shaneMcAlister

Too many accountants

Recommended Posts

Bernard Saundry discussed on his facebook live forum (thank you for these Loveracing and Bernard) the reason behind the removal of Face to Face betting.

The accountants had come up with the below calculation:

  • Face to face betting terminals turned over $30M.  16% of this meant revenue of $4.8M.  
  • Cost to Rita to run these terminals is $4.1M and the costs to clubs for wages is $1M. 
  • So effectively a loss of $300K. 

The accountants say we can't continue like this, losing money.  However this is where accountants have a very limited view and don't consider the below:

  • How the fcuk can it cost Rita $4.1M to run the oncourse terminals when they don't pay on course wages?  Can this cost not be reduced?
  • Taking these away from clubs will severely reduce the oncourse experience for the big days with their once a year crowds.  Clubs need a big day every year.
  • Do most punters not start by having a little oncourse flutter?
  • Did we analyse if some days are profitable and some are not?  Maybe just face to face betting on weekends or Premier days?

 

 

 

Share this post


Link to post
Share on other sites

Accountants don't understand. An owner goes on course to watch and bet on their horse PLUS they will bet on other races. If it becomes to hard an owner will bet online or at TAB and possible  only bet on their horse. Therefore another drop in revenue. Get rid of accountants, that would save huge amounts of money.

If anyone runs a business on the advice of accountants they will never grow that business.

Share this post


Link to post
Share on other sites
37 minutes ago, shaneMcAlister said:

Bernard Saundry discussed on his facebook live forum (thank you for these Loveracing and Bernard) the reason behind the removal of Face to Face betting.

The accountants had come up with the below calculation:

  • Face to face betting terminals turned over $30M.  16% of this meant revenue of $4.8M.  
  • Cost to Rita to run these terminals is $4.1M and the costs to clubs for wages is $1M. 
  • So effectively a loss of $300K. 

The accountants say we can't continue like this, losing money.  However this is where accountants have a very limited view and don't consider the below:

  • How the fcuk can it cost Rita $4.1M to run the oncourse terminals when they don't pay on course wages?  Can this cost not be reduced?
  • Taking these away from clubs will severely reduce the oncourse experience for the big days with their once a year crowds.  Clubs need a big day every year.
  • Do most punters not start by having a little oncourse flutter?
  • Did we analyse if some days are profitable and some are not?  Maybe just face to face betting on weekends or Premier days?

 

 

 

Bean counters and fucken lawyers are the bane of society . Met some good ones , met a damn sight more i was the poorer for having dealt with .

Share this post


Link to post
Share on other sites
5 hours ago, Bestbetbazza said:

Accountants don't understand. An owner goes on course to watch and bet on their horse PLUS they will bet on other races. If it becomes to hard an owner will bet online or at TAB and possible  only bet on their horse. Therefore another drop in revenue. Get rid of accountants, that would save huge amounts of money.

If anyone runs a business on the advice of accountants they will never grow that business.

My old boss told me 40 years ago that; “accountants are french letters on the pricks of progress”

Sorry about the crudeness, I am simply quoting him. 
R.I.P. Jim  

 

Share this post


Link to post
Share on other sites

Quoting numbers like this in isolation is the very reason we as an industry are in so much trouble, vision less leadership!

Punters go on course use the SST's have a horrible experience don't bother going back, therefore don't spend money on buying tables,booze,food, entrance fees that all assist the club. Don't get interested in race horse ownership, don't learn about breeding etc etc etc.

SST too hard , time consuming and complicated to use so patrons don't bother, therefore they don't learn what a Quaddie is, what a First4 is  and E/W etc etc, they are embarrassed to ask think its too hard so they just plain stay away from learning about punting as its seen as being just too hard work.

They need to find a balance , even if its just a couple of on course operators.

