LightsOut

Covid made them get their arses into gear prior to Covid they did stuff all.

Match racing every runner puts in an amount eg $500 either winner takes all or split on placed. If you want to race for big money you go overseas. Either that to make money from horses open a restaurant. https://gordon-ramsay-recipe.com/recipes-of-italian-cuisine/22-ways-to-cook-horse-meat-italian-cuisine.html

Race stakes will decrease by 20% oh no that actually happened when the 2% a stater fee was introduced. Wakefield Challenge at Trentham 7th December 2019 100k Stake 1st = 62,500 2nd = 20,000 3rd = 10,000 4th = 5,000 5th = 2,500 Total stakes paid = 100k 2020 100k Stake 1st = 54,000 -13% 2nd = 15,000 -25% 3rd = 7,000 -30% 4th = 4,000 -20% 5th = 2,000 6th = 2,000 7th = 2,000 8th = 2,000 Total stakes paid = 88k which is 12k less than the advertised stake Stake placed runners subsidising the also rans is a joke. Stakes need to go up not down. (5) Notwithstanding anything to the contrary expressed or implied elsewhere in these Rules, a sum of money credited to a horse in respect of a particular Race shall not be deemed to be stakes unless such sum is so credited solely on account of such horse having been placed by the Judge (or, in the case of an inquiry resulting in a change of placings, by the Judicial Committee) in a stake bearing place in that Race. A sum which is intended to be credited to a horse in a particular Race merely on account of that horse having started in a Race shall not be included in the stake advertised for the Race and such sum, when credited or paid, shall not be deemed to be stakes.

The problem is there was no transparency in the past and that hasn't changed.

No they shouldn't have received it when they are saying Covid impacted by 10% which is obviously only a 1/3 of the threshold. Take away the $4,000,000 in wage subsidy, the government bailout which included $28 million in months old accounts pre covid they can spin doctor until the cows come home they are in the $#^& big time. They are lucky the 150k max wage subsidy per company first proposed was lifted. Messara had the right idea start with a clean piece of paper. More cleaning out is still required especially anyone associated with that crap piece of a thing they call a betting platform. The $17 million a year cost will ultimately sink the TAB. Will unfortunately be a laugh when the spin doctoring gets thrown at the Industry at the AGM. I thought Dean McKenzie would he an asset even though a few mates said different unfortunately I have to put my hand up and say I was wrong.

I could imagine the Ombudsmans office is often complete waste of time. Often its better to pass the info onto someone in opposition so questions can be directed to the relevant Minister for details and explanations. Someone I know is currently looking to do exactly that so maybe we will see down the track how good that process is in dealing with concerns relating to a Government entity.

The NZ TAB has three in-house lawyers employees with one on the new board, if the contract with Openbet didn't have any conditions for recovery of money lost due to software problems they should all get sacked because the bottom line is no responsible Company lawyer would not allow that clause not to be included.

He is leaving at the end of November which is a reason the Industry should be celebrating today. Apparently going to work in Nevada for Don Best who offer trading and betting services. It was sold in 20-18 to Scientific Games a Company who also owns Openbet who built the NZ TAB betting platform and have a 10 year contract with the TAB for over $100 million to service and maintain the Betting Platform. This is the person who went overseas to source a new Betting Platform gave his recommendation to John Allen who passed it onto the Board. A $50 million dollar cost plus 10 years of tens of millions more.

Obviously Covid has had an impact on the end result but the one positive it did do was to ensure financial and structural changes were made. These types of changes made was why RITA was put in place halfway through last year. Nothing was done except bank loans increasing by $10 million prior to Covid when if they had got their act together it would have resulted in a slightly better financial end result. Interesting to note I didn't see it mentioned anywhere the financial impact of the 'bonus bets' fiasco which resulted in millions wrongly credited as income. $1.6 million of this was wrongly included in last years Financial Reports plus millions more this year. The $1.6 million should have got picked up by the Auditors last year but guess they didn't want to embarrass themselves by making mention of it. In March RITA advised an independent review would be undertaken as this bonus error would impact on the Financial return to the Industry. Where is the findings of this 8 month old review? Surely it should have got included in the Financial Report just released and another reason why the end result is down? You can't hang it all on Covid. Then again they will probably blame Covid for giving the Platforms software a virus. What do you think any Company would be doing if they paid $50,000,000 to another Company for a Betting Platform (which you don't own) and you are paying millions a year for it to be serviced and maintained and then you put out a press release placing the reason for the reversing in millions in accounts was due to an error in its system. You would be seeking full monetary compensation for the loss as the betting platform wasn't maintained and serviced as needed so these type of errors don't occur. If the loss isn't compensated in next years accounts then serious questions need to be asked eg if no compensation obviously it can't have being the Platform so how did it happen? There are I think a number of other matters of concern in the Financial Report so it will be interesting to see what develops down the track.

Maybe you could ask the NZ TAB's rep although he will be gone by the end of the month so you better hurry up as apparently he isn't the best at responding to questions. Click the link below for some info on the World Tote Association and for the NZ contact. https://world-tote.org/organisation/

Keep collecting those points one day you will either equal the National average or failing that no doubt you will get a job in 'management at the NZ TAB' if your not there already .

Mmmm we will see who needs them more in a few weeks. Very sad situation when a minor party spokesman has more idea as to what is really going on than those who should do.

Advance another 10 IQ points

Time for another one whoever was in charge of putting the 2018 review into action has failed miserably.

