Leggy 4,068 Report post Posted July 9, 2020 6 hours ago, shaneMcAlister said: Thanks leggy. So post the new betting platform our net betting turnover is still less than the old system.... Yes. Total revenue is dead flat. That's post the new platform, with most of the racefields fees coming in, and with the first phase of the betting duty reduction in place. And there's no reduction in expenses. weasel57, Pam Robson and dock leaf 3 Quote Share this post Link to post Share on other sites More sharing options...
JJ Flash 2,132 Report post Posted July 9, 2020 11 hours ago, scooby3051 said: But NONE have gone yet...it seems its taking a long time to get their snouts out of the trough..all the minows were dealt to swiftly..why not the other end too??? I agree Greg shaneMcAlister, weasel57 and Patiti 3 Quote Share this post Link to post Share on other sites More sharing options...
mike28 182 Report post Posted July 9, 2020 pie warmer has no off button Quote Share this post Link to post Share on other sites More sharing options...
Leggy 4,068 Report post Posted July 9, 2020 17 minutes ago, mike28 said: pie warmer has no off button It'll go off when they turn the power off. Patiti 1 Quote Share this post Link to post Share on other sites More sharing options...
LightsOut 486 Report post Posted July 10, 2020 I can't fathom why McKenzie would in the half year August 2019 - January 2020 financial report make mention at the beginning and the end of his comments the impact that Covid 19 has had on most business's across the globe. Covid 19 had zero effect on the a bottom line of the accounts in question. In comparison to previous 6 monthly reports it's a 'con' 'dense' statement and as such lacks the required information to be able to fully comprehend the true situation. It's poor financial reporting when an Organisation doesn't have the previous 6 months alongside the current figures and if you look at last years 6 monthly report report both current and this years both figures exist. The Racing Minister said that RITA would be a transparent and open agency well it's obvious they are far from that. Quote The New Zealand Racing Board will change to the Racing Industry Transition Agency Board (RITA). RITA will be responsible for managing change in the industry and for its everyday functions, as the industry moves through its one-year transition period to a financially sustainable future.“With transitional powers, RITA will enable the urgent changes required to drive the racing industry toward a financially sustainable future,” says Mr Peters The first 6 months there appears to have been no real urgency towards cutting costs and then along comes Covet 19 and gives RITA the jump start they needed but due to basically doing nothing in the first 6 months they had no other option to adopt but a cost cutting knee jerking reaction which meant maybe some things were cut which shouldn't have been eg Radio Trackside . Quote To make sure that there is no decline in public interest of the industry, Peters asked RITA to communicate with consumers and ensure that betting is carried out in a fair manner .Mmm do you think the axing of Radio Trackside would resulted in a decline in public interst of the Industry. Why didn't RITA communicate with their customers as required under their mandate to do? They obviously forgot about that small detail of been open and transparent. Quote They must implement a financial structure in order to ensure that they do not run short of funds Ha financials structure had no chance when millions in Bonus Bets oddly gets coded to the wrong area. I mean come on how could it not have been picked up earlier when all of a sudden one area of cost starts going above what it should be. Most financial Organisations would actually call that creative accounting rather than blamed on a coding error. Great financial structures implemented when it takes months to pick-up what should have been noticed after a month. So that's a fail by RITA. Quote The New Zealand Racing Minister, Winston Peters, described his ideas for the country’s new Racing Industry Transition Agency The Government put further emphasis on clients, stating that the body must incorporate a customer service ethos that invests effort to keep commitments, be serious about creating commitments and deliver on targets. In order to guarantee that there is no decrease in the public trust of the sector, Peters has requested RITA to engage with customers to guarantee that betting is carried out in a reasonable way and that attempts are made to minimise any future damage caused by gambling. Looking at the figures and results that's a fail by RITA Update from RITA aug 2019 4th meeting board Quote Performance As has been previously signalled, the performance of the then New Zealand Racing Board for the 2018/19 financial year did not meet budget or forecast projections. There were a number of reasons for this: reduced turnover in the first half of the year with lower betting activity from Elite punters; lower margins in the second half, particularly in Sport; and customer disruption in January as we launched our new betting platform. Near a year on the same pin gets given bad results going punters way and big punters betting less. Must be some punters making