Share this post


Link to post
Share on other sites

Accountants would never get racing they would rather keep their money safely tucked away in the bank and sponge a drink off a mate . A punter treks oncourse with the dream of leaving with thousands in notes . Please don’t kill the dream .

Share this post


Link to post
Share on other sites
3 hours ago, puha said:

Accountants would never get racing they would rather keep their money safely tucked away in the bank and sponge a drink off a mate . A punter treks oncourse with the dream of leaving with thousands in notes . Please don’t kill the dream .

their money, with what these fuckers charge, its actually yours, they just extract it all from working people.

Share this post


Link to post
Share on other sites

Thanks for letting me know what you think of my occupation, accountant, and realise many think we are accuntants. I've spent $thousands of dollars over the last 30 years to TAB and racing and know of even in little Hawera of accountants whom have owned and raced horses. Yes there are some of the old boring accountants, but the new breed are far more fun to be with, eg Luke Kemeys as an example.

 

Cheers and happy punting today.

Share this post


Link to post
Share on other sites
1 hour ago, Pottsie said:

Thanks for letting me know what you think of my occupation, accountant, and realise many think we are accuntants. I've spent $thousands of dollars over the last 30 years to TAB and racing and know of even in little Hawera of accountants whom have owned and raced horses. Yes there are some of the old boring accountants, but the new breed are far more fun to be with, eg Luke Kemeys as an example.

 

Cheers and happy punting today.

Hi Pottsie

This is not meant as a personal attack on accountants.  What I am getting at is that a spreadsheet might say that face to face terminals are not profitable (I still can't understand $4.1M Rita cost) however it does not show the true value.  Raceform is not profitable but I still think it is needed.

Share this post


Link to post
Share on other sites

Go to Albion Park, 1 tote operator on most occasions ,surely we can at least leave a couple on track in strategic positions.

The old terminals were temperamental to say the least , hated that you couldn't see your collecto on display when/if ever cashing in tickets.

Imagine how these delicate SSTs will cope with all the travelling and handling on the end of a hand truck ..

Share this post


Link to post
Share on other sites

The point is Bernard is quoting the advice from their accountants. We all know that will only give you half the picture. He should balance that against what his Sales/Marketing team are advising, presuming he has asked.

The whole industry seems to be about cutting cost but that should be balanced building revenue.

Share this post


Link to post
Share on other sites
19 hours ago, Insider said:

My old boss told me 40 years ago that; “accountants are french letters on the pricks of progress”  

 

Insider, a long-term maxim of mine has been to keep as much distance as possible between my hard-earrned and any/all of:

Accountants

Auditors

Advertisng/Marketng folk

Solicitors

 

Share this post


Link to post
Share on other sites
2 hours ago, Disillusioned said:

Insider, a long-term maxim of mine has been to keep as much distance as possible between my hard-earrned and any/all of:

Accountants

Auditors

Advertisng/Marketng folk

Solicitors

 

All this 'putting the boot into Accountants' tells me more about the pin-sized brain of the posters than it does these people who have never done me ,my family or any decent citizen I know any harm at all.

Racing would be a lot better if they had brought some accountants in before they wasted their money and not waited till it too late ,to basically tally up the mess and try and trade back to solvency.

A few time-proven basics would have gone a long way.

For the record doing some basic training in numbers was the smartest thing I ever did and although I never been an 'accountant' as such that 'ticket' certainly gave a heap of options including employment in different parts of world.

Share this post


Link to post
Share on other sites
8 minutes ago, tasman man 11 said:

All this 'putting the boot into Accountants' tells me more about the pin-sized brain of the posters than it does these people who have never done me ,my family or any decent citizen I know any harm at all.

Racing would be a lot better if they had brought some accountants in before they wasted their money and not waited till it too late ,to basically tally up the mess and try and trade back to solvency.

A few time-proven basics would have gone a long way.

For the record doing some basic training in numbers was the smartest thing I ever did and although I never been an 'accountant' as such that 'ticket' certainly gave a heap of options including employment in different parts of world.

