Betting on U.S. races in April was up slightly compared with
betting in the same month last year, according to Equibase, while purses
declined 3.4 percent as subsidies from slot machines continued to dip.
Handle on Thoroughbred races at U.S. tracks was $865.2 million in April, up 0.4 percent compared with $861.8 million in handle in April 2012, according to Equibase. Meanwhile, purses dipped from $84.4 million to $82.0 million, even though race days jumped 2.4 percent, from 371 to 380.
Race days were higher in April despite a prolonged decline in the foal crop that has put pressure on tracks to reduce the amount of races to maintain full fields. For the year, race days have declined 4.0 percent, according to Equibase, despite the April jump.
With the decline in race days, average handle per race day declined 1.7 percent in the month, from $2.32 million per race day in April of this year to $2.28 million in April 2012.
Purses at U.S. racetracks are heavily subsidized by casino revenues. In most U.S. states, revenues for casinos have fallen this year as more and more states have legalized casino gambling, leading to increased competition for the gambling dollar.
The slight gain in wagering handle was not enough to offset an overall decline in wagering this year on U.S. Thoroughbred races. According to Equibase, handle has declined 2.0 percent this year, while purses have fallen 3 percent.
Handle on Thoroughbred races at U.S. tracks was $865.2 million in April, up 0.4 percent compared with $861.8 million in handle in April 2012, according to Equibase. Meanwhile, purses dipped from $84.4 million to $82.0 million, even though race days jumped 2.4 percent, from 371 to 380.
Race days were higher in April despite a prolonged decline in the foal crop that has put pressure on tracks to reduce the amount of races to maintain full fields. For the year, race days have declined 4.0 percent, according to Equibase, despite the April jump.
With the decline in race days, average handle per race day declined 1.7 percent in the month, from $2.32 million per race day in April of this year to $2.28 million in April 2012.
Purses at U.S. racetracks are heavily subsidized by casino revenues. In most U.S. states, revenues for casinos have fallen this year as more and more states have legalized casino gambling, leading to increased competition for the gambling dollar.
The slight gain in wagering handle was not enough to offset an overall decline in wagering this year on U.S. Thoroughbred races. According to Equibase, handle has declined 2.0 percent this year, while purses have fallen 3 percent.
Letter: Why close racetrack on Palm Sunday?
Photo credit: AP | In this photo provided by New
York Racing Association, Stay Thirsty, left, with Ramon Dominguez
aboard, captures The G1 Cigar Mile horse race at Aqueduct in New York.
(Nov. 24, 2012)
To see what's wrong up in Albany, one only
needs to look at the fact that the Aqueduct Racetrack was closed on
Palm Sunday. On an average Sunday, The Big A has a total handle of
between $6 million and $7 million, of which New York
State takes a percentage.Racing also injects money into the industry, paying jockeys, trainers, grooms, etc. Hundreds of employees -- pari-mutuel clerks and racing officials -- help put on the show, which the state gets a piece of in income taxes.
All of this, worth thousands upon thousands of dollars, was lost because on an antiquated law. Not being allowed to race on Christmas or Easter is OK, but Palm Sunday? The New York Racing Authority races on Thanksgiving, and that's a holiday that the vast majority of us celebrate.
Changing this law would be a slam-dunk revenue creator.
Gerard Bringmann, Patchogue
Editor's note: The writer is both a racing fan and a practicing Catholic.
OPEN ON 1ST PALM SUNDAY, OTB RAKES IN $2M - NY Daily News
www.nydailynews.com/.../open-1st-palm-sunday-otb-rakes-2m-articl...
OPEN ON 1ST PALM SUNDAY, OTB RAKES
IN $2M. By Jerry Bossert / NEW YORK DAILY NEWS. Monday, April
14, 2003, 12:00 AM. Print · Print; Comment ...OTB FACES HAND SLAP OVER PALM - NY Daily News
www.nydailynews.com/.../otb-faces-hand-slap-palm-article-1.667233
Apr 16, 2003 – By Jerry Bossert
/ NEW YORK DAILY NEWS ... Aqueduct was also closed on Palm
Sunday, but OTB thrived on action from around the
country.
HI-
Thanks for the help. The item’s
below. I’d be happy to mail you a copy, if you give me a mailing
address.
Claude
Solnik
(631)
913-4244
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LI Confidential
> Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
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