plenty out there. Oddly enough the best sports result ever occurred in the first 6 months when the TAB won over $7 million from the Rugby World Cup. Quote Last year - RITA’s budget for this year 2019/20 is geared around profitability this season lifting to $165.8 million and is being based on projections on realistic and pragmatic revenue growth assumptions in combination with an ongoing diligent approach to the management of core costs. Fail Quote Of the immediate grant, $26 million will be used to pay RITA's outstanding supplier bill which Peters said it hadn't been able to because of "strangled revenue". Does that $26 million relate wholly to the first 6 months? And is it reflected in the expense accounts? Quote Revenue included growth in merchant fee revenue of $0.5 million Why are they reporting revenue growth in this area when merchant fees charged to a consumer are only supposed to be a recovery of bank credit card costs by a Company. The expense and income from this area should cancel each other out. Elite customers don't pay credit card fees and with them turning over % wise in betting more than the average 'Joe' punter it seems they are subsidising the free ride for the Elites. John Allen said the $50 million dollar plus $17 million a year in costs would be world class and enable the NZ TAB to competitive with overseas rivals. Well the first thing you do is remove credit card deposite fees like all TAB"s and Corporate bookies have in Australia. Paying a fee to use that nightmare of a site is a joke. Poor NZ punter deposites $20 into his account pays his bank $2.15 for a credit card fee, if he uses card credit pays about 20% then punts into tote pools with a top takeout of 26% then they poor $#$@ard has to try and pick a winner. That credit card fee came in a year after Bayliss and his ex banking GM mates came in. The NZ TAB would have a good % rate on their merchant fees, most companies that do charge a credit card fee are around 2.5% so teh $2.15 on a $20 deposite is a high % for a customer to pay and on that type of a transaction results in a money making excercise. Interesting Lotto don't charge a merchant fee for online deposites. The merchant fee for debit cards online is 1% and $0.00 through eftpos. If anyone was charged a merchant fee of $2.15 by the TAB when depositing online during Lockdown e-mail them for a refund as banks waived merchant fees during this period. Its not the amount but the principal; as punters already get stung enough without adding to the TAB's revenue line when they don't have to. The first 6 months I would rate RITA's performance 2/10 as saw nothing to make me think they were onto it and made changes needed. We're Doomed and weasel57 2 Quote Share this post Link to post Share on other sites More sharing options...
LightsOut 486 Report post Posted July 10, 2020 21 minutes ago, LightsOut said: I can't fathom why McKenzie would in the half year August 2019 - January 2020 financial report make mention at the beginning and the end of his comments the impact that Covid 19 has had on most business's across the globe. Covid 19 had zero effect on the bottom line of the accounts in question. In comparison to previous 6 monthly reports it's a 'con dense' statement and as such lacks the required information to be able to fully comprehend the true situation. It's poor financial reporting when an Organisation doesn't have the previous 6 months alongside the current figures and if you look at last years 6 monthly report both current and this years both figures exist. The Racing Minister said that RITA would be a transparent and open agency well it's obvious they are far from that. The first 6 months there appears to have been no real urgency towards cutting costs and then along comes Covet 19 and gives RITA the jump start they needed but due to basically doing nothing in the first 6 months they had no other option to adopt but a cost cutting knee jerking reaction which meant maybe some things were cut which shouldn't have been eg Radio Trackside . .Mmm do you think the axing of Radio Trackside would resulted in a decline in public interst of the Industry. Why didn't RITA communicate with their customers as required under their mandate to do? They obviously forgot about that small detail of been open and transparent. Winston wanted RITA to put better financial structures in place. Ha financials structure had no chance when millions in Bonus Bets oddly gets coded to the wrong area. I mean come on how could it not have been picked up earlier when all of a sudden one area of cost starts going above what it should be. Most financial Organisations would actually call that creative accounting rather than blamed on a coding error. Great financial structures implemented when it takes months to pick-up what should have been noticed after a month. So that's a fail by RITA. Looking at the figures and results that's a fail by RITA Near a year on the same spin gets given bad results going punters way and big punters betting less. Must be some punters making plenty out there. Oddly enough the best sports result ever occurred in the first 6 months when the TAB won over $7 million from the Rugby World Cup. Does that $26 million relate wholly to the first 6 months? And is it reflected