Turfway Park will ask the Kentucky Horse Racing Commission for permission to lower the pari-mutuel takeout rate on Pick 4 wagers to 14% from 22% effective Jan. 1, 2012.
The Kentucky racetrack, which opens for four consecutive months of live racing Dec. 1, has requested the item be placed on the agenda for the Dec. 14 KHRC meeting, Turfway president Bob Elliston said Nov. 30.
Turfway offers two Pick 4 wagers on nine-, 10- and 11-race cards, and three Pick 4 bets on 12 race cards on Friday evenings.
“We decided we need to draw some attention to our Pick 4s,” Elliston said. “It has proven successful at Tampa Bay Downs, so we thought we would give it a shot. If it’s approved by the racing commission, it will take effect Jan. 1.”
The Turfway holiday meet runs through Dec. 31. The three-month winter/spring meet begins the following day.
Elliston said the track will “give up a little revenue” with the 33.6% reduction in takeout but hopes “to get a lot more volume” in the amount wagered into Pick 4 pools. He also said the move could draw more attention to various other “straight” wagers offered in each sequence.
“We want to get some eyes on our Pick 4s,” Elliston said. “Hopefully there will be some spillover.”
The 22% takeout rate on Pick 3 wagers would remain unchanged. The minimum wager allowed on Pick 4s and Pick 3s at Turfway is 50 cents.