Deal Avoids Shutdown of Horse Race Betting In Nevada
Horse racing spending was in serious jeopardy, but it appears that a shutdown of the Nevada State horse race betting is going to continue as usual. The sector brings in a total of $59.5 million per year, and after the Nevada Gaming Commission pressed on Thursday for the industry to not shut down, in an effort to preserve these funds.
The shutdown was threatened after 83 race books were not able to agree on a new contract with the Las Vegas Dissemination Co,. This was the lone factor in reasoning for the shutdown, and caused a stir across the state. For a fee, the company disseminates information on various races that are held throughout the country, and arranges for funds that are wagered in the Nevada area to be included in pools and for each race at all of the tracks across the state. This was a key factor in getting the deal done, and was the main reason that the deal was not done. During a meeting in Las Vegas, a number of sports books operators crowded around with their attorneys, in front of the Nevada Gamign Commission, which allowed for both parties to agree to a new seven-year deal. Terms of the deal were reached by the parties, over the course of a number of closed-door meetings.
It is clear that horse racing is an industry that has been in jeopardy for quite some time. Although it is saying a large dip in the amount of revenue that it is able to generate, not everyone is so sure that the industry is going to dry up completely. Although horse racing might not be as popular as it once was, you can bet that it will continue to be very popular among the die hard fans. Horseracing is also able to generate large amounts of funds to companies and individuals, as well as tax dollars. This makes it an excellent source of income for state governments, which many people are not taken into account. Although the amount of spending that goes along with horseracing is likely to dip, there are not going to be many companies that are willing to move away from it completely. As of late, a number of local governments have decided that horse racing is not worth putting money into, which is precisely why many horseracing businesses are in the position that they are in.
Across the nation, horse racing is the industry that has been in decline for quite some time, which has been a source of contention for the state. Nevada alone has seen their sports books fall from $87.2 million in 2004, to a total of $59.5 million last year. However, even though the books are falling, the book runners still maintain that horse racing is a vital part of their business and they needed to ensure that the contracts were in place to ensure that they receive a proper deal in order to avert shutdown, that had been looming over the course of the last few weeks.