COLONIAL DOWNS OFFERING AMONG INDUSTRY’S LOWEST TAKEOUT RATES FOR UPCOMING RACE MEETING, AUGUST 8-SEPTEMBER 7
12% Rate on Pick Five
NEW KENT, Va. (July 22, 2019) – 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 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.” 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.
About Colonial Downs
Colonial Downs’ bright future features the return of live thoroughbred racing and full card simulcasting with the excitement of innovative historic horse racing (HHR) gaming technology. In collaboration with the Virginia Racing Commission (VRC) and Virginia Equine Alliance (VEA), Colonial Downs is set to bring competitive horse racing back to New Kent County and the Commonwealth with the re-opening of the best turf track in the country and a future network of satellite HHR facilities branded as “Rosie’s”. Colonial Downs Group is making a $300 million investment in the Commonwealth of Virginia creating 800 new jobs by the end of 2019. This effort will generate $25 million annually in state tax revenues, $17 million annually in local tax revenues and $25 million annually to Virginia’s horse industry. The project is not receiving any tax credits or government incentives. fffffffff