Canterbury to Cut Takeout Across the Board

Canterbury Park and its horsemen's group hope to make a statement this year with an across-the-board reduction in pari-mutuel takeout rates that will range from 15% to 18% for the 2016 meet.

The 15% takeout on win, place, and show bets will be the lowest in the United States and second-lowest behind Woodbine in North America, according to 2015 rates published by the Horseplayers Association of North America. Canterbury previously set takeout for straight wagers at 17%.

Takeout for all other wagers will be 18%, down from 23% last year. The Minnesota track's rate for exactas, trifectas, and superfectas will be the lowest in North America, according to HANA statistics.

The 69-day meet at Canterbury begins May 20 and runs through Sept. 17.

"Canterbury Park has long strived to be the most horsemen-friendly track in the country," said vice president of racing operations Eric Halstrom. "Now, we want to be the most horseplayer-friendly racetrack in America. With the growth in the quality of our racing program we, with the support of our horsemen, are taking the next step and making our races the most profitable wagering opportunity.

"By changing our takeout to the lowest in the United States, we're giving horseplayers worldwide great value and drawing attention to what is sure to be the finest racing season in Minnesota history."

Purses at Canterbury are supplemented as part of a 10-year agreement with the local Shakopee Mdewakanton Sioux Community, which operates the nearby Mystic Lake Hotel & Casino. Overall, the tribe will provide purse and marketing support valued at $75 million.

Last year, for a 70-day meet, Canterbury paid a record average of $179,656 in purses per day, and gradually has beefed up its stakes schedule. Officials said purses have increased 91% since 2010, and out-of-state wagering on Canterbury races has jumped 114% during the same period.

"We have been successful in increasing handle as our racing quality has improved," Halstrom said. "However, substantial upside still exists, and we believe this bold move will help us recognize that potential and create passionate Canterbury Park fans throughout the country."

Canterbury and the Minnesota Horsemen's Benevolent and Protective Association regularly work together on various projects designed to elevate Thoroughbred racing in Minnesota. Minnesota HBPA president Tom Metzen indicated the takeout reduction falls into that category.

"Racing at Canterbury Park continues its upward trend, and the Minnesota HBPA supports the idea of a reduced takeout for our horseplayers," Metzen said. "It will not only increase handle but show race fans everywhere what a jewel Minnesota racing is on the national scene."

Canterbury officials and others, including HANA, believe lower takeout rates will lead to increases in overall handle because more money will be returned to horseplayers and thus generate more churn in wagering pools.

"Canterbury Park has made a bold gesture for 2016—lower takeout for all," HANA president Jeff Platt said in a statement included in a Canterbury release. "Their new wagering menu offers tremendous value. It also tells me they want my business. I'll be giving Canterbury a long, hard look this year and would encourage horseplayers everywhere to do the same."

In the HANA 2015 Track Ratings, Canterbury ranked 29th out of 62 racetracks in the U.S. and Canada but figures to move up with the reduced takeout.