New York State

[OTM Al]

Does anyone still think that it was irrational that former NYRA management thought the takeout rates would just be extended by the State? They don't give up anything once they have it, except for that I guess...Bloodhorse should just save this article for next year as well. It will be quicker to revise than write from scratch.

http://www.bloodhorse.com/horse-raci...d-another-year

[riskman]

[QUOTE=OTM Al]Does anyone still think that it was irrational that former NYRA management thought the takeout rates would just be extended by the State? They don't give up anything once they have it, except for that I guess...Bloodhorse should just save this article for next year as well. It will be quicker to revise than write from scratch.


You mean NYRA overcharging bettors on pari-mutuel takeout over a 15-month period resulting in $2 million in additional revenue, some of which was returned to bettors.This was simply an error by NYRA ! I know I missed the takeout reverting back, and I believe most bettors did also. My bad.

"State officials took over control of NYRA in 2012, Cuomo made clear he wanted out of the business of running a three-track racing entity after three years. But NYRA and its board has yet to advance, at least publicly, any plan to change how its operations might improve or be different once it emerges from state oversight". Looks like nothing is changing as far as I read. New CEO, restructured board some changes --same old ---same old.

Read more on BloodHorse.com: http://www.bloodhorse.com/horse-raci...#ixzz3VtIXxWon

[OTM Al]

Originally Posted by riskman

You mean NYRA overcharging bettors on pari-mutuel takeout over a 15-month period resulting in $2 million in additional revenue, some of which was returned to bettors.This was simply an error by NYRA ! I know I missed the takeout reverting back, and I believe most bettors did also. My bad.

"State officials took over control of NYRA in 2012, Cuomo made clear he wanted out of the business of running a three-track racing entity after three years. But NYRA and its board has yet to advance, at least publicly, any plan to change how its operations might improve or be different once it emerges from state oversight". Looks like nothing is changing as far as I read. New CEO, restructured board some changes --same old ---same old.

Read more on BloodHorse.com: http://www.bloodhorse.com/horse-raci...#ixzz3VtIXxWon

If you believe that handle drops the higher the takeout, then NYRA not only did not make money on that deal but actually lost money and still gave back to players they could identify. I'm tired of trying to explain that one though.

You seem to have missed the also nearly buried State report on what happened there when it was explained as best as you will ever get it. Pretty sure there was more State involvement in the whole affair than will ever come out.

[Tom]

Bottom line - NYS screwed up.
It was THEIR oversight responsibility and they failed.
Like they pretty much fail everything else they attempt.

When NYRA stops putting on the most-bet game in the country, there is reason whine, but until then.....

[riskman]

Originally Posted by OTM Al

You seem to have missed the also nearly buried State report on what happened there when it was explained as best as you will ever get it. Pretty sure there was more State involvement in the whole affair than will ever come out.

I miss a lot of things these days but did see it in the article.
Wonder how many cappers even remember that a NYRA report was due. Not that it matters at this point since it been buried alive in the black hole of state government.

[Ocala Mike]

Who says no information can be retrieved from a black hole?

http://ig.ny.gov/pdfs/NYRAPublicReport2014.pdf

[ReplayRandall]

Originally Posted by Ocala Mike

Who says no information can be retrieved from a black hole?

http://ig.ny.gov/pdfs/NYRAPublicReport2014.pdf

Can someone tell me where the remedy is to reimburse the bettors for the overcharge? In the report, the "bettor" was completely overlooked.(I'm not surprised):

As a result of the takeout issue discussed in this report, the Racing and Wagering Board announced a plan96 to institute the following remedial measures:
 The Board will include in its annual report a summary of statutes or provisions that have expired or reverted;
 The Board will annually review the qualifications of the auditors performing . . . audits;
 The Board will require all racetracks to submit takeout configuration reports on a periodic basis and the Board will verify the takeouts with the Racing Law;
 The Board will require racetracks to publish their takeout rates with a web link to the current statutory takeout sections of the law.

[Ocala Mike]

Replay, this (ironically) is old hat, and it would be a "replay" to discuss this much in here. The short answer is that, to the extent that NYRA and all ADW's had records of the underpaid wagers, the bettors were made whole again. For bettors that bet on track or otherwise had no historical record of their wagers, NYRA had to augment or enrich certain pools, and I believe it was well publicized at the time.

[ReplayRandall]

Originally Posted by Ocala Mike

Replay, this (ironically) is old hat, and it would be a "replay" to discuss this much in here. The short answer is that, to the extent that NYRA and all ADW's had records of the underpaid wagers, the bettors were made whole again. For bettors that bet on track or otherwise had no historical record of their wagers, NYRA had to augment or enrich certain pools, and I believe it was well publicized at the time.

Thanks for the reply OM......