Question about OTB

[ernie simons]

I know I asked this question a couple years ago, but I'll be dogged if I can remember what the answer was. Does OTB keep any part of a losing wager? Or do they only profit from the juice they extract from the winning tickets?

Appreciate the help guys.

[Figman]

Ernie,
From your address, I suspect that you are addressing New York OTB. The answer is that the six regional OTB corporations all generate retention from all bets. The retention is the amount they have left over from the takeout after making statutory payments directed by the Racing Law.

In addition, they have a surcharge on winning bets in many instances. To avoid that surcharge, you can open up a phone account with New York City OTB...no minimum balance required to avoid the surcharge. At the other five regional OTBs in New York State you need to maintain a minimum $300 balance. Recent State Racing Law changes gives those OTBs the option of dropping this $300 minimum but none has. Although it is not part of any OTB Corporation it is worth mentioning that The NYRA-One account that used to require a $450 escrow payment has also been eliminated.

There are seven teletheaters located throughout New York including three in New York City, and there are no surcharges on any winning wagers at any teletheater.

[Figman]

It may be worth a look at account betting with New York at NYRA, Vernon Downs or one of the six OTB Corporations as none have a per bet charge as does TVG and some other available account wagering firms. And if a problem arose, you would have a better chance of getting it settled than you would with a regulated???off-shore firm. New York is also much more competitive now that thoroughbred racing is handled all the time. It used to be unlawful to take thoroughbreds after 7:30 p.m. Now if they only had rebates!!!!

[ernie simons]

Ok, thanks for the info figman. Greatly appreciated. ;)