LightsOut 486 Report post Posted February 18, 2019 had contractually tied the NZ Racing Industry up for 5 years with Paddy Power & 10 years with Open Bet. The new Platform has cost the Industry $50,000,000 plus another $51,000,000 over the next three years, if TABCORP take over the wagering side of the Industry which when the true financial figures as to the state of the Industry come to light I can't see any other way out then the Industry will have to pay out the remaining yearly terms of the agreed amounts to both Paddy Power & Openbet. John Allen said that's a cost of $17,000,000 a year so say when it happens Paddy Power have 3 years of the contract to run & Open Bet 8 years. 3 years at $17,000,000 and then 5 years at $8,500,000 = $93,000,000 to get out of signed contracts. Why would you sign up a Company for 10 years and another one or 5 years on something new costing tens of millions, normal companies sign for 2 years even 12 months with the right to renew if both parties are happy with the running costs and returns generated verse budgeted figures for both. There were only two winners paid out in the agreements signed and the NZ Racing Industry pays nothing back for running 3rd eg last. rdytdy and Baz (NZ) 1 1 Quote Share this post Link to post Share on other sites More sharing options...
Southland 91 Report post Posted February 19, 2019 If the figures you quote are correct that’s of massive concern. An eight year commitment at those costs when technology is moving faster than ever and digital effeciency driving down costs. Come on! hedley and Baz (NZ) 1 1 Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted February 19, 2019 15 hours ago, Southland said: If the figures you quote are correct that’s of massive concern. An eight year commitment at those costs when technology is moving faster than ever and digital effeciency driving down costs. Come on! Spot on. IT history is littered with rags to riches stories and also massive blunders from the most intelligent of organisations. How often do we hear of multi million dollar computer projects scrapped. Back in the early eights Xerox was the technology leader with the cream of research scientists at work. Just took a couple of upstarts i.e. Steve Wozniak and Steve Jobs a few minutes how to exploit the technology and launch Apple. Today Xerox is an expert in staff layoffs. Apple and Microsoft have made their share of blunders as well. But then along came John Allen. He had it all figured. He knew everything about technology, wagering, horse racing so couldn't miss. What he didn't know then Glenda knew. Wow here was the combination that was going to launch racing into dizzy new heights. Well take some consolation John Allen even super brains such as e.g. Bill Gates, Steve Jobs, Jeff Bezos all make mistakes. But better move on to the next mistake this one will take some solving. Insider, LightsOut and Phantom 3 Quote Share this post Link to post Share on other sites More sharing options...
