Opening the second day of the University of Arizona Race Track Industry Program's Symposium on Racing & Gaming, 'Takeout: Then, Now and in the Future' was the first of several panels to reach the conclusion that American horse racing must strive to improve communication within the industry and seek to alter the traditional business model by which it is run
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RTIP alumni Steve May, VP and business manager of the Association of Racing Commissioners International, re-visited his graduate student research in an attempt to answer the question of whether or not an ideal takeout risk exists. May and fellow panelist Dr. Caroline Betts, associate professor of economics at the University of Southern California, came to the conclusion that there is simply not enough available data to supply an answer.
“How bettors respond to takeout is in the mathematical models,” Dr. Betts explained. “But econometrics has its limitations.” Once enough player data is collected and controlled studies are performed, the industry may find an optimal takeout rate.
Veterinarians were also searching for answers on how to change their business practices in order to facilitate transparency and improve client relations. 'Veterinarian/Client Relationships: The Veterinarians Dilemma' addressed the lack of successful communication between owners, trainers, and veterinarians and the increased need for communication between stakeholders.
Continuing with the promotion of innovative resources to improve the modern racing model, the panels of 'New Frontiers in Wagering' and 'Touting New Developments in Tote' expressed a desire to expand U.S. wagering opportunities to include ones that are provided internationally, such as fractional and single pool wagering.
For RTIP students, the annual Mentor Lunch was held early afternoon, allowing students to meet with an industry leader of their choice in an informal setting. The event provides a critical link for students, as the real-life information provided by mentors often puts scholastic knowledge into context.
(RTIP)
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