Online Gambling Affects Race Tracks: 1
There is one aspect of gambling that has been around for years and it is
gambling at horse races. There are tracks that have been around since 1956 like
the Woodbine Race Track in Toronto, Ontario, Canada. It has recently been
reported that the Woodbine Race Track has lost over $200 million per year and
the culprit seems to be online casinos and internet gambling in general. The
reason why that number is so disturbing to the owners of the race track is
because these online casino and sports betting websites are reaping the benefits
from the races that are being held at their facilities. The people who are
placing their bets from home instead of going to the races have said that they
make bigger profits when they bet form home.
The Vice president of corporate affairs for Woodbine Entertainment Group, Jane
Holmes, said that the online casino and internet gambling trend has not been an
easy thing to swallow. After all the company that used to be known as the
Ontario Jockey Club has lost out on a tremendous amount of revenue due to the
convenience and the Mecca that is the online casino industry. The reason why
online casinos have been able to promise players the high payouts that they have
been giving out is mostly due to the fact that they do not have the extra costs
that are associated with the race track. The costs of operating the race track
itself are way higher than the costs of operating a website. It seems like a
loosing battle.
Jane Holmes commented on their situation versus the online casino industry. She
said: "It has a huge impact. It's not just horse racing wagering. Some people
have moved to online poker. Most people think it is kind of legal here, but it
isn't. It's just that nobody enforces it." adding, "It continues to be a
challenge," Holmes confirmed, Money wagered at the track is put back into the
industry, and when bets are placed offshore "the race tracks and horse people
don't get any revenue from that. It doesn't generate jobs here. It doesn't
contribute to the economy."