1. serving no useful purpose
2. having no effective result
Example: Raising takeout rates in an effort to increase purses for horse races is a futile effort.
Up until last Thursday I was looking forward to the first weekend in May because it usually provides some of the best betting opportunities and most exciting races of the year.
Then came news that Churchill Downs Incorporated (CDI), owner of Churchill Downs among other tracks, decided to increase the takeout rates for the upcoming meet at Churchill Downs to the maximum allowable levels under Kentucky law.
The decision was based on the desire to maintain purse levels for the meet and the assumptions made created a situation that would succeed.
Unfortunately we all know what happens when we assume things.