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Originally Posted by chickenhead
Al is talking about something slightly different, or not, depends on how you look at it.
NYRA withheld $1.something million that went afoul of the law. That is the real number, not $8.5 million. The lions share of the $8.5 million is really just money that out of state bettors bet into a really high takeout with out of state bet takers. Had takeout been lower, someone would have collected $7 million less *from those particular wagers*, but takeout was higher, so they collected $7 million more *from those particular wagers*.
Al is saying that $1.something million isn't necessarily *more* in total revenue than NYRA would have gotten otherwise, had rates been lower.
They would have certainly made $1.something million less *from the wagers that actually occured*...but maybe they'd have made more overall due to having more wagers, these are hypothetical wagers at this point, they didn't occur, but maybe they would have.
Regardless, it is only that it was illegal that made it an issue. There is no statutory limit on total revenue, just per wager revenue. They didn't make too much money, but they did take more money from each wager than was legal.
That is why *more* comes up as an issue. To be exact, it's really *more* on *the wagers that actually occured*.
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Thanks. My personal feeling is that the takeout should be between 10 & 15%. I think both players and tracks would be the big winners. But let's not talk about hypotheticals. I thought that the track takeout only accounted for the 8.5 million. Let's say $100 is bet. at 25% takeout the track keeps $25, at 26% takeout the track keeps $26 or $1 more at the higher rate. Multiply that times the hundreds of millions of $$$ that was bet during that time period = $8.5 million more to the track. Now, you have explained why it's not illegal but I'm really sorry but I don't see how that 8.5 million extra didn't go back to NYRA. All the monies paid are coming out of one pool and that pool is controlled, virtually, by NYRA, is it not? Sorry for my dumbness but I'll get it. I really appreciate your patience.
