While horseracing isn’t as popular as casino gambling, it’s still one of the types of gambling that are well-known in New York.
But believe it or not, this gambling didn’t have much revenue when it was first introduced. In fact, New York’s racetracks payouts are one of the lowest in the nation.
So how exactly did they turn this around so much that they’re still keeping at it today?
The Addition of Video-Lottery Terminals
The rise of horseracing in New York took place due to the addition of video lottery terminals. If you’ve visited a racetrack once in the city, you might have seen it before.
Video-lottery terminals are more like slot machines since they act the same as it generates random numbers.
This time, however, it’s all about your horse winning rather than getting the jackpot. Although there are others who have video-lottery terminals with themes that aren’t really related to horseracing.
With video-lottery terminals or VLTs, horseracing had become well-known for the name it was given – racino, which is a combination of casino and racing.
That’s the history, but what might happen in the future of horseracing that involves VLTs?
Competition is Getting Tighter
Due to the tempting results VLTs offer, many racetracks in the industry are relying on it too much. This may result in a growing competition.
And we already know what competition does, it will force racetracks to attract people by increasing the payouts, therefore dropping their revenues.
If this scenario continues, VLTs may no longer be relied upon and horseracing may turn back to the way it originally was.
Just as the saying goes, too much of a good thing is bad, and that’s what’s happening to the racing industry’s overreliance on VLTs. However, technology is advancing and there will come a time where VLTs will be a thing of the past.