Keeneland will reduce parimutuel takeout rates on win, place, show and exacta wagers for its 2018 Spring Meet, to be held Apr. 6 to 27, the track announced Wednesday. A much-discussed issue among horseplayers and others in the industry after the track opted to raise takeout ahead of its 2017 Fall Meet, the reduction returns win, place, show and exacta takeout to the same or similar rates as those in place prior to the Fall Meet increase.
Pricing on win, place and show wagers will decrease from 17.5% to 16%, while exactas are reduced from 22% to 19.5%. Takeout for the Pick 5 sits at 15%, while all other exotic wagers, including doubles, will remain at 22%.
Keeneland was the focal point of a horseplayers' boycott directed by the Horseplayers Association of North America (HANA) in response to its fall takeout increases. Bob Elliston, Vice President of Racing and Sales at Keeneland, said that customer feedback played a role in guiding their decision to readjust takeout levels.
“Keeneland's goals are mission-oriented, and we continually review, measure and listen to our customers across all business lines to ensure our operations promote the health and vibrancy of the horse industry,” Elliston said in a statement. “The changes to takeout last fall were aimed at further enhancing the quality of our racing program. We were successful in that goal and will offer a season record $4.4 million in stakes purses this spring.”
While Elliston says that business during the Fall Meet met their expectations, Keeneland's reduced takeout ahead of the Spring Meet will attempt to find a middle ground that allows for a maximization of purse funding.
“Higher wagering also generates purse money, and we believe these takeout rates strike a competitive balance to which our customers will respond favorably,” Elliston said. “We targeted win, place and show and exacta wagers because they make up nearly 60% of our total wagers.”
For the 2018 Spring Meet, following Wednesday's reduction announcement, Keeneland takeout ranks second-lowest for exacta wagers and third-lowest for win, place and show among major North American race tracks, according to comparative rates published by HANA.
As expected, Keeneland's decision was greeted with a positive response from HANA and other horseplayer advocates.
“This would not have happened without support from a lot of horseplayers,” said Jeff Platt, president of HANA. “I want to say thank you to every single horseplayer who stood on principle and bet less at Keeneland last fall than they otherwise would have. I also want to say kudos to Keeneland, who went beyond looking at their numbers on a total handle and overall blended takeout basis only…After breaking their numbers out and analyzing by individual wager type, [they] had the courage to act.”
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