Laurel Cuts Takeout to 10%
Laurel joins the reduced-takeout revolution, at least for the summer, cutting takeout on all wagers to 10% for their upcoming 10-day meet. With an additional state-required 1.4% withheld, takeout is a mere 11.4% on everything — win, trifecta, pick six, etc. Payouts on exotics, which had a takeout of 25.75%, will be 20% greater than before. “It will be like having a built-in rebate benefiting the $2 bettor as well as the $2,000 bettor,” said Maryland Jockey Club president Lou Raffeto. Wow. Especially because, as Michael points out on Curb My Enthusiam, Laurel is Magna-owned. Could this be the start of something?
Ellis Park led the reduced-takeout charge with the opening of its meet on July 8, offering 4% takeout on their pick four wager, which has attracted bigger handle for that bet. During the meet’s first five days, Ellis’ pick four pool averaged $18,973. During the second (skipping over July 15, when racing was canceled due to weather), the pick four pool averaged $46,180 — a 143% increase. And check out the difference in payoffs (Ellis, PDF).
