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Obviously this is better for a track to have live betting for sporting games because it brings other revenue into the track. If it's electronic then it's just like ADW. Also if your there wagering on sports for a 3 hour game with your money tied up, your not betting the ponies. Reports say the Vegas sport book is just 2% of its gaming handle. It helps other things related with having a casino and patrons spending money. Slots are where the money is made. I'm on the fence a little that this is a big revenue hit for race tracks and there purse account. IN maybe be in a better spot with Caesars owning the track and getting sports betting. Same with Penn owning the Meadows or Harrahs with Chester. Churchill owns a few tracks. I think in short term go out and purchase some stock in those names. Also Vegas this year had record profits on the sport wagering end while horse racing revenues declined.
REMEMBER STATES DONT LET YOU BET ON CREDIT, YOUR NEIGHBORHOOD BOOKIE DOES
Jeff Gural disagrees. This was his quite from December At the Meadowlands we’ve overpaid purses by $4 million right now and (paying more into the purse account) is not an issue for me,” he said. “The horsemen are lucky I fund the losses that keep the Meadowlands open so I doubt if this would have a dramatic effect on purses. All it’s going to do is help pay the bills. Obviously, if I am wrong and there is some bonanza from sports betting that I am not anticipating I would look into sharing it with the horsemen. But all I’ve ever head from people is you don’t make a lot of money from sports betting.”
WE HAVE THREE CASINOS IN DOWNTOWN DETROIT. I GO ONES A YEAR. NO MORE. NOW I WILL GO 5-7 DAYS A WEEK, TAKE OUT AT THE TRACKS 18%-25% SPORTS 5% U TELL ME WHAT THE BETTER BET IS.
From what I've heard, there is a possibility that the state-run sports betting apps that Illinois will implement might include horse racing. I think this would be HUGE for harness racing.Yes, I know the tracks see very little of the money wagered on sites like twinspires, xpressbet, etc., and it would likely be the same in this case. But right now, the sport needs EXPOSURE! I'm probably the youngest person on these boards at 21 years old. So many of my friends don't even know what harness racing is! I've introduced about 15 people to the sport by taking them to the track, and guess what? They had a blast and have gone back several times on their own! If Hawthorne can find a way to get themselves on Illinois's sports betting app, they are automatically at the fingertips of 10+ million people! If just a mere 0.1% of people who use this app click on that "Horse Racing - Hawthorne Racecourse" option... BOOM, Hawthorne just reached out to 10,000+ new people. If Illinois horsemen are only concerned with the short term impact of joining this app (a potential dip in handle), this may be the demise of Illinois harness racing. But if they advocate with full force to be apart of this new wave of sports betting, this could be the savior harness racing needs.
