State calls Bloomy bluff, gloms OTB; Takeout up 1%

[ceejay]

negotiators are considering a raise in the minimum takeout on bets, which state officials say would help to make up for the loss of money from the NYCOTB to the various racing industry groups.

One idea being negotiated would raise the takeouts on bets in New York handled by NYRA, Finger Lakes racetrack, and the OTBs. It would set a new takeout floor, which currently is 14% for one horse bets; that level would be raised to 16.5%. On multiple bets, the legal takeout floor would go from 17% to 19%, according to one document.

http://news.bloodhorse.com/article/45341.htm
Outrageous, IMHO.

[10 pnt move up]

lovely, 2.5% tax increase

[ateamstupid]

Once again, bettors get the shaft for the incompetence and blunders of others. The NYCOTB is losing money because of its own stupidity and irrelevance, yet we're the ones who are asked to bail them out? I've sworn off the OTB because I refuse to pay the outrageous 6% on my winning wagers, and this just makes me more steadfast.

[ShadowRoll]

Stinks. Being stuck with the insanely high takeout rates in Pennsylvania and Delaware, I've always enjoy going up to the NY tracks with their lower rates. It'll still be lower than PA and DE, but certainly detracts from some of the reasons for traveling all the way to NY to gamble. Figuring the cost of gas, might as stay home.

[pgiaco]

Gotta love NYC and NY State, let others pay for their own incompetence.

[ateamstupid]

Originally Posted by pgiaco

Gotta love NYC and NY State, let others pay for their own incompetence.

It sucks, because the product is consistently the best in the country. But the takeout can only get so high before I say "enough's enough".

[Bobby Fischer]

Originally Posted by ateamstupid

Once again, bettors get the shaft for the incompetence and blunders of others. The NYCOTB is losing money because of its own stupidity and irrelevance, yet we're the ones who are asked to bail them out? I've sworn off the OTB because I refuse to pay the outrageous 6% on my winning wagers, and this just makes me more steadfast.

Yes. As a player who likes to occasionally dabble in the show pool that 6% is highway robbery. It is infuriating for someone who tries to win on a small edge.

[zippyneedsawin]

Originally Posted by Bobby Fischer

Yes. As a player who likes to occasionally dabble in the show pool that 6% is highway robbery. It is infuriating for someone who tries to win on a small edge.

Show betting at an OTB is kooky talk.

[hockey2315]

HIGHER TAKEOUT?! I thought we were going to see it getting lower. . .

[DogsUp]

Question here....Do tracks expect people to wager on horses no matter the takeout %? My thought would be that Track A would want to lower the takeout % to grab bettors from wagering their money on another track. I always thought that competition would lower the takeout % (cost). Or am I way off base here?

[Kasept]

As an FYI, what I have to say about this on ATR tonight will be... pointed.

[countrydick]

Joe was nice enough to send me a postcard two days after the franchise deal to tell me what a good job he had done.

[Kasept]

Well, I will say that I spoke to someone today (after I wrote the above) that is close to the situation. They said it may be settled with a better outcome than is advertised in the B-H article.

AND...They also said that Bruno is working hard behind the scenes in the negotiations to keep the damage to the NY breeders and NYRA to an absolute minimum.

[Kasept]

http://news.bloodhorse.com/article/45718.htm
By Tom Precious, B-H

Negotiators in New York the afternoon of June 13 were putting the final touches on legislation in which the state would take control of the New York City Off-Track Betting Corp., thereby averting a shutdown of the city’s betting operations for the weekend.

A deal could be announced later in the afternoon, though staffs representing Gov. David Paterson, the legislature, and New York Mayor Michael Bloomberg were holding one last negotiating session at the Capitol. Paterson had scheduled a 3 p.m. EDT news conference to discuss the NYCOTB situation.

If the pending deal does not blow up, the state would take over NYCOTB in about 90 days. It also calls for a 1% increase in the pari-mutuel takeout on wagers.

[pick4]

http://www.newsday.com/news/local/ne...,5982236.story

The State of NY will take over NYCOTB according to this Newsday article. I like this development because the status quo is being changed. Hopefully this could lead to a merger of NYCOTB and the franchise holder NYRA.