State calls Bloomy bluff, gloms OTB; Takeout up 1%

[ceejay]

negotiators are considering a raise in the minimum takeout on bets, which state officials say would help to make up for the loss of money from the NYCOTB to the various racing industry groups.

One idea being negotiated would raise the takeouts on bets in New York handled by NYRA, Finger Lakes racetrack, and the OTBs. It would set a new takeout floor, which currently is 14% for one horse bets; that level would be raised to 16.5%. On multiple bets, the legal takeout floor would go from 17% to 19%, according to one document.

http://news.bloodhorse.com/article/45341.htm
Outrageous, IMHO.

[10 pnt move up]

lovely, 2.5% tax increase

[ateamstupid]

Once again, bettors get the shaft for the incompetence and blunders of others. The NYCOTB is losing money because of its own stupidity and irrelevance, yet we're the ones who are asked to bail them out? I've sworn off the OTB because I refuse to pay the outrageous 6% on my winning wagers, and this just makes me more steadfast.

[ShadowRoll]

Stinks. Being stuck with the insanely high takeout rates in Pennsylvania and Delaware, I've always enjoy going up to the NY tracks with their lower rates. It'll still be lower than PA and DE, but certainly detracts from some of the reasons for traveling all the way to NY to gamble. Figuring the cost of gas, might as stay home.

[pgiaco]

Gotta love NYC and NY State, let others pay for their own incompetence.

[ateamstupid]

Originally Posted by pgiaco

Gotta love NYC and NY State, let others pay for their own incompetence.

It sucks, because the product is consistently the best in the country. But the takeout can only get so high before I say "enough's enough".

[Bobby Fischer]

Originally Posted by ateamstupid

Once again, bettors get the shaft for the incompetence and blunders of others. The NYCOTB is losing money because of its own stupidity and irrelevance, yet we're the ones who are asked to bail them out? I've sworn off the OTB because I refuse to pay the outrageous 6% on my winning wagers, and this just makes me more steadfast.

Yes. As a player who likes to occasionally dabble in the show pool that 6% is highway robbery. It is infuriating for someone who tries to win on a small edge.

[zippyneedsawin]

Originally Posted by Bobby Fischer

Yes. As a player who likes to occasionally dabble in the show pool that 6% is highway robbery. It is infuriating for someone who tries to win on a small edge.

Show betting at an OTB is kooky talk.

[hockey2315]

HIGHER TAKEOUT?! I thought we were going to see it getting lower. . .

[DogsUp]

Question here....Do tracks expect people to wager on horses no matter the takeout %? My thought would be that Track A would want to lower the takeout % to grab bettors from wagering their money on another track. I always thought that competition would lower the takeout % (cost). Or am I way off base here?

[Scav]

Originally Posted by DogsUp

Question here....Do tracks expect people to wager on horses no matter the takeout %? My thought would be that Track A would want to lower the takeout % to grab bettors from wagering their money on another track. I always thought that competition would lower the takeout % (cost). Or am I way off base here?

95% of the bettors don't understand takeout because it is 'behind the scenes'

[Kasept]

As an FYI, what I have to say about this on ATR tonight will be... pointed.

[Kasept]

Originally Posted by Scav

95% of the bettors don't understand takeout because it is 'behind the scenes'

You can be assured that the 20% of players responsible for 80% of the handle in all of the game understand takeout.

[Kasept]

Originally Posted by DogsUp

Question here....Do tracks expect people to wager on horses no matter the takeout %? My thought would be that Track A would want to lower the takeout % to grab bettors from wagering their money on another track. I always thought that competition would lower the takeout % (cost). Or am I way off base here?

It would if we didn't have to suffer through the odiousness of state government's insatiable appetite for revenue...

[DogsUp]

Originally Posted by Scav

95% of the bettors don't understand takeout because it is 'behind the scenes'

When I first read this I was like NO WAY. But then I thought about it for a moment and I have to agree with you. When i first started to wager, I had no idea what a takeout % was. Took me awhile to figure out that I was getting screwed at certain tracks.

[countrydick]

Joe was nice enough to send me a postcard two days after the franchise deal to tell me what a good job he had done.

[ateamstupid]

Originally Posted by Kasept

You can be assured that the 20% of players responsible for 80% of the handle in all of the game understand takeout.

*head explodes*

[Kasept]

Originally Posted by ateamstupid

*head explodes*

The 80-20 rule.. A statistical imperative.

80% of all handle is generated from 20% of the horseplaying populace.

[the_fat_man]

Makes a lot easier then, in principle, to ORGANIZE and do something about it.

[DogsUp]

Originally Posted by Kasept

The 80-20 rule.. A statistical imperative.

80% of all handle is generated from 20% of the horseplaying populace.

I am sure this varies greatly from weekdays to weekends. Would I be way off to think that 90% of the handle is generated from the horse playing populace throughout the week?