LAUREL, MD. 07-18-07---In a program billed as “Ten Days at 10 Percent—Racing’s Best Bet,” takeout on Maryland’s live races will be cut approximately in half during Laurel Park’s 10-day summer meeting that runs August 10-23.
“We want to get people focused on the Maryland product during a very competitive period,” said Maryland Jockey Club President Lou Raffetto. “We hear a lot of talk about what reduced takeout can do for business and this seemed like the perfect time to experiment with the concept.”
The takeout will be 10 percent on all bets on all live races conducted at Laurel, plus the legislated percentage to be allocated to the Maryland Million Fund, resulting in a blended rate of approximately 11.4 percent.
The lower takeout is an even better deal on the trifecta, superfecta and Pick 6, for which the standard takeout rate would have been 25.75 percent. As a result, payoffs on these wagers will be 20 percent greater.
“It will be like having a built-in rebate benefiting the $2 bettor as well as the $2,000 bettor,” added Raffetto.
The Maryland Thoroughbred Horsemen’s Association (MTHA) negotiating committee, chaired by Dale Capuano, and also consisting of John Alecci, Jerry Robb, Katy Voss and Richard Hoffberger, agreed to the plan. Raffetto commended the MTHA for its willingness to cooperate.
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