Figman
03-06-2004, 01:04 PM
Here is some money SA & Magna did NOT get. And by the way, further proof that you shouldn't believe everything a racing writer puts in print even if it is printed in one of the largest papers in the country!
#1 Racing writer Jerry Bossert has numerous errors in his New York Daily News "Day At The Races" column. First, he has it wrong about the 5%. It's 6% because this was an exotic bet. Only regular (win, place & show bets) are subject to 5% in NYS while multiple and exotics at regional OTB corporations are subject to a 6% surcharge on winning wagers.
#2 He apparently did his own math, another no-no, and took 5% of the winning amount to come up with the incorrect surcharge amount in his story instead of checking the facts as most of today's reporters and newspapermen are lax to do. He should have checked the facts for his story with New York City OTB.
#3 Most surcharge money goes to the local government, in this case the City of New York. The extra 1% is capital improvement fund money. He states that it is 100% pure profit for the OTB corporation. Wrong!
The Day at the Races
By JERRY BOSSERT
NEW YORK DAILY NEWS SPORTS WRITER
There really weren't three winners of Wednesday's huge Pick Six hit at Santa Anita. There were actually four. It turns out New York City Off-Track Betting was the fourth winner.
Sure, each winner collected $1,567,984.60 for picking the correct sequence, but one individual bought his ticket at an NYCOTB parlor in Brooklyn, costing himself $78,399 because of the 5% (actually 6% because this is an exotic bet) surcharge NYCOTB charges on the wager.
If he had a NYCOTB phone account and had purchased the winning ticket that way, he could have kept the $78,399; instead it went to NYCOTB.
#1 Racing writer Jerry Bossert has numerous errors in his New York Daily News "Day At The Races" column. First, he has it wrong about the 5%. It's 6% because this was an exotic bet. Only regular (win, place & show bets) are subject to 5% in NYS while multiple and exotics at regional OTB corporations are subject to a 6% surcharge on winning wagers.
#2 He apparently did his own math, another no-no, and took 5% of the winning amount to come up with the incorrect surcharge amount in his story instead of checking the facts as most of today's reporters and newspapermen are lax to do. He should have checked the facts for his story with New York City OTB.
#3 Most surcharge money goes to the local government, in this case the City of New York. The extra 1% is capital improvement fund money. He states that it is 100% pure profit for the OTB corporation. Wrong!
The Day at the Races
By JERRY BOSSERT
NEW YORK DAILY NEWS SPORTS WRITER
There really weren't three winners of Wednesday's huge Pick Six hit at Santa Anita. There were actually four. It turns out New York City Off-Track Betting was the fourth winner.
Sure, each winner collected $1,567,984.60 for picking the correct sequence, but one individual bought his ticket at an NYCOTB parlor in Brooklyn, costing himself $78,399 because of the 5% (actually 6% because this is an exotic bet) surcharge NYCOTB charges on the wager.
If he had a NYCOTB phone account and had purchased the winning ticket that way, he could have kept the $78,399; instead it went to NYCOTB.