Thursday, July 19, 2007

In an attempt to raise the profile of a 10-day mini meet at Laurel Park that begins Aug. 10, the Maryland Jockey Club announced yesterday it will cut the takeout on live races.

The reduction in takeout -- the percentage of the parimutuel pools shared by the track, simulcast operators and the state -- will be for all bet types. For example, Pick 3, Pick 6, triple and superfecta wagers that normally have a 25.75 percent takeout rate will drop to 10.75 percent, with three-quarters of a percent going to the Maryland Million fund.

The result will be a 20 percent higher payoff return on those bets. Win, place and show wagers, normally offered with a 17 percent takeout, will pay out at a rate 9 percent higher than normal.

"My hope is that the fans wagering on our product will have that much more to wager back on our races or some other track," said Lou Raffetto, president of Laurel Park.

Raffetto said bettors would have to respond substantially -- driving in-state handle up an estimated 10 percent and out-of-state betting 30 percent -- for the meet to be financially successful.

-- John Scheinman