Fairmount Park Racetrack in Collinsville, Illinois attracts a lot of spectators on Tuesdays and Saturdays. That’s when horse races are held in the track. However, it is usually empty on most days of the year. The Illinois gambling expansion law will change that.
The racetrack has 41 live racing days in 2019. As a result, Fairmount Park is facing some financial challenges for years. However, the new Illinois gambling expansion law can bring good times to the horse betting industry.
According to sportsbook pay per head reviews and news site, the gambling expansion law will allow racetracks to apply for licenses to have blackjack, roulette, video gaming, sports betting, and slots in their premises.
The Fairmount Park Racetrack had an uncertain future. Video gambling terminals and casinos have eaten their profits over the years. In fact, prizes for race winners went down. In addition, horse owners decided to try their luck in neighboring states. As a result, Fairmount had to reduce the number of racing days.
Also, the new law requires racetracks to allot 12.75 percent of their gross profits up to $93 million to race prizes. The percentages increase when revenue is more than $93 million. However, Fairmount Park management doesn’t expect the racetrack to go above the barrier for some time.
They do expect improved revenue from gambling that will result to double prize amounts. This can help Fairmount become competitive again and attract more gamblers. The racetrack has been defensive for so long that they are happy to have the opportunity to be on the offense this time around.
However, critics told sports betting software insiders that the new gambling expansion will create new gambling venues. Instead of just having ten casinos, there will be 21. As a result, gambling will become more competitive than before.