Hastings Race Course in Vancouver, British Columbia, will reduce show wagering takeout from 17% to 12%.

Great Canadian Gaming Corp., which owns Hastings, said in a release on Monday that 12% is the lowest takeout rate for a show bet of any track in North America.

“We’re thrilled to make this reduction in the wagering takeout,” said Ross J. McLeod, chief executive officer and chairman of Great Canadian Gaming Corp. “A show wager is inherently one of high probability but low value. By lowering the track’s takeout by nearly a third, we’ll increase that value and return an additional 5% of the wager pool to our horseplayers.”

The reduction coincides with the opening of a new $40-million gaming facility which features 600 slot machines.

“The future of horseracing in Vancouver is brighter than ever,” McLeod said. “This change, in tandem with the new gaming facility, will allow it to offer its horseplayers unparalleled value. It’s one more step in bringing Hastings back.”

Great Canadian Gaming purchased Hastings for $15.1-million from Woodbine Entertainment Group in 2004.