In an email sent out June 3, it was revealed that Pinnacle Race Course will enter its 2010 meet with lower takeouts on exotic wagers.
From the email…
Win, Place, and Show are set by the State at 17%. All other pools are by track choice. We have lowered all our other offerings to 20% except Trifectas and Superfectas which have lowered to 25%.
“Takeout” is the portion of money in the final betting pools taken by the track prior to payouts. This is the chief source of revenue for pari-mutuel racetracks, especially those without casino gaming. The lower the takeout, the higher percentage of the betting pools goes back to horseplayers.
The email further elaborates that the move was made in response to the Horseplayers Association of North America, who ranked Pinnacle #68 out of 69 tracks listed in its 2010 track ratings. The HANA track ratings compare North American racetracks by takeout, field size, variety of wagers and the average size of the track’s betting pools.
In 2009, Pinnacle’s takeout for all exotic wagers was set at 27%, except for the daily double’s 20% commission. Among those listed in HANA’s track ratings, Pinnacle skimmed the highest percentage for exacta wagers, and was among the highest in all other exotics but the daily double. The announced changes would place the track in the middle or among the lowest takeouts in every exotic category.
The Michigan Horse Racing Act of 1995 does not include guidelines for minimum takeouts, except for straight win, place and show wagers, which are set at a flat rate of 17%. However, the act does set a ceiling on all other wagers at 28% without written permission of the racing commissioner, and up to 35% with the commissioner’s blessing.
Pinnacle opens its 2010 meet on Saturday, June 5 and will host live racing on Saturdays, Sundays and Labor Day Monday through October 31.