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Law Gives CA Tracks More Takeout Flexibility

25% TAKE OUT ON A HORSE BET.
California Thoroughbred racetracks, subject to regulatory approval, could increase pari-mutuel takeout?return less money to bettors?and change how the revenue is distributed under legislation signed into law Oct. 23 by Republican Gov. Arnold Schwarzenegger.
The measure was sponsored by Democratic Sen. Dean Florez, who said it will allow the horse racing industry to ?increase its competitiveness? with other states whose racetracks benefit from alternative gaming, and ?create a funding mechanism for the industry to invest in infrastructure.?
California law establishes takeout, the amount removed from pari-mutuel pools before bettors are paid....