in the expense accounts? Quote growth in merchant fee revenue of $0.5 million (+20.8%) Why are they reporting revenue growth in this area when merchant fees charged to a consumer are only supposed to be a recovery of bank credit card costs by a Company. The expense and income from this area should cancel each other out. Elite customers don't pay credit card fees and with them turning over % wise in betting more than the average 'Joe' punter it seems they are subsidising the free ride for the Elites. John Allen said the $50 million dollar plus $17 million a year in costs would be world class and enable the NZ TAB to competitive with overseas rivals. Well the first thing you do is remove credit card deposite fees like all TAB"s and Corporate bookies have in Australia. Paying a fee to use that nightmare of a site is a joke. Mind you John Allen did say this when interviewed about his new role for the Wgtn City Council Quote However, Allen said the racing industry still had huge potential, and the new betting platform would "stand the organisation in good stead Must be some good shit getting blown around Wgtn at the moment. Poor NZ punter deposites $20 into his account pays his bank $2.15 for a credit card fee, if he uses card credit pays about 20% then punts into tote pools with a top takeout of 26% then they poor $#$@ard has to try and pick a winner. That credit card fee came in a year after Bayliss and his ex banking GM mates came in. The NZ TAB would have a good % rate on their merchant fees, most companies that do charge a credit card fee are around 2.5% so teh $2.15 on a $20 deposite is a high % for a customer to pay and on that type of a transaction results in a money making excercise. Interesting Lotto don't charge a merchant fee for online deposites. The merchant fee for debit cards online is 1% and $0.00 through eftpos. If anyone was charged a merchant fee of $2.15 by the TAB when depositing online during Lockdown e-mail them for a refund as banks waived merchant fees during this period. Its not the amount but the principal; as punters already get stung enough without adding to the TAB's revenue line when they don't have to. The first 6 months I would rate RITA's performance 2/10 as saw nothing to make me think they were onto it and made changes needed. shaneMcAlister 1 Quote Share this post Link to post Share on other sites More sharing options...
Mikie 325 Report post Posted July 10, 2020 7 hours ago, JJ Flash said: I agree Greg Really? You didn't a week ago Greg Glad you have now altered your opinion Mikie Quote Share this post Link to post Share on other sites More sharing options...
Mikie 325 Report post Posted July 10, 2020 27 minutes ago, LightsOut said: I can't fathom why McKenzie would in the half year August 2019 - January 2020 financial report make mention at the beginning and the end of his comments the impact that Covid 19 has had on most business's across the globe. Covid 19 had zero effect on the a bottom line of the accounts in question. In comparison to previous 6 monthly reports it's a 'con' 'dense' statement and as such lacks the required information to be able to fully comprehend the true situation. It's poor financial reporting when an Organisation doesn't have the previous 6 months alongside the current figures and if you look at last years 6 monthly report report both current and this years both figures exist. The Racing Minister said that RITA would be a transparent and open agency well it's obvious they are far from that. The first 6 months there appears to have been no real urgency towards cutting costs and then along comes Covet 19 and gives RITA the jump start they needed but due to basically doing nothing in the first 6 months they had no other option to adopt but a cost cutting knee jerking reaction which meant maybe some things were cut which shouldn't have been eg Radio Trackside . .Mmm do you think the axing of Radio Trackside would resulted in a decline in public interst of the Industry. Why didn't RITA communicate with their customers as required under their mandate to do? They obviously forgot about that small detail of been open and transparent. Ha financials structure had no chance when millions in Bonus Bets oddly gets coded to the wrong area. I mean come on how could it not have been picked up earlier when all of a sudden one area of cost starts going above what it should be. Most financial Organisations would actually call that creative accounting rather than blamed on a coding error. Great financial structures implemented when it takes months to pick-up what should have been noticed after a month. So that's a fail by RITA. Looking at the figures and results that's a fail by RITA Update from RITA aug 2019 4th meeting board Near a year on the same pin gets given bad results going punters way and big punters betting less. Must be some punters making plenty out there. Oddly enough the best sports result ever occurred in the first 6 months when the TAB won over $7 million from the Rugby World Cup. Fail Does that $26 million relate wholly to the first 6 months? And is it reflected in the expense accounts? Why are they reporting revenue growth in this area when merchant fees charged to a consumer are only supposed to be a recovery of bank credit card costs