The presidents of both Hollywood Park and Santa Anita sent a letter July 26 to the Thoroughbred Owners of California asking the organization to approve a reduction in takeout for several exotic wagers at their upcoming meets this fall.
Santa Anita’s George Haines and Hollywood Park’s Jack Liebau signed the letter to the TOC requesting that Daily Double wagers be cut from 22.65% to 15.43%, the same takeout percentage as win, place, and show wagers. In addition, they asked that takeout on exactas and quinellas be reduced from 22.68% to 21.68%, and requested the right to offer a 14% takeout on a Pick 5 wager.
The lower takeouts would be tried on an experimental basis. Santa Anita faced a boycott from horseplayers early this year after a TOC-supported increase in exotic wagers.
Santa Anita is to run its autumn meeting beginning in late September, while Hollywood runs November through mid-December.
“It is encouraging that the executives of the major racetracks in Southern California are acknowledging we need the right takeout rates,” said Andy Asaro of the Handicappers Association of North America in a statement. “The proposed adjustments are not only supported by handicappers, but by the majority of owners, trainers, and track executives. These proposed changes…will lead to increased handle and bigger purses.”
