Times are tough and money is tight, but according to figures crunched by Balmoral Park Racing Analyst Michael Antoniades, a reduction in takeout from the Illinois track's Pick 4 pools this year has resulted in a 62 per cent average increase in pool size for the exotic bet
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Antoniades explained that for the 2010 racing season, Balmoral Park reduced takeout on its Pick 4 pool from 25 per cent to 15 per cent, which works out to be a 40 per cent reduction.
"The idea was that the players would respond to the new value of our wager which increased the payout 13.3 per cent," explained Antoniades.
In 2009, with a takeout rate of 25 per cent, the average Pick 4 pool at Balmoral was $8,779. In 2010, with a takeout rate of 15 per cent, the average Pick 4 pool at Balmoral was $14,222. Therefore, through September 30, Balmoral saw its average Pick 4 pool increase by $5,443, or 62 per cent.
"Whether you are in the thoroughbred (racing) industry or the harness (racing) industry, the thought of a wager trending up 62 per cent over last year in this economy is certainly worth talking about," Antoniades said.
BALMORAL PARK AVERAGE PICK 4 POOLS
(Through September 30)
Month
• average amount wagered in 2010 (with 15 per cent takeout)
• average amount wagered in 2009 (with 25 per cent takeout)
FEBRUARY
• $10,277
• $8,587
MARCH
• $10,923
• $9,739
APRIL
• $11,021
• $7,750
MAY
• $14,897
• $7,907
JUNE
• $14,109
• $9,425
JULY
• $16,357
• $7,689
AUGUST
• $12,570
• $8,160
SEPTEMBER
• $22,467
• $11,672
Spot on Mr. Carter!!
Spot on Mr. Carter!!
Congratulations to balmoral,
Congratulations to balmoral, to see the pic-4 pool go way up as a result of a lower and much fairer track takeout is zero surprise to me. Now imagine what they could do if the take out was cut in every pool to a maximum of 10% so they were on level footing with other forms of gambling like poker and sports.
If the race game is going to retain there customer base and attract a new generation of customers who are much better informed about percentages when it comes to the different forms of gambling then my generation was because of the internet, they have to be competitively priced when compared to other forms of gambling.
Everyday that the race game continues to bury it's head in the sand and think it can get away with takeout rates above 10%, they lose out. Every week there are thousands of young people who become old enough to legally gamble and they are avoiding the race game like the plague and starting out playing games like poker and sports where they know they at least have a fighting chance. What will it take for the industry leaders to finally start to catch on. Everything they do is a waste of time and money if they don't understand the importance of competing with other forms of gambling.