Racino

There are many gambling games in existence, such as lotteries, casino, betting and racing. Racino is a new variant, and some times regarded as a clone or cross between a race track and a casino. In some games of Racino, the gambling is confined to slot machines. In other games table games like poker, black jack or roulette is played along with racing.

Background

Racing has, over the years lost much of its glamour and sheen. Only tracks that had slot machines survived .The daily amount which, was bet by the live players declined, but revenues soared. Hence these tracks were able to offer larger prizes and attract the best horses in the racing circuit. Delaware Park and Mountaineer Park once considered the favorite haunting, grounds for spooks and the crooks have gained a fair degree of respectability and are now the wealthiest racing turfs in the US.

The money obtained from the slot machines are distributed as follows-

1. As prize money to the winning gamblers. 2. Prize money and payouts to horse-owners, jockeys, and the maintenance staff. 3. State taxes, lease of turfs, and other operating costs. 4. The Racino operator also takes a part of the revenue as profits.

Racino games are legalized games in nine states, and efforts are on to get the approval of the other states also. The first Racino, was started in November 2006 in the state of Pennsylvania. Video Lotteries were allowed by the state of West Virginia when it Authorized M/s M.T.R. gaming group to open a video lottery terminal in Chester Rhode Island. All lotteries are members of the Multi State Lottery. Though the video lottery terminals were very successful, it was the introduction of the Spinning slot machines which helped the lottery companies to make a killing. The population of IOWA voted for the introduction of the first spinning slot machines in the state racing tracks. Most of the racing tracks were in the red, with falling revenue and general lack of interest. M/s ‘Prairie Meadows’ introduced more than 1100 slot machines in the club house, which was refabricated into a casino. The racing track was once again opened to public on April 1st 1995.The introduction of the slot machines gave a fillip to the fortunes of the club house and by March 31st 1996 the company was out of the red, and had earned a business of over $119.3 million. It was a defining moment .Taking example; from the Prairie Meadows other racing tracks also followed suit .Racino gave a fresh lease of life to all dying race tracks across the US. Racino also helped to allocate more funds to developing the basic infrastructure of racing tracks and helped to increase the prize money on offer on the races. Bigger prizes attracted better quality race horses to the race tracks.

10.12.07 05:43