Higher returns planned for Laurel Park bettors

The Baltimore Sun

With Maryland's simulcasting signal challenged by those of nearly a dozen other tracks around the country, Maryland Jockey Club president and chief operating officer Lou Raffetto wants to improve the odds of getting bettors interested in playing the state's horses when Laurel Park opens Aug. 10 for 10 days of racing.

Billed as "Ten Days at 10 Percent - Racing's Best Bet," Laurel ownership's takeout on Maryland's live races will be cut by about half, with the money going directly into the bettors' pockets.

"Racing has talked about trying the philosophy 'The less you take, the more you make,' but people have been reluctant to pull the trigger," Raffetto said. "We're all fighting for the gambling dollar. I thought the best way to move us up the ladder was to try to focus interest on our racing."

The takeout will be 10 percent on all bets on all live races at Laurel through Aug. 23, plus the legislated percentage allocated to the Maryland Million Fund, bringing the total "blended" rate to about 11.4 percent. For the bettor, that means a $2 bet to win, place or show will offer a 9 percent higher return, exacta bets will return 12 percent more, and a trifecta bet will return 20 percent more.

The negotiating committee of the Maryland Thoroughbred Horsemen's Association agreed to the idea.

There is a chance some tracks will decline to take the Maryland signal, as they, too, could potentially make 10 percent less.

sandra.mckee@baltsun.com

Copyright © 2021, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad
72°