Crist responds in regards to "Takeout-Gate"

[usedtolovetvg]

Originally Posted by cj

Pretty sure it has been addressed before. They gave back what they could to anybody that could be identified as being underpaid, and they cut takeout to 24%, 1% lower than the 25% it was before the new provision. I'm not sure what else they could do.

Not sure, but my understanding was some of the money was missing. If so, where did it go? Again, if money disappeared could be a key to criminal charges.

[Robert Goren]

Originally Posted by cj

Pretty sure it has been addressed before. They gave back what they could to anybody that could be identified as being underpaid, and they cut takeout to 24%, 1% lower than the 25% it was before the new provision. I'm not sure what else they could do.

So if you embezzle money from a bank, get caught and give back the money, all is forgiven?

[cj]

Originally Posted by Robert Goren

So if you embezzle money from a bank, get caught and give back the money, all is forgiven?

A question was asked about what was done with the money, and a few have pretended that has never been answered. I answered it, nothing more.

[Dahoss9698]

Originally Posted by FenceBored

So predictable, and off topic too (which was also predictable).

Last word

[cj]

Originally Posted by usedtolovetvg

Not sure, but my understanding was some of the money was missing. If so, where did it go? Again, if money disappeared could be a key to criminal charges.

I have never once heard that mentioned anywhere. It was taken out of the pools as part of the takeout, and you think it could be missing? I find that very hard to believe. It isn't like the 26% takeout was hidden.

[Grits]

Originally Posted by usedtolovetvg

Not sure, but my understanding was some of the money was missing. If so, where did it go? Again, if money disappeared could be a key to criminal charges.

Find and give the link, the report that has lead you to understand the money is missing--if you will. Link's gotta be out here in cyberland, somewhere.

Not to be an echo, but I, too, don't recall anything being printed to this effect. Not anything at all, though, I could certainly be wrong.

[usedtolovetvg]

Originally Posted by cj

I have never once heard that mentioned anywhere. It was taken out of the pools as part of the takeout, and you think it could be missing? I find that very hard to believe. It isn't like the 26% takeout was hidden.

They overcharged nearly $8.5 million, all that money could not be returned. Where is that money? Surely, what wasn't paid back to people who were overcharged had to be placed in an escrow account pending litigation. I have heard nothing about the money other than, obviously, everyone who was owed money were not paid back. I would like to know exactly where that money is.

[cj]

Originally Posted by usedtolovetvg

They overcharged nearly $8.5 million, all that money could not be returned. Where is that money? Surely, what wasn't paid back to people who were overcharged had to be placed in an escrow account pending litigation. I have heard nothing about the money other than, obviously, everyone who was owed money were not paid back. I would like to know exactly where that money is.

It is where all the rest of the money garnered via takeout is. You do realize that NYRA didn't get the majority of that nearly $8.5 million, right? I think I remember it was around 13%. The rest was bet off site.

Not a single person has suggested it was somehow missing, other than you. And it appears you tried to make it up and throw in an "I heard" when in truth, you don't know much at all about this situation.

[Grits]

Originally Posted by usedtolovetvg

They overcharged nearly $8.5 million, all that money could not be returned. Where is that money? Surely, what wasn't paid back to people who were overcharged had to be placed in an escrow account pending litigation. I have heard nothing about the money other than, obviously, everyone who was owed money were not paid back. I would like to know exactly where that money is.

Ok. So what you're admitting now, is that, no, you've not read that the money is MISSING.

If there was no intentional wrongdoing, no thought of such occurred--and an effort to return money to bettors took place, (and it did) why place millions in escrow, instead of the operation account? And, why the assumption that there's going to be litigation?

[Greyfox]

Originally Posted by cj

They gave back what they could to anybody that could be identified as being underpaid,.

Weren't the people who were being underpaid the bettors?

[cj]

Originally Posted by Greyfox

Weren't the people who were being underpaid the bettors?

Ummm, yes, and since we are talking about exotics, a lot of them can be identified. If they bey with NYRA's account wagering or if they had a signer, easy to do.

Those that bet through ADWs won't be reimbursed by NYRA. The ADW collected the extra 1%, not NYRA. Also, anyone getting a rebate is most likely not out one cent, since the ADW would have just dropped the rebate % by a point if the takeout had changed when it was supposed to change.

[usedtolovetvg]

Originally Posted by cj

It is where all the rest of the money garnered via takeout is. You do realize that NYRA didn't get the majority of that nearly $8.5 million, right? I think I remember it was around 13%. The rest was bet off site.

Not a single person has suggested it was somehow missing, other than you. And it appears you tried to make it up and throw in an "I heard" when in truth, you don't know much at all about this situation.

Just because it was bet offsite, the ADWs were just adhering to the mandate dictated by NYRA. Ultimately, wherever the money sits, it is NYRA's responsibility. I just want to know where that money is. Wouldn't spending money that belongs to someone else be a crime? And, that money, all $8.5 million belongs to the winners that were underpaid. Irrespective of whether I heard some of that money was missing, I would like to know where that money is now.

[FenceBored]

Originally Posted by usedtolovetvg

Just because it was bet offsite, the ADWs were just adhering to the mandate dictated by NYRA. Ultimately, wherever the money sits, it is NYRA's responsibility. I just want to know where that money is. Wouldn't spending money that belongs to someone else be a crime? And, that money, all $8.5 million belongs to the winners that were underpaid. Irrespective of whether I heard some of that money was missing, I would like to know where that money is now.

No, it's not. NYRA never touched any of those funds. They don't control those funds. The excess may have been collected because of bad information from NYRA, but the ones who should be on the hook for those funds are the ones who took the bet (other tracks, OTBs, and ADWs).

[usedtolovetvg]

Originally Posted by FenceBored

No, it's not. NYRA never touched any of those funds. They don't control those funds. The excess may have been collected because of bad information from NYRA, but the ones who should be on the hook for those funds are the ones who took the bet (other tracks, OTBs, and ADWs).

I will, respectfully, disagree. I would think that the money is, virtually, all paid into the NYRA pools. NYRA withholds then makes payments back to all the people it owes money to, the ADW, the government, the horsemen, and themselves. While this might not physically happen, wouldn't this be the legal transaction that is taking place. NYRA would have to be on the hook because they are the ones overcharging. And, I still want to know where the money is? You can not keep someone else's money just because you mistakenly underpaid them.

[cj]

Originally Posted by FenceBored

No, it's not. NYRA never touched any of those funds. They don't control those funds. The excess may have been collected because of bad information from NYRA, but the ones who should be on the hook for those funds are the ones who took the bet (other tracks, OTBs, and ADWs).

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

tvg dude,

I've already said they still have the money. How do you pay it back when you don't know to whom it rightfully belongs? They did pay those that could be identified. They then "punished" themselves by lowering takeout 2% instead of 1. It can be argued that isn't much of a punishment, but I'm not sure what else they can do. Should they just hand out vouchers at the gate to whoever shows up until the money is gone?