Santa Anita President George Haines in the Daily Racing Form, on takeout increases:
“Maybe the top point-one percent of the handicapping world has that in their equation – what the takeout is – but for the most part, people are looking at handicapping winners,” he said.
We think Mr. Haines should buy a handicapping book - and fast. Try this one for starters.
I don't know one player who likes catching even money shots 42% of the time. Do you?
Scott Daruty, always good for a quote:
“If somebody is so price-sensitive that they’re not going to bet Santa Anita because the price went up, what are they going to bet instead? New York? Florida? Illinois tracks?” Daruty said.
There are several tracks to bet, of course (in fact, one Florida track that Mr. Daruty should know just made a new low rake bet for players - Gulfstream). However in the bigger picture: Mr. Daruty should pay more attention to this chart. A lot of price sensitive players have left racing forever, because horse racing takeout is too high, not too low. The problem is that not enough people are betting horse racing, and this takeout hike chases more of them away. That's what happens when you raise prices, whether it is on baseballs, lawn chairs, widgets, or exotic wagers at a race track.