Reduced Takeout at Canterbury Results in 31% Increase
Back on April 19, 2016, Canterbury Park made a bold move in advance of its 69-day race meet opening May 20. Track officials announced that a reduction in pari-mutuel takeout would make it the lowest on average than any track in the country.
“Canterbury Park has long strived to be the most horsemen-friendly track in the country. Now, we want to be the most horseplayer-friendly racetrack in America,” Vice President of Racing Operations Eric Halstrom said April 19. “With the growth in the quality of our racing program we, with the support of our horsemen, are taking the next step and making our races the most profitable wagering opportunity. By changing our takeout to the lowest in the United States, we’re giving horseplayers worldwide great value and drawing attention to what is sure to be the finest racing season in Minnesota history.”
The opportunity for bettors to enjoy the most profitable wagering opportunity showed on opening week at Canterbury in Shakopee, MN, 25 miles southwest of Minneapolis. With Win, place, and show bets now subject to only a 15% takeout and exotic wagers cut to 18%, handle was up dramatically — a $478,057 rise over 2015, or a total increase of 31%. Canterbury conducted 25 races May 20-22 and handled $2,024,819 on its live product. Per-race handle was up 26% to $80,992, while off-track handle was up 39% (this was almost all out-of-state handle, too, as ADW wagering on Canterbury races is not permitted in Minnesota).
“The takeout reduction, and the positive industry reaction it produced, introduced many new horse players to the Canterbury Park product this weekend,” said track president Randy Sampson. “We expect more players nationally will discover the great value and improved quality Canterbury racing has to offer as the meet continues.”
Canterbury promoted the lower takeout throughout the opening weekend on the starting gate and on their two twitter accounts, @CanterburyPark and CBYTrackFlak.
The promising news and promotion at Canterbury sets the model for other tracks around the country. By lowering the takeout, the track takes out less money from the pools, it increases the amount given back to winning players. This increases winnings, in turn increasing churn, handle, and revenue for the track.
If you’re an advantage player, get in on the low takeout action at Canterbury and get more when you win by betting at Twinspires.
Canterbury races on Thursday and Friday nights, with the first race at 7:30 PM EDT, and Saturday and Sunday afternoons, with a first post of 12:45 PM EDT.