Woodbine Lowers Takeout Rate on Win Bets
Date Posted: 4/11/2013 2:52:29 PM
Last Updated: 4/13/2013 10:08:06 AM
Woodbine Entertainment Group has announced it is lowering the takeout on win wagers to 14.95% for the 133-day Thoroughbred meet at Woodbine that begins April 20. According to a WEG release, the win takeout at the Toronto area track will be the lowest in North America.
"We have to continue to take care of the loyal horse-playing customer and this is a great way to do it," said Greg Martin, director of wagering operations, in a statement. "The win bet is our most popular wager and reducing that takeout by 2% will financially benefit most horseplayers, from the sophisticated fan to the novice."
Takeout is the amount of money kept by the track before winning bettors are paid. WEG said the cut in that percentage will increase payouts and allow more "churn" of the betting dollar.
WEG also will guarantee the early Pick 4 pool at $100,000 on weekend afternoons and will offer the 20-cent bet minimums on all Triactor (trifecta), Pick 3, Pick 4, and Superfecta pools during the live Thoroughbred racing season.
"The average payouts on Woodbine races has typically been one of the highest in the industry," Martin said. "These initiatives over the 133-day racing calendar will provide even better value for bettors."
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