5-7 horse fields of cheap plugs having shipped in from Godforsaken Downs? . . . good luck with that.  Many, MANY superior options available. . .too bad . . . for CDI.

P-Dub

#6
April 11, 2014, 10:57:11 AM
This is today\'s society.  The wealthy can\'t get enough, even though they have more than enough. This isn\'t just a racetrack issue.

From a business standpoint for racing, it couldn\'t be more idiotic. I don\'t wager anything close to what I used to wager, racing folks have done an excellent job seeing to that.
P-Dub

TGJB

#7
April 11, 2014, 12:24:28 PM
You have to love HANA\'s response to the CD announcement-- we just want everyone to know this has put us in a very bad mood. Look how bad a mood we\'re in. Here are some tweets that prove it.

A few years ago, when I wrote the letter to DRF that said drug tests had to be made public, I had someone ask HANA to come out in favor of the idea. Their board looked at it, and declined to do so.
TGJB

richiebee

#8
April 11, 2014, 01:40:02 PM
TGJB Wrote:
-------------------------------------------------------
> You have to love HANA\'s response to the CD
> announcement-- we just want everyone to know this
> has put us in a very bad mood. Look how bad a mood
> we\'re in. Here are some tweets that prove it.

  Sad but not surprising. I have noticed lately that media fringe elements
(network TV news and tabloid newspapers) have taken to collecting tweets, and
presenting such collection as part of their journalistic endeavor, which is
truly lazy and rather disinteresting. Every time I post using 250 words to
accomplish what may have been accomplished with 60 words, I\'m \"sticking it\"
to the tweeters.

  Casino Downs knows that they will get no real objection from horseplayers
and probably will continue to increase the take incrementally until the HANA
types hit them where they will feel it. CD\'s world consists of a huge
historic building which hosts 3 significant racing days per year, another
historic track which they are neglecting, some other tracks which they would
love to sell if buyers were available, some casinos and some slots. They
are a publicly held company doing what a publicly held company is supposed to
do.

> A few years ago, when I wrote the letter to DRF
> that said drug tests had to be made public, I had
> someone ask HANA to come out in favor of the idea.
> Their board looked at it, and declined to do so.

plasticman

#9
April 14, 2014, 03:57:25 PM
They\'re banking on that there won\'t be a drop in handle, and with \"Derby Fever\" right around the corner, people will forget about the hike, chalk it up as the cost of doing business, and bet like they normally bet.

I\'m not sure why anyone would bet any money on Churchill at the new rates...its not like the product is going to be any better than its been.

Raising takeout a small fraction of one percent is one thing, but to jack it up the way they jacked it up is really a slap in the face to horsebettors everywhere, they\'re essentially saying you\'re a sucker who will continue to wager and they can charge you pretty much anything they want and you\'ll like it and keep your mouth shut and keep betting.

toppled

#10
April 15, 2014, 05:37:45 AM
All the management of CD has to do is look at most of NYS to confirm that there are enough suckers willing to bet at ridiculous takeouts to make it worth their while to try this.  With the exception of NYC, where mismanagement put NYC OTB out of business, OTBs upstate do enough business to keep them afloat even though they decrease the payoffs with a surcharge of 5% on win bets & 6% on exotics at the majority of their parlors. In fact, on the day of the Derby, the places are packed.
I\'ll admit that at least a couple of times a year I\'ll have a tapped phone account & I\'ll spot something (usually something on the board that could not have been seen with advance preparation) without enough time to get a bet in surcharge free & go to the local OTB 2 miles from my house & get the bet in rather than take nothing.  Those times are rare, but I do get suckered into the surcharge even though 99+% of the time I bet surcharge free. It\'s the same for betting at Churchill.  I\'m not going to pass on a 10/1 overlay just because it would have paid closer to 11/1 last year.

FrankD.

#11
April 15, 2014, 07:30:07 AM
Top,

All you need to do to get track prices in your Capital OTB phone account is maintain a $300 balance or if you bet enough they easily wave the minimum balance requirement. Plenty of other outlets that require no minimum balance at all for full prices.

I stop by to visit my uncle and his cronies a lot at one of the local parlors, they all have been betting with the surcharge since the 70\'s. They will argue that the surcharge only matters if you win! Yeah I\'m not kidding and I thank the lord daily that these are the people I bet against.

You can bet out of your account on the machines in the parlors too and get track prices.

Totally insane to give up that 5 or 6 % on top of already crippling takeouts.

Good luck,

Frank D.

Boscar Obarra

#12
April 15, 2014, 03:06:05 PM
FrankD. Wrote:
-------------------------------------------------------
> Totally insane to give up that 5 or 6 % on top of
> already crippling takeouts.
>

 Sort of like people that still smoke. Defying death, or 25% takeout, must be a deep seated thrill in there somewhere.

JimP

#14
January 11, 2018, 09:11:15 AM
Better than my wagering ROI.
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