Colonial Downs in New Kent, Va., has raised its takeout rates across the board for its meeting starting Tuesday, officials of the track confirmed. Rates for win, place, and show wagers will be raked this year at 18 percent, up from 16 percent during last year’s meet. Takeout rates for all exotic bets will be 22 percent, up from 20 percent last year. In addition, a pick five with a takeout of 12 percent has been eliminated, the officials said. John Marshall, the track’s executive vice president of operations, said that the track decided to raise the rates after switching this year to a Monday-through-Wednesday live racing schedule, rather than Friday through Sunday during last year’s meet. Under the new schedule, Colonial’s “competitive set” will be comprised of tracks with higher takeouts than those Colonial faced last year, Marshall said. “We felt like the [new rates] are still the most competitive in that set,” Marshall said. “We just didn’t feel the need to go super low this year.” :: Start earning weekly cashback on your wagering today. Click to learn more. Marshall also said that the track had to get special approval from the state racing commission to set the lower rates last year, and he said that the rates this year are “the Virginia statutory rates.” The rates this year are identical to the rates that were in place at the track prior to its being shuttered in 2013. Colonial reopened last year for live racing after the track’s new owners received approval to operate gambling devices at Colonial and a handful of offtrack betting sites. Over Colonial’s 15-day meet last year, total handle was $17.6 million on 144 races, for an average of $122,000 per race. The track gave away $500,000 a day in purses, with most of that generated by the gambling devices, along with revenue from year-round account wagering and simulcast betting. This year, the track is planning on average daily purse distribution of approximately $350,000 a day. The COVID-19 pandemic led to the closing of Colonial’s affiliated gambling locations from mid-March through July 1. This year, Colonial was scheduled to run 18 dates, but the opening-day card scheduled for Monday was canceled due to excessive heat and rescheduled for this Sunday. No spectators are being allowed at the track due to the COVID-19 pandemic.