There is an amazing display going on right now in California racing.
As you know a Breeders Cup bill was introduced in the California legislature. It was to use marketing money to entice the BC to locate more and more to CA. Fine and dandy.
But then, several tracks and owners groups in CA decided to tack quietly on a takeout increase. They think it will make them more money. Why they think that raising prices in a business that is struggling, which flies right into the face of both empirical evidence and theory from experts is beyond us, but that's what they think.
Everyone in racing seems to like that.
But later on a new idea is thrown into the bill from CA racing and horse owners: Exchange wagering. They think getting some cash by licensing betfair is a good idea.
Then all hell breaks loose.
Twinspires and Xpressbet get wind of it. Press releases fly, ads are taken out and boom, we have ourselves a massive cat fight, with industry people fighting industry people.
A bill that raised takeout to squeeze tapped-out customers that everyone loved, is now not so loved by some, because they feel they are the ones getting squeezed.
What is unfolding right before our eyes is what racing has become, and some would say always was: A haven for protecting ones own slice at the expense of the customer.
It's sad. It's depressing.
But most of all: It is totally expected.
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