I agree with you Tasman Man , but its the interpretation of this output that is of most interest.

Share this post


Link to post
Share on other sites
34 minutes ago, Huey said:

I agree with you Tasman Man , but its the interpretation of this output that is of most interest.

Correct, this thread was about how decisions that seem to make sense based on numbers but numbers do not tell the full story.  
 

A woman was told she only had 6 months to live.

“Oh my God!” said the woman. “What shall I do?”

“Marry an accountant,” suggested the doctor.

“Why?” asked the woman. “Will that make me live longer?”

“No,” replied the doctor. “But it will SEEM longer.

Share this post


Link to post
Share on other sites

But this is the racing game and when it comes to listening to accountants it is best to ask the accountant  if he knows the difference between a caslick and a cannon bone.  If the accountant tells you that a caslick is similar to an orthodontal operation on a Racing Board executive (that is, stitching up a xxxx never you mind) give that bean counter some credence.

Share this post


Link to post
Share on other sites
1 hour ago, tasman man 11 said:

All this 'putting the boot into Accountants' tells me more about the pin-sized brain of the posters than it does these people who have never done me ,my family or any decent citizen I know any harm at all.

So let me read that in context.

You are (1) calling my brain 'pin-sized' and (2) implying I am indecent.

Hard to have a decent discussion with someone holding such bizarre views!

 

 

Share this post


Link to post
Share on other sites
12 hours ago, Pottsie said:

Thanks for letting me know what you think of my occupation, accountant, and realise many think we are accuntants. I've spent $thousands of dollars over the last 30 years to TAB and racing and know of even in little Hawera of accountants whom have owned and raced horses. Yes there are some of the old boring accountants, but the new breed are far more fun to be with, eg Luke Kemeys as an example.

 

Cheers and happy punting today.

Hang in there Pottsie.......anonymous posters find it easy to put the slipper.....often driven by jealousy !

 As Ernest Rutherford , famous Nelson born physicist ,is quoted as saying "Gentlemen,we have run out of money ,its time to start thinking ".

Of interest too is that when NZ Racing reached desperation point in 2018 , after various NZ Racing folk and Breeders on NZRB and Code Boards had neither the answers , courage or internal fortitude to make and implement changes they [THru WP] brought in John Messara latterly known as an Aussie breeder but prominent as a gifted and well qualified Public Accountant.

And Messara did it for nothing !

Kiwi's still find his suggestions hard to accept so we WISH another Aussie Peter V'Landys who is seen as both the saviour of Victorian racing and the NRL ,  would help us !

Of course Peter V'Landys is an Accountant as well !!!!

Share this post


Link to post
Share on other sites
27 minutes ago, tasman man 11 said:

Hang in there Pottsie.......anonymous posters find it easy to put the slipper.....

I think there is only a couple of us that are not anonymous on here?!?! L

This thread was not meant to upset precious accountants. 
 

 

Share this post


Link to post
Share on other sites
8 hours ago, Bestbetbazza said:

What's wrong with everyone NZTR have said they are taking their advice from accountants. That's only going to mean cut cost no growth

We deserve some so much better bit it ain't gunna happen under present set up.

NZTR are the problem there, its their vision and initiatives that are supposed to fill in around the advice from the accountants, but alas there is no vision,strategy or initiative from that lot.

Saundry thinks $15k stakes, paying down to 14th and free racing was an NZTR vision, the industry been screaming it out to them for years!

Share this post


Link to post
Share on other sites
10 minutes ago, Huey said:

NZTR are the problem there, its their vision and initiatives that are supposed to fill in around the advice from the accountants, but alas there is no vision,strategy or initiative from that lot.

Saundry thinks $15k stakes, paying down to 14th and free racing was an NZTR vision, the industry been screaming it out to them for years!

The no face to face betting terminals on course is a RITA decision, Saundry was justifying their decision based on the calculation provided.  

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.