by a Company. The expense and income from this area should cancel each other out. Elite customers don't pay credit card fees and with them turning over % wise in betting more than the average 'Joe' punter it seems they are subsidising the free ride for the Elites. John Allen said the $50 million dollar plus $17 million a year in costs would be world class and enable the NZ TAB to competitive with overseas rivals. Well the first thing you do is remove credit card deposite fees like all TAB"s and Corporate bookies have in Australia. Paying a fee to use that nightmare of a site is a joke. Poor NZ punter deposites $20 into his account pays his bank $2.15 for a credit card fee, if he uses card credit pays about 20% then punts into tote pools with a top takeout of 26% then they poor $#$@ard has to try and pick a winner. That credit card fee came in a year after Bayliss and his ex banking GM mates came in. The NZ TAB would have a good % rate on their merchant fees, most companies that do charge a credit card fee are around 2.5% so teh $2.15 on a $20 deposite is a high % for a customer to pay and on that type of a transaction results in a money making excercise. Interesting Lotto don't charge a merchant fee for online deposites. The merchant fee for debit cards online is 1% and $0.00 through eftpos. If anyone was charged a merchant fee of $2.15 by the TAB when depositing online during Lockdown e-mail them for a refund as banks waived merchant fees during this period. Its not the amount but the principal; as punters already get stung enough without adding to the TAB's revenue line when they don't have to. The first 6 months I would rate RITA's performance 2/10 as saw nothing to make me think they were onto it and made changes needed. Awesome Lightout, you should be LightsOn Mikie Pam Robson and shaneMcAlister 2 Quote Share this post Link to post Share on other sites More sharing options...
Ohokaman 5,822 Report post Posted July 10, 2020 The January end date is the important fact there. If I was manufacturing a PL Statement to “look good”, it would be pretty close to that one. Quote Share this post Link to post Share on other sites More sharing options...
tasman man 11 979 Report post Posted July 10, 2020 LightsOut above makes some excellent observations above....it sure is a question why Credit Card fees so high......surely there are other expenses/recoveries included in that line Close to $5 mill seems a lot ! But the narrative obviously designed to mention a few roses while overlooking the weeds ! We're Doomed 1 Quote Share this post Link to post Share on other sites More sharing options...
Mikie 325 Report post Posted July 10, 2020 30 minutes ago, tasman man 11 said: LightsOut above makes some excellent observations above....it sure is a question why Credit Card fees so high......surely there are other expenses/recoveries included in that line Close to $5 mill seems a lot ! But the narrative obviously designed to mention a few roses while overlooking the weeds ! Credit Card charges at $5 million Tasman Man? Come on, even you can't be that silly You must be misreading something Mikie Quote Share this post Link to post Share on other sites More sharing options...
tasman man 11 979 Report post Posted July 10, 2020 5 hours ago, Mikie said: Credit Card charges at $5 million Tasman Man? Come on, even you can't be that silly You must be misreading something Mikie Dunno if credit cards have reached Blenheim yet but the accounts for the 2019 full year noted Merchant Fee recovery to be $4,576,000. Noted as income derived from Credit Card transaction fees charged to customers ! Quote Share this post Link to post Share on other sites More sharing options...
Mikie 325 Report post Posted July 12, 2020 On 7/10/2020 at 11:09 PM, tasman man 11 said: Dunno if credit cards have reached Blenheim yet but the accounts for the 2019 full year noted Merchant Fee recovery to be $4,576,000. Noted as income derived from Credit Card transaction fees charged to customers ! Well, if that’s the case I’m wrong and we are in the wrong business That’s an unbelievable amount, okay, unbelievable might be the wrong word, that’s a staggering amount That represents over 3% of the Code funding Bloody hell Mikie Quote Share this post Link to post Share on other sites More sharing options...
newbie85 94 Report post Posted July 12, 2020 Can anyone here give ONE initiative that Dean McKenzie has done or said that has generated an INCREASE in turnover for racing...... Quote Share this post Link to post Share on other sites More sharing options...
LightsOut 486 Report post Posted July 12, 2020 Quote Can anyone here give ONE initiative that Dean McKenzie has done or said that has generated an INCREASE in turnover for racing.... Maybe we shouldn't knock Dean McKenzie and RITA so much as I heard over the weekend that NZ Lotto and the various Casino's around the Country are very very happy with their efforts and progress to date since their appointments. SKY City shares $1.30 in March 2020 now $2.41 and word is to those that missed on the $1.30 buy now because as soon as the NZ TAB announce their 2020 end of year result it will spruik their share price. We're Doomed 1 Quote Share this post Link to post Share on other sites More sharing options...
