Crist responds in regards to "Takeout-Gate"

[usedtolovetvg]

Originally Posted by cj

Exactly. If the agreement was for NYRA to receive 5%, then the ADW received 21% instead of 20%. They got the extra money.

I don't think so. I think all the money goes to NYRA and then NYRA pays back all the people it owes. The ADW has to adhere to the takeout NYRA dictates. From what you are saying, it seems like the ADW can withhold whatever % they want as long as they send NYRA 5%.

[PaceAdvantage]

Originally Posted by Dahoss9698

They decided to give it to Wrona for what you tried to do to him earlier this year. Seems fair to me.

I'm sorry, but this was one of the funniest replies I have read in quite some time...

[PaceAdvantage]

Originally Posted by usedtolovetvg

Hey v.j., I asked that question before and it somehow has been glossed over. If there is going to be any criminal charges, just what was done with the money that has not been accounted for could be key.

Is there some great mystery as to what was "done" with the money? Why, whatever is "done" with all the other money a racetrack takes in every day from their cut of the handle....duh...

It's called takeout...so whatever a track does with the takeout every other day, that's what was "done" to the money in this instance...minus what has been paid back as cj points out.

[cj]

Originally Posted by usedtolovetvg

I don't think so. I think all the money goes to NYRA and then NYRA pays back all the people it owes. The ADW has to adhere to the takeout NYRA dictates. From what you are saying, it seems like the ADW can withhold whatever % they want as long as they send NYRA 5%.

Regardless of how the money flows, the end result is the same. I don't know the exact %, but if it was 5%, they send the rest back to the ADW, thus in this scenario 21%. What the ADW does with it is up to them.

This is my point about rebates. If an ADW returns 10% rebates to bettors on tris, they keep 11 of the 21%. If by some chance the error had been caught, you can bet your bottom dollar the rebate would have been lowered to 9%, and they still keep 11 of 20%.

[FenceBored]

Originally Posted by usedtolovetvg

I don't think so. I think all the money goes to NYRA and then NYRA pays back all the people it owes. The ADW has to adhere to the takeout NYRA dictates. From what you are saying, it seems like the ADW can withhold whatever % they want as long as they send NYRA 5%.

Not at all. NYRA may tell them that takeout to be withheld on NYRA races for a P4 is 26%, but that doesn't mean that the bet taker wires NYRA 100%, or even 26% of the funds handled before each race. That would be silly.

Take this quote from a 2006 article on CHRIMS:

"Hundreds of licensed and regulated outlets around the world accept wagers on the Keeneland simulcast signal, and to know by the following morning where we stand with each of them and to have the ability to produce invoices for each at the click of the mouse is a tremendous time-saver," Jessica Green, treasurer of the Keeneland Association, said in a news release.

Read more: http://www.bloodhorse.com/horse-raci...#ixzz1tjClaj00

If the outlets were wiring money hither and yon constantly there wouldn't be a need for settlement invoices.

[Greyfox]

Question to NYRA account holders.

I don't have an NYRA account.
Whatever plays I've made on New York track exotics have been through an OTB and I don't ever expect to get a penny of the reimbursements back. That's water under the bridge and I won't look back on it.

Out of curiosity though my question is:

Have any of the bettors who have an NYRA Account on this forum been reimbursed yet for your exotic wagers during the time period in question?

[cj]

Originally Posted by Greyfox

Question to NYRA account holders.

I don't have an NYRA account.
Whatever plays I've made on New York track exotics have been through an OTB and I don't ever expect to get a penny of the reimbursements back. That's water under the bridge and I won't look back on it.

Out of curiosity though my question is:

Have any of the bettors who have an NYRA Account on this forum been reimbursed yet for your exotic wagers during the time period in question?

Pretty sure it has been widely reported that they have. Other than the alleged cover up, the rest of the story really is old news.

[Greyfox]

Yes, I see some of the reimbursement has been done, but...
At Yonkers the customers who could be identified were notified.
The credit to accounts was not automatic.
Customers had to complete a claim form to the NYRA for reimbursement and submit it no later than March 30.

[Tom]

Sounds like due diligence to me.
You are distributing money, make sure you have your I's dotted and your T's crossed.

You berate them for not paying attention to detail, than criticize them when
they do.

Suppose they handed out money top someone who was not eligible, somehow misidentified?

Baby Mario would be all over them for it. People like Baby Mario sit like spiders in a web waiting for the opportuininty to blind side people and make believe they are knights on white horses.

