JC / Railbird

Industry Archive

Tote Improvements

Last-minute late odds drops may be less of a frustration for horseplayers by late 2012, when the TRPB plans to fully implement a new tote security system that will make it possible for racetracks to display real-time decimal odds. Frank Angst explains in the Thoroughbred Times:

The decimal odds would allow a horse that is 2.60-to-1 to actually be listed as 2.60-to-1. Currently, a horse that is 2.60-to-1 is listed as 5-to-2. If that horse’s odds fall to 2.40-to-1, it currently is listed as 2-to-1, which creates the perception of a more dramatic odds change that what actually occurred. The system initially will focus on win odds but plans would allow for the eventual addition of other pools.

According to the press release sent out by the TRA on Tuesday, the new system will also include a standardized stop-betting process — which should help end the sort of past-posting incidents handicapper Mike Maloney has publicized, such as this one at the Fair Grounds, or this one at Hollywood Park.

1/10/11 Addendum: If only such a system were already in place. Then, the odd betting that manifested in Sunday’s sixth race at Santa Anita might not be so mysterious. PTP speculates that one bettor may have been responsible.

Posted in Industry on January 5, 2011 / Tagged Late Odds Changes, Past-Posting, Tote System, TRA, TRPB, Wagering, Wagering Security

Tax Break

Get a FREE racehorse in 2011, courtesy of the IRS. From an analysis of the recently passed federal tax bill in today’s TDN:

Bonus Depreciation was increased to 100 percent for eligible horses or farm equipment placed in service after September 8, 2010 and before January 1, 2012. In other words, the entire cost of eligible horses or farm equipment purchased and place [sic] in service during that period can be written off. For example, two yearlings purchased and placed in service in 2011 at a total cost of $1 million can be entirely written off that year.

Just in time for Keeneland January shopping. (And a reminder that there are more ways to support ownership than increasing takeout for purses.)

I haven’t done more than skim the sale catalog online, but @irish_1 pointed out on Twitter this morning that Antoniette, dam of G1 La Brea winner Switch, is up for auction next month as hip #267 in foal to Roman Ruler.

Posted in Industry on December 29, 2010 / Tagged Bonus Depreciation, Federal Tax Law, Keeneland, Racehorse Ownership, Sales, Taxes

Maryland Mess

John Scheinman has a full report in the Thoroughbred Times on the apparently imminent end of Maryland racing. Here’s the kicker:

Asked if he believed the Preakness would be run next year, commission chairman Louis Ulman said, “I’d say no.”

That state is exploring all its legal options for saving racing dates and the Preakness Stakes. “That could involve seizing the tracks by eminent domain.”

10:30 AM Update: MTHA general counsel Alan Foreman tells the Blood-Horse: “This needs to be solved in the next 48 hours …”

11:55 AM Update: Tentative agreement reached? That’s what Maryland governor Martin O’Malley’s office is telling reporters. (Confirmed. Details TK.)

12/23/10 Update: As Frank of That’s Amore Stable mentioned in a comment below, a compromise deal was reached on Wednesday. The Preakness has been saved; 146 days of racing have been scheduled for 2011. One aspect of the agreement that should please horseplayers is this — horsemen won’t be compelled to lobby for takeout increases, as MID-Penn was demanding earlier.

More from the Baltimore Sun: “The governor’s deal puts racing on life support for at least a year, but it doesn’t change an obviously poisonous ownership structure for the tracks that imperils racing’s long-term viability.”

Posted in Industry on December 22, 2010 / Tagged Magna, Maryland, Mid-Atlantic Racing, Preakness Stakes, The Brink