Obviously the last review was too long ago. I wonder how much of the $45,000,000 bank loan got paid back from the millions given to bail the industry out, I am guessing none. No doubt that's why for the first time ever we never saw a 6 month financial report Aug - January and Covid can't be blamed for that one. Good call by Ashton. --------------------------------------------------------------------------- Racing Industry In Tatters Tuesday, 26 May 2020, 1:44 pm Press Release: New Conservative New Conservative Racing Spokesman, Lachie Ashton, calls for a commission of inquiry into the Racing Industry Transition Agency (RITA), the New Zealand Racing Board (NZRB) and the Racing Integrity Unity (RIU) following twenty years of poor management that has left the industry in crisis. He wants commissioners appointed by the industry to take over the management of the RITA and the RIU immediately and is calling for Winston Peters to stand down as Minister of Racing. "The government’s cash injection on the 12th May was nothing more than a bailout for an insolvent RITA following years of clueless leadership appointed under a system of “jobs for the boys” without suitable experience or qualifications and with the ability to pay themselves far more than they are worth," says Ashton. The scope of the inquiry needs to go back at least 12 years so that lessons can be learnt in how to better manage and restructure the industry going forward. It is also necessary to hold to account those who have not served the industry well and to purge the industry of the underperformers that remain. NZRB/RITA have gone from approximately $104 million in equity to insolvency in 12 years. Their 2019 report shows a loss of $28.5 million, up from $15.8 million in 2018. Total equity was $24.9 million, down from $53.5 million in 2018. RITA’s mid-year report is overdue. The 2019 report shows 136 staff earning over $100,000 with a wage bill of $61.5 million a year averaging out at $1,182,750 a week. About $22,500 a week was spent on consultants and $54,000 a week on travel and accommodation. The 2019 report had over $2 million of unexplained expenses, or on average $39,365 a week. A crucial part of the enquiry needs to be focussed on RITA’s decision to spend a reported $50 million on a new betting platform and the services of Paddy Power Betfair for $17 million a year when there were far better options available. The platform is expensive and not well liked, with punters choosing to use other betting platforms, resulting in a loss of revenue for the industry.wered by Rubicon Project The Racing Integrity Unit has also failed the industry with doping of horses and corrupt practices still rife in the industry. There appears to be a lack of investigation, follow-through and enforcement. Questions need to be asked as to why the practice of blood spinning of horses was allowed and Equine Blood Solutions NZ Ltd to operate. Just like RITA, the RIU needs to be immediately managed by commissioners to purge and rebuild the organisation and get the resources and legislation they need to stamp out cheaters who are robbing honest trainers, owners, horsemen and jockeys of well deserved wins and prize money, and causing a long suffering public to be duped. Cheating is a big factor in industry decline and has to be stopped. “New Conservative supports the current effort by the industry to restructure, but not the draconian move by the Racing Minister to force industry change through RITA. Instead the decisions should be made by industry and government appointed commissioners with a right of appeal for clubs who can justify such an appeal,” says Ashton. “New Conservative would not support the demise of country and picnic racing that can be run profitably and safely and is popular over the holiday season.” The Racing Act needs to be amended to recognise the rightful ownership of the TAB and the Intellectual Property of the New Zealand Thoroughbred and Standardbred racing industry. New Conservative also supports self-governance of the industry, with the inclusion of qualified government appointed representatives to the governing body to bridge the gap between the codes and overcome deadlocks. © Scoop Media

Advance 10 IQ points. The fact that this is a Racing site might give it away though.

Word is another Ministerial Inquiry could be happening soon and hopefully this time a little more transparent and carried out by people with some clues. Round 2 coming up hopefully. Heads still need to roll and changes made before the Industry is back on track. The last lot put in to make changes unfortunately had the no idea.

The Lindauer Stewards NZ TAB Fixed Odds are competitive with overseas which is in stark contrast to the NZ Trotting Cup market yesterday.

Use the web site below if you wish to work out racing or sport book %'s. Example on Race 9 the Lindauer Stewards at Riccarton today odds as at 12:30pm raceday. The race percentage is 125 so the books overlay in their favour is 25%. The tote win % is 115. https://overroundcalculator.com/

What is a Spring Fling? Sounds like a gay rendezous to me

1:15m NZ Cup 'book' % is 129.30 verse 128.74% at 10:00am mmmm usually closer to the race it should be getting less % wise. Now highest book % from 11 outlets.

on a new Betting Platform will make us more competitive with the rest of the world they said'. Ten Fixed odds markets on the NZ Trotting Cup from 10 outlets and your only getting $1.01 if you guess which one has the worst 'book' percentage. Remembering this is the NZ Trotting Cup not the Australian Trotting Cup and the form one would suggest is a little disclosed as a Cup field always is. For the home Country of the race to have the worst race % smacks of one thing 'no idea, no knowledge and gross incompetence (including the new Board) but really should one be surprised. At least the GM of Wagering is on his bike out of there,shame he can't take his $50,000,000 betting platform with him and dump it in the Tasman where it belongs on his way home. They want to retain NZ customers so start getting competitive so at least the monstrosity of a Betting Platform can start at least paying for the interest on itself. NZ TAB NZ Trotting Cup Fixed Odds at 10:00am raceday is 128.74% Other overseas book %'s at the same time.

Too late they are already there.

$50,000,000 plus for a Betting Platform and those in charge of it no idea. Which coming event day's calendar do you think is NZ TAB's banner. Poor clueless buggers had no idea Final Filed odds sometimes comes out 6 days prior. Just no idea clean the place out for Gods sake.

Someone is making the claims but given its the NZ TAB is it any surprise he is labelled as an expert!