California Horse Betting Laws

A bill has been introduced in California’s state assembly that would increase the track takeout for exotic bets. The takeout for two-horse exotics would be raised by 2 percent, from 20.68 to 22.68 percent. Three or more horse exotics would be raised by 3 percent, from 20.68 to 23.68 percent.

The bill, AB 2414, is still in the beginning stages of becoming law. Still, it marks a detriment to horse bettors. Horse racing already has the highest takeout of any gambling activity, an increase will make it even harder for the horseman to make a profit at this sport.

The extra money raised by this proposed law would go toward increasing purse sizes, says the bill’s sponsor, John Perez. Supporters of the bill say that this will lead to an increase of $25 to $30 million per year.

The bill appears to be a mixed blessing. While there will be an increase in earnings by trainers, jockeys, and owners, the average bettor loses out, making going to the track a less appealing activity.