[Greyfox]

Originally Posted by Tom

Sounds like due diligence to me.
You are distributing money, make sure you have your I's dotted and your T's crossed.

You berate them for not paying attention to detail, than criticize them when
they do.

Suppose they handed out money top someone who was not eligible, somehow misidentified?

Baby Mario would be all over them for it. People like Baby Mario sit like spiders in a web waiting for the opportuininty to blind side people and make believe they are knights on white horses.

Thank you for reminding me what due diligence is.
So lets take bettor John Q. Public.
He has an NYRA account #12345.
In November of last year he wagered through his account and won a
trifecta and John's account was credited with $100.00.
The NYRA immediately put that in his account.
But in reality they should have put in $101.00 .
They didn't.
In the meanwhile the NYRA discovers an error has been made.
They know that John's account should have received about $1 more.
Of course they could automatically credit John's account.
Oh no. This requires due diligence.
So they notify John of the possibility of an error and if
he can prove to them when the bet was made, the type and amount of wager made, his social security number, his e mail address, and his phone number, they will credit his account with that $1.
All John had to do was obtain the form and then send it via mail back to the Yonkers Mutuel department by a given date.
Of course the NYRA has all of that information on John anyways.
They just want him to confirm that he made that bet, where, and how much and they will send him a $1 check.
That is due diligence.
Instead of just crediting accounts which should have been credited they want to cross their t's and dot their i's.

My guess is that is also a pretty shrewd business move on the NYRA's part.
The number of claimants will be significantly smaller than the number that they have identified.
Cheers to the NYRA for due diligence and good business smarts.

[OTM Al]

Originally Posted by Greyfox

Thank you for reminding me what due diligence is.
So lets take bettor John Q. Public.
He has an NYRA account #12345.
In November of last year he wagered through his account and won a
trifecta and John's account was credited with $100.00.
The NYRA immediately put that in his account.
But in reality they should have put in $101.00 .
They didn't.
In the meanwhile the NYRA discovers an error has been made.
They know that John's account should have received about $1 more.
Of course they could automatically credit John's account.
Oh no. This requires due diligence.
So they notify John of the possibility of an error and if
he can prove to them when the bet was made, the type and amount of wager made, his social security number, his e mail address, and his phone number, they will credit his account with that $1.
All John had to do was obtain the form and then send it via mail back to the Yonkers Mutuel department by a given date.
Of course the NYRA has all of that information on John anyways.
They just want him to confirm that he made that bet, where, and how much and they will send him a $1 check.
That is due diligence.
Instead of just crediting accounts which should have been credited they want to cross their t's and dot their i's.

My guess is that is also a pretty shrewd business move on the NYRA's part.
The number of claimants will be significantly smaller than the number that they have identified.
Cheers to the NYRA for due diligence and good business smarts.

Incorrect. NYRA account holders were automatically refunded. Did not have to fill out anything. Mine was a whole $7.50. I blew it messing around with a show parley on a Sunday when I was bored. I have no idea what you think Yonkers has to do with this. I think you are confusing several different things.

[aaron]

NYRA automatically credited accounts. Other ADW's did not. I don't think the New Jersey ADW made any effort to credit back bettors. Bettors who used Nassau OTB had to fill out a form,I believe. As far as I can tell NYRA was the only ADW to automatically credit back the accounts.

[Greyfox]

Originally Posted by OTM Al

I have no idea what you think Yonkers has to do with this. I think you are confusing several different things.

Yes, I could be mixing apples and oranges. Yonkers is harness.
But this is how Yonkers handled it. See link below.

3. Credits are not automatic. Customer must request their credit in writing
and by filing a NYRA takeout claim form and submitting such to the
respective Yonkers Raceway Mutuel Department.




See link--> http://www.yonkersraceway.com/upload..._Corrected.pdf

[v j stauffer]

Originally Posted by PaceAdvantage

Is there some great mystery as to what was "done" with the money? Why, whatever is "done" with all the other money a racetrack takes in every day from their cut of the handle....duh...

It's called takeout...so whatever a track does with the takeout every other day, that's what was "done" to the money in this instance...minus what has been paid back as cj points out.

Seems to me a fair and logical question to wonder about the money.

Could point to misinformation, incompetence or corruption which could go a long way to determine the managers fates.

[v j stauffer]

Originally Posted by PaceAdvantage

I'm sorry, but this was one of the funniest replies I have read in quite some time...

Just think how funny it would be if there was one shred of accuracy to the origin of the of the initial post.

Sad.