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Tuesday, August 8, 2017

HANA Statement on the Keeneland Takeout Increase

It was announced today that long-time horseplayer friendly racetrack Keeneland has raised their takeout rates. Win wagering, which was at 16% takeout, will now be taxed at 17.5%, while all other bets will go from 19% to 22%. The pick 5 takeout, previously at 19%, will be 15%.

This fall, Keeneland’s exacta and daily double takeouts will be among the highest in North America.

HANA has also learned that in addition to the takeout increase: Keeneland will be raising their host fees as well.

In 2009, outgoing Keeneland President Nick Nicholson said, “We’re very gratified to know that our efforts to promote large, quality fields, a wide variety of wagering options and a reasonable takeout rate have been recognized….. Keeneland is enthusiastic about the future and we’re committed to getting even better.”

Keeneland, as a non-profit under the leadership of strong executives like Nick Nicholson, had always placed an emphasis on their betting customers, with an eye to the long term health of the sport. Wagering customers were considered a part of the economic engine of racing, were catered to, and always felt home at Keeneland. This, in part, spurred handle increases in a sport suffering massive handle losses. Their strategy was clearly working.  Now, it appears that the new management team has gone the way of so many corporate racetracks by only looking at the short term numbers, and listening to stakeholders who yell the loudest.

"I was part of a group from HANA that spent a week visiting Keeneland back in April 2009," recalled HANA President Jeff Platt.  "On the day we left Nick Nicholson presented our group with a Keeneland poster which he signed. Above his signature are the words, 'Horseplayers will always be welcome at Keeneland.'  Right now I'm not sure if that's true anymore."

The Horseplayers Association of North America is extremely disappointed with the new Keeneland management's decision and will have further announcements after talking with our members. 

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