trigger
07-18-2009, 01:02 AM
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"The lawsuit raises the possibility that bad-check-based wagering was allowed so as to artificially increase the track's handle, or daily bet volume. If the lawsuit's allegations are true, it could cause future licensing and regulatory problems for the track or its owners, who have extensive gambling interests around the country."
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"Pocaro said Siragusa wrote about 110 checks, all but two dozen or so of which turned out to be bad, including the very first one in August 2008 for $4,500. In total, he said, Siragusa made as much as $5 million in bets over the period. The lawsuit also says Siragusa was betting under a program designed to attract big gamblers by providing them monthly "rebates" of up to 4% of the amount waged. For $5 million of wagering, that could be $200,000. Pocaro said the track still owed his client $100,000 in rebates, which would reduce the outstanding bad-check bill to $443,000. The rebates are supposed to be paid out of the 15% the track takes for purses and its own expenses."
http://www.forbes.com/2009/07/15/gambling-bad-checks-personal-finance-informer-freehold-raceway.html
"The lawsuit raises the possibility that bad-check-based wagering was allowed so as to artificially increase the track's handle, or daily bet volume. If the lawsuit's allegations are true, it could cause future licensing and regulatory problems for the track or its owners, who have extensive gambling interests around the country."
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"Pocaro said Siragusa wrote about 110 checks, all but two dozen or so of which turned out to be bad, including the very first one in August 2008 for $4,500. In total, he said, Siragusa made as much as $5 million in bets over the period. The lawsuit also says Siragusa was betting under a program designed to attract big gamblers by providing them monthly "rebates" of up to 4% of the amount waged. For $5 million of wagering, that could be $200,000. Pocaro said the track still owed his client $100,000 in rebates, which would reduce the outstanding bad-check bill to $443,000. The rebates are supposed to be paid out of the 15% the track takes for purses and its own expenses."
http://www.forbes.com/2009/07/15/gambling-bad-checks-personal-finance-informer-freehold-raceway.html