Tag Archives: takeout

Canterbury Aggressively Courting Bettors With New Takeout Structure

Canterbury Park, Minnesota, ,

SHAKOPEE, MN – In what can only be described as a bold move to aggressively go after simulcast wagering around the country, Canterbury Park has announced sweeping changes in their takeout structure for the 2016 racing season.

The track will reduce takeout on win, place and show wagers to 15% while locking in all exotic wagers at 18%.  Officials say that this will make Canterbury the best wagering opportunity in racing with the lowest average takeout of any track in the country.

“Canterbury Park has long strived to be the most horsemen-friendly track in the country. Now, we want to be the most horseplayer-friendly racetrack in America,” Vice President of Racing Operations Eric Halstrom said. “With the growth in the quality of our racing program we, with the support of our horsemen, are taking the next step and making our races the most profitable wagering opportunity. By changing our takeout to the lowest in the United States, we’re giving horseplayers worldwide great value and drawing attention to what is sure to be the finest racing season in Minnesota history.”

Since 2012 when the track entered into a 10-years cooperative marketing agreement with the Shakopee Mdewakanton Sioux Community, owners and operators of Mystic Lake and Little Six Casinos in neighboring Prior Lake, purses and breeding have increased substantially drawing some of the best racing outfits in the Midwest to Shakopee.  After stabilizing the product on track, the track is now moving to capture a larger percentage of the billions wagered around the country through simulcasting and ADWs by courting handicappers with better odds.

Canterbury officials are confident that bettors will embrace the lower takeout and continually improving quality of racing with field size that regularly exceeds the national average. Horsemen purses have increased by 91 percent since 2010 due to tribal purse enhancements, and out-of-state handle on Canterbury’s races has risen by 114 percent over that same time period.

“We have been successful in increasing handle as our racing quality has improved. However, substantial upside still exists, and we believe this bold move will help us recognize that potential and create passionate Canterbury Park fans throughout the country.  We’re excited to offer something that no other racetrack in the United States has – the highest return to bettors all over the world,” Halstrom said.

Tom Metzen, President of the Minnesota HBPA is strongly supportive of the changes. “Racing at Canterbury continues its upward trend and the Minnesota HBPA supports the idea of a reduced takeout for our horseplayers,” Metzen said.

For many years, horseplayers have lobbied hard for changes to the takeout structure in racing to give bettors the opportunity to be successful.  Unlike most forms of gambling, horse racing pits bettor against bettor.  The track “takes out” a percentage of the money bet for operations, taxes, purses, etc. and returns the remainder of the money back to players in the form of winning wagers.  The lower the takeout, the more money that is returned to bettors and the more of an opportunity they have to come out ahead.
It remains to be seen if bettors will flock to bet Canterbury at their local Off-Track Betting facility, race book or simulcast center, but the early feedback from the leading horseplayers’ advocacy group is positive.
“Canterbury Park has made a bold gesture for 2016, lower takeout for all. Their new wagering menu offers tremendous value. It also tells me they want my business,” Horseplayer’s Association of North America President Jeff Platt said. “I’ll be giving Canterbury a long, hard look this year and would encourage horseplayers everywhere to do the same.”
Racing begins at Canterbury on Friday, May 2oth and eyes will be on the wagering pools to see how bettors respond to the reduced takeout.