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#1
10-26-2009, 01:39 PM
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Cali tracks get free hand to tinker with takeout..
This story emerged late Friday... Very problematic...
California law allows takeout increase By Matt Hegarty http://www.drf.com/news/article/108410.html California Gov. Arnold Schwarzenegger signed a bill on Friday that would allow racetracks in the state to seek approval to raise takeout rates for any bet to up to 25 percent of the handle, according to state records. The bill opens up the process by which takeout rates are set in California, gives racetracks the opportunity to dramatically increase existing takeout rates, and allows the racing industry to petition to redistribute portions of the takeout, according to officials. Under the legislation, any changes to the takeout rates or the way the takeout is distributed must be approved by the racetrack, the state's horsemen's association, and the California Horse Racing Board.
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