Churchill Downs to keep more from each bet

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by Associated Press

WHAS11.com

Posted on April 11, 2014 at 7:41 PM

Updated Friday, Apr 11 at 11:48 PM

   LOUISVILLE, Ky. (AP) -- Churchill Downs plans to start taking a bigger cut from bets wagered on its races, which means gamblers cashing winning tickets will collect less money.
 
   The Courier-Journal (http://cjky.it/1kBdpM1) reports the decision could add $8 million to Churchill's revenues and increase purses by a similar amount.
 
   The increase will take effect at the start of spring racing on April 26 and includes the Kentucky Derby.
 
   Churchill's so-called takeout will be the maximum allowed under state law -- between 17.5 percent and 22 percent, depending on the type of wager. That's up from the 16 percent to 19 percent Churchill had been taking from the betting pool.
 
   Churchill Downs spokesman John Asher says that without the change, spring purses would have been cut, including the likely cancellation of some stakes races.

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