Yesterday, we had two "quotes of the day" and today we see another.
There is a bill in California that raises takeout and adds exchange wagering. The takeout bill seemed to be sailing through just fine, as we see all too often in racing since about 1908 when takeout was 5%, with unanimous consent. However, the exchange thingy really seemed to get some shorts in a bunch. So now, it looks like it is 50/50 to pass.
Republicans are lining up to oppose this exchange wagering concept. And thus, we have our newest quote of the day:
" In fact, according to a Republican caucus analysis opposing the bill, between 1998, when exchange wagering was first allowed, and 2008, “purse revenues” went up 54 percent. Track attendance went up 10 percent, the number of horses in competition increased 19 percent, and the number of races jumped 26 percent."
OK. Let me see if I understand. In horse racing, which has been getting its ass kicked everywhere, an introduction of an exchange coincided with, higher handle, higher purses, more attendance, more horses bought, and more races.
And they're against it?
I am getting precariously close to following a new sport.
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3 comments:
Can't really compare the UK figures to the US as the marketplace is totally different - there's never been a tote monopoly here, and there were other factors (mostly a major change in tax regime) which contributed to those rises in fortune. Over supply of races and horses is not a great idea.
The line about job losses due to exchanges in Aus & the UK is just a dead-set lie. Every industry is becoming more efficient and trimming the fat. Attributing that (if it has even happened in those countries) to Betfair is like saying Obama is responsible for Santa Anita going back to dirt. Hard to find a more tenuous link to throw more mud at Betfair. What next? They launder money for al-Qaeda? (This was actually said in Australian Parliament by a clueless senator back 5-6 yrs ago).
The facts of the matter are California should have some of the best, and therefore most profitable, racing in North America, but being run by a bunch of crusty old fools who are reluctant to move their understanding of business principles past text books of 1974, it is dying a slow, painful death. If it were a horse, it would have been euthanised long ago.
Only fools try to keep doing the same thing over and over again, then get frustrated because the results aren't changing for the better.
California is renowned as the home of technology, probably in the world. So why not step out of the dark ages and use it?!
Good post Scott.
Over here we have lost almost half our customers the last ten years or so. It is becoming depressing - not only because we have lost them, but because the people who presided over the losses are still in charge and making decisions.
It is becoming very hard to watch.
Well, what do you expect from the Republicans? If it was up to them, we would all be dressed up like pilgrims spending our time in church. They are against all gambling.
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