New York racing handles really took it on the chin over a three year period. Handle peaked at a ten per cent takeout, but fell precipitously when the takeout was raised to 15%. In addition, large bets (those totalling $50 or $100 or more) fell by millions, as larger bettors moved to the black market to ply their trade.
There were 403 on course bookies ejected the first year after the takeout hike, while only 233 were noticed the year before.
"The additional 5% tax is an inducement to not only make book, but bet with a book", Pinkerton told the Daily Racing Form
No, it's not this year. That story was written in 1949. The DRF archives have a wealth of information on yesterday, as well as today, and often times we see racing make the same mistakes they did over a half century ago.
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