\n
That means states could require tracks to increase the hold from wagering pools to pay for initiatives the act would establish. In most states, the takeout rates range between 15 to 20 percent, depending on the type of bet. A higher takeout, along with the emergence of sports betting in more states and its lower hold rates, could prompt customers to take their betting dollars elsewhere.<\/p>\n<\/div>\n
In 2019, bettors wagered $11 billion on US horse racing, down about $230 million, or 2 percent, from 2018. It marked the first year that the domestic handle dropped since 2014.<\/p>\n
Cummings said the foundation, a think tank for the racing industry, does not have a stance on the Horseracing Integrity Act. However, it does have concerns about the overall long-term financial viability of the sport, especially as purses are propped up by other gaming revenues.<\/p>\n
\u201cWe\u2019re not taking a position pro or against. But the funding should not be placed on the back of horseplayers,\u201d Cummings said. \u201cAnd there should be a concern the two bills are different.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A bill that would nationalize drug testing and safety standards for horse racing will get its first hearing before Congress next week. On Tuesday morning, the US House Committee on Commerce and Energy\u2019s Subcommittee on Consumer Commerce and Protection is expected to take testimony on the Horseracing Integrity Act. The bipartisan bill would create a […]<\/p>\n","protected":false},"author":45,"featured_media":125345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14577,18],"tags":[],"acf":[],"yoast_head":"\n
Horseracing Integrity Act Gets Congressional Hearing on Tuesday<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n