Pinnacle to cut rebate on NY

[Valuist]

tracks starting Aug. 29. The new rebate on these tracks will be 4%.

[Buddha]

I just logged into my Pinny account and noticed that. I wonder what the case is for the smaller rebate than the other tracks? If they arent parimutuel, which with the rebate I assume they aren't, I wouldnt think that it has to do with the lower take from NYRA tracks.

[Valuist]

We're not really sure if they are parimutuel or not. I suspect they do funnel quite a bit of the handle thru some hub.

[trying2win]

Hmmm...let's see now, Pinnacle cutting back rebate to 4% on NY tracks with their lower-than-average 14% takeout on straight wagers, and their policy of only nickel breakage. Wouldn't have anything to do with those things would it?

T2W

[joeyspicks]

Ive always suspected the rebates would either end or be much reduced.....this could be the slow slide........
For that reason I have NEVER considered being a "rebate" player,......grinding out a profit that way. I consider the rebate as kind of reduction of expenses (that is temporary!:bang: )

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for myself the rebate has been the ONLY reason for staying with Pinacle....too many problems.....slow site etc......

[Valuist]

Considering the problems they've had with small fields this year, this may be the final nail in the coffin for a lot of bettors in regards to playing New York.

[Buckeye]

I'm not giving back my rebate money.

[Dave Schwartz]

I would suggest the problem is that, since none of the parimutuel racebooks are able to handle NYRA, Pinnacle cannot layoff the wagers and don't like being "at risk."

This, along with the situation at Beulah (i.e. Ohio Tab stops handling Beulah and so does Pinnacle - what does that tell you? - That Pinnacle must place wagers at Ohio Tab at least some of the time?) leads me to believe that Pinnacle is attemping to be a no-risk, non-parimutuel book.

That is, take the wagers from players, and pass those wagers along to a parimutuel book, taking their own rebate as profit.


Regards,
Dave Schwartz