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California Handle Losses Exceed $200 Million, Track Management asks TOC For Lower Takeout Rates
PLAYERSBOYCOTT.ORG - July 31, 2011
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California Handle Losses Exceed $200 Million, Track Management asks TOC For Lower Takeout Rates - PLAYERSBOYCOTT.ORG - July 31, 2011
There is a very clear trend in California's handle numbers. Players have spoken with their wallets and they have said "NO" to higher takeout.
All sources handle for the first six months of 2011 at California's thoroughbred tracks was off more than $200 million vs. the same time period the prior year.
But you already knew that.
What you didn't know is that Track Management in California has heard your message loud and clear - and have made a major policy shift as a result.
PlayersBoycott.org has obtained a copy of a letter from Cal Racing Track Management confirming that they are asking the TOC for lower takeout.
Specifically, Track Management from Hollywood Park, Santa Anita, and Golden Gate are asking the TOC for takeout reductions on two horse bets as follows:
Daily Double: 15.43% down from 22.68%
Exacta, Quinella: 21.68% down from 22.68%
Further, Track Management is asking for a 50/50 revenue split as relates to costs involved in offering a 14% reduced takeout Pick 5.
The complete text of the letter can be read at the following link:
Ltr_to_Bd._of_Dir._TOC_7-26-11.pdf
The above linked to .pdf doc was "leaked" as an attachement to an email that reads as follows:
All,
After listening to Joe Harper being interviewed this morning on the Roger Stein Radio Show, it is apparent that all of the California thoroughbred racing associations support a reduction in the take-out with respect to certain wagers. Earlier this week, Santa Anita and Hollywood Park forwarded a joint letter to TOC requesting TOC on an experimental basis to agree to the following changes in the takeout: Daily Double wagers being considered to be the same as a conventional wager (WPS), Exactas and Quinellas being reduced from 22.68% to 21.68% and the Pick 5 continuing to be at 14%. As to all of these wagers, it was requested that the disproportionate distribution to purses under SB 1072 be waived.
Santa Anita and Hollywood Park believe that the requested changes are in the best interest of racing in California and the implementation of the requested changes would be of benefit to all segments of the racing industry, particularly the wagering public. Golden Gate Fields joined in requesting that changes be concurrently implemented at its upcoming meet.
What does PlayersBoycott.org think of this?
Don't get us wrong. We applaud California Track Management for making the proposed adjustments in takeout rates. We know that it took courage for them to do this. They are making a major policy shift by taking a step in the right direction.
However, exacta takeout at Saratoga, Belmont, and Aqueduct is 18.50%. Exacta takeout at Churchill Downs and Keeneland is 19.00%. These are the major tracks California competes with for the out of state wagering dollar.
If California Racing truly wants to earn your business and make their two horse bets competitive with other major tracks from around the country: Why stop short? Why not simply match NYRA or Kentucky exacta takeout rates?
Still, we see this as a major policy shift - and we remain hopeful the TOC will accept what Track Management is proposing. We agree wholeheartedly with the track executive who penned the following words in the above quoted email:
"...the implementation of the requested changes would be of benefit to all segments of the racing industry..."
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