Woodbine Announces Takeout Reduction

Woodbine Entertainment is set to give an estimated $1 million back to racing fans, beginning Jan. 28.

That's when the takeout rate (the percentage of each bet retained for horse owners, racetracks and taxes) for bets on U.S. tracks will be reduced by 1% for exacta and daily double wagers, and 0.1% for win, place, show wagers.

"This is the second year of Woodbine Entertainment's program of reducing Canadian takeout rates," said Sean Pinsonneault, Woodbine Entertainment's director of wagering operations. "We want to give more to our bettors who support us on a regular basis. We estimate this reduced takeout will put $1 million back in their pockets in 2003."

The reduced takeout will benefit customers who wager on Woodbine's most popular U.S. simulcast products.