Hartley Henderson has been around the block. He boils down the reasons for racing's decline in five bullets.
The high takeout at the racetrack
– It's quite shocking that the takeout on any win, place or show bet
still averages around 20 cents. That is the equivalent of betting on a
sporting event where both sides are listed at -150. And for exotic bets
the takeout goes as high as 35 cents ..... All bettors want is a
product that they can win at and they don't view horse racing as the
product to do so. Casino games take out as little as 2 cents on the
dollar on blackjack and poker to as much as 5 cents on slots and sports
betting generally takes out around 5 cents on the dollar. So betting on a
product with a 5 times higher takeout than the worst casino game is
just viewed as unacceptable by today's youth, who are very
mathematically inclined as well as being more savvy with their gambling
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