Colonial Downs to feature low takeout rates

by | Jul 23, 2019 | Breaking, Business, Top Stories, Virginia, Virginia Business

Colonial Downs issued the following statement Monday afternoon:

Following approval today from the Virginia Racing Commission (VRC), Colonial Downs, in conjunction with the Virginia Horse Racing Benevolent and Protective Association (VHPBA), is proud to announce among the lowest industry takeout rates [note: as first reported on The Racing Biz] on all wagers for the upcoming Colonial Downs race meeting scheduled to open on August 8.

The Colonial Downs Group, which has reestablished Thoroughbred racing at the New Kent facility for the first time in six years, will be offering the following takeout rates for its 15-day race meeting, which will offer a minimum of $500,00 in daily purses:

· A Win, Place, Show take out of 16%

· All Exacta, Trifecta, Superfecta and Early and Late Daily Doubles, Pick 3s and Pick4s will have a 20% takeout rate

· The Pick 5 will feature a promotional industry low 12%

“Our team at Colonial Downs Group has worked diligently to be widely inclusive with the revival of Thoroughbred racing in Virginia and we have left no industry group behind,” said John Marshall, Colonial Downs Group Executive Vice President. “Today we advocate for the driving force behind live racing everywhere; the horseplayers. Today more than ever, optimal take out rates are essential ingredients to a successful race meet. We thank the Virginia HPBA for its support in this effort. ”

“We are excited to see racing return to Colonial Downs and the serious consideration their management team and the Virginia HBPA provided to the topic of pricing, particularly in light of the support they receive from historical horse racing. These takeout rates will merit the attention of horseplayers by their very nature – at lower price points than the vast majority of the marketplace. Racing in America faces serious competition for customers, and it is heartening to see Colonial Downs is meeting that challenge with pricing solutions designed to attract and retain horseplayers,” said Patrick Cummings, Executive Director of the Thoroughbred Idea Foundation, a privately-funded, non-profit racing industry think tank.

Live racing from Colonial Downs will be widely distributed in partnership with the content management of The New York Racing Association. Colonial Downs will also be participating in the Cross – Country Pick 5, which will include races from Saratoga, Del Mar and Kentucky Downs.