Edited press release
In a program billed “Ten Days at 10 Percent—Racing’s Best Bet,” pari-mutuel takeout on Maryland’s live races will be cut in half during Laurel Park’s 10-day summer meet that runs from Aug. 10-23.
The takeout will be 10% on all bets on all live races conducted at Laurel, plus the legislated percentage to be allocated to the Maryland Million Fund, resulting in a blended rate of approximately 11.4%.
“We want to get people focused on the Maryland product during a very competitive period,” Maryland Jockey Club president Lou Raffetto said. “We hear a lot of talk about what reduced takeout can do for business, and this seemed like the perfect time to experiment with the concept.”
The lower takeout is an even better deal on the trifecta, superfecta, and pick six, for which the standard takeout rate would have been 25.75%. As a result, payoffs on those wagers will be 20 percent higher.
“It will be like having a built-in rebate benefiting the $2 bettor as well as the $2,000 bettor,” Raffetto said.
The Maryland Thoroughbred Horsemen’s Association negotiating committee, chaired by Dale Capuano with members John Alecci, Jerry Robb, Katy Voss, and Richard Hoffberger, agreed to the plan. Raffetto commended the Maryland THA for its willingness to cooperate.