NY rake gets extra rollback after earlier opportunity missed

[Kasept]

Originally Posted by Cardus

I tend to forget that you are a member of the media.

Yeah.. Those inclined to attack are attacking RWB, the Oversight Board & NYRA, but where was a single member of the racing media (including me) or the horseplayer watchdog crowd to ask about when the rollback was going to happen at an appropriate point?

[cmorioles]

Originally Posted by Kasept

Yeah.. Those inclined to attack are attacking RWB, the Oversight Board & NYRA, but where was a single member of the racing media (including me) or the horseplayer watchdog crowd to ask about when the rollback was going to happen at an appropriate point?

There were a few that asked about it at the time on another message board. Apparently emails were sent but were ignored. This thing is a big cluster of incompetence. Surely you aren't excusing those that should have caught it because nobody else did either.

[Kasept]

Originally Posted by cmorioles

There were a few that asked about it at the time on another message board. Apparently emails were sent but were ignored. This thing is a big cluster of incompetence. Surely you aren't excusing those that should have caught it because nobody else did either.

No. Not excusing. Just easy to recognize how it was overlooked given the variety of interested parties that overlooked it.

[pmacdaddy]

It happened. The "overlooked due to the complexity of the takeout provisions in the Racing Law" part is kind of lame.

You are talking about 4% revenue difference on a big portion of the business. Should have been on a lot of parties radar.

[pba1817]

I am pretty sure if they were taking out 1% too low, that this would have been caught rather quickly....

[OTM Al]

Originally Posted by pmacdaddy

It happened. The "overlooked due to the complexity of the takeout provisions in the Racing Law" part is kind of lame.

You are talking about 4% revenue difference on a big portion of the business. Should have been on a lot of parties radar.

Gee, especially since increases in takeout are supposed to reduce profits. So you would think that if their revenues were down by 4% they would have noticed their take was too high....

[parsixfarms]

Was talking to someone about this last night: where were the folks at Getnick & Getnick? Aren't they being paid a seven figure retainer to make sure things like this don't happen? Other than a political payoff to Spitzer friends (when NYRA got franchise renewal), they never struck me as having a single bit of utility, even when they were court-appointed monitor. If some heads are going to roll, isn't this a good place to start?

[Kasept]

Rollback permanent: http://www.drf.com/news/nyras-haywar...tion-permanent

Hayward said the takeout reduction on those wagers would be permanent and not for only 15 months as had been reported by some outlets.