$4 Million Bet Error

[Some_One]

Story from HK on how over the weekend a seemingly computer error caused about $4 US Million to be bet on a specific trifecta combo in obvious error. Leading the correct combo to payout about 7 times what it would normally have paid.


http://racing.scmp.com/freeservice/news/news20130408aa.asp

[iceknight]

Story from HK on how over the weekend a seemingly computer error caused about $4 US Million to be bet on a specific trifecta combo in obvious error. Leading the correct combo to payout about 7 times what it would normally have paid.


http://racing.scmp.com/freeservice/news/news20130408aa.asp
The weight of Hong Kong money will leave punters in betting shops around the world scratching their heads and redefine the term market mover. Just for perspective, the accidental HK$30 million was a lot in any language (US$3.8 million) and enough to buy a 30-second commercial during the Super Bowl. But it was also less than 2.5 per cent of the total turnover at Sha Tin yesterday: which reached a solid HK$1.3 billion, that's US$171 million.

Do they also mention that one jockey there has a crushing win margin?

[precocity]

US$171 million in one day? seems like all of hong kong has a bet on a race.

[Valuist]

US$171 million in one day? seems like all of hong kong has a bet on a race.

I've never been there but I have worked with a number of people who've been there, and a very high % of the locals do bet on racing.

[precocity]

I've never been there but I have worked with a number of people who've been there, and a very high % of the locals do bet on racing.
dam does the kentucky derby full card pull in that much in one day?

[Some_One]

I've never been there but I have worked with a number of people who've been there, and a very high % of the locals do bet on racing.

Ill be there next month for Champions Mile day and a night card at the Valley

[MightBeSosa]

surprised it doesnt happen more often. I see ridiculous bets all the time , but rarely for massive size.

there was one incident at SAR last year, where a large bet in a single losing DD was placed, but few noticed

[iceknight]

Does anyone know the takeout rates in hongkong? I googled a lot but could nt find any numbers anywhere!!

Anyone know the updates on this story?
http://www.bloomberg.com/news/2011-02-15/hong-kong-jockey-club-faces-biggest-threat-in-126-years-from-online-gaming.html

From this I get two confusing numbers, one, that the takeout could be about 7% of handle. Two, the takeout is some arbitrary percentage that I cannot figure out, but the total amount withheld as takeout is divided into 72.5% for the govt, the rest for the jockey club.

http://www.hkjc.com/english/racing/RaceReportFull.asp

[Magister Ludi]

Does anyone know the takeout rates in hongkong?

16%

[Some_One]

It can be confusing as there are two different elements, first is your traditional percentage of the pool that is withheld, but the HKJC has a deal with the government to pay a percentage of their profits (their withholdings) each year to the gov't. This allows them to offer a 10% rebate on all tickets over ~12,000 USD

[NJ Stinks]

Ill be there next month for Champions Mile day and a night card at the Valley

Sounds like you are in for a fantastic experience! :cool:

[precocity]

Ill be there next month for Champions Mile day and a night card at the Valley
nice very nice :ThmbUp: