California Ups Limit
| November 21, 2009 California's deep financial problems have spread to racing. The state recently legalized “takeout” of as much as 25 percent of any bet. Takeout is the amount a track extracts from all bets to pay expenses, fees and taxes. The state's tracks now remove 15.43 percent from win, place or show bets, which involve only one horse. Takeout is 20.68 percent for all bets that involve more than one horse or more than one race. Higher takeout reduces returns on winning tickets. Hollywood Park, which opened its winter season last week, has no immediate intention to increase takeout. It seems unlikely that the state's other tracks will raise takeout and risk offending customers. MEC, which owns Santa Anita and Golden Gate Fields, operates under bankruptcy protection while seeking a buyer. Bay Meadows has been closed and demolished. Reports continue to circulate that Hollywood Park is soon to close because the property would be more profitable as a business/residential complex. |
