OTB Question

[ernie simons]

This may sound like a stupid question, but I'm gonna ask it anyway.

I place a bet for Aquaduct thru OTB, my bet loses, (again?), OTB makes nothing on that bet? The rake OTB extracts from my winning bets are their profit on my action?

Or do the tracks pay them a % for wagers collected?

Anybody?

[andicap]

Aqu makes money from every dollar you bet. It (and everyone else who gets a piece of the action, including OTB, the horseman and the state) are paid via a % of the handle.
Of course, Aqu gets much less money from OTB bets than from on-track bets.

[four m]

% of wagers collected.t hey would go broke waiting to collect on "my" winning bets!

[Figman]

Ernie...not a simple question...look here and remember that "retention" is the authorized (by state) takeout less the distribution. The retention is most of what OTB makes as profit.
http://assembly.state.ny.us/leg/?cl=96

Article 5A Sect.527
Article 10 Sect.1015,1016,1017, 1017-A & 1017-B

Most of these sections show the distribution in the form of tables.

Then there is the infamous NY surcharge at its OTBs (but first you have to win a bet for that to take place). Incidentally, there is no surcharge on winning wagers if you bet by telephone with NY City OTB OR have a balance in your account of $300 or more at the time of maing your telephone wager at any of the other 5 NYS OTB corporations OR bet in one of the 7 NYS teletheaters.