When we go to the races and wager on the same races being run, it is called on-track wagering. We actually have to be at the track in person to wager. There are other menus (options) for us to place a wager. These options are what we call Simulcast Wagering. In that we are wagering and viewing at a location other than the racetrack itself that run the races live. You can be at home calling on the phone to place a wager or you can be online using the computer to place the wager. You can be at a simulcast outlet with friends watching many different tracks on different monitors at the same time.
Today's racing wagers originate at the host track (hub track) and through simulcast outlets throughout USA and Canada. By agreements (contracts) these simulcast outlets will get paid a certain percentage of all wagers made through their operations paid for from the funds that are paid to the host track running the races. On average, you can expect a simulcast outlet to get about 3 percent of the monies wagered at the simulcast outlet on the host track races. This percentage is deducted from the host track's percentage (cut) of the retention percentage that is applied to the various wagering pools. The host track averages about 10 percent of whatever is handled in the wagering pools. So in effect, the 3 percent paid to the simulcast outlet is paid by the host track from their 10 percent (or more) of their rates of payment from the total pools.
The state where the track is located will get their cut (percentage) of the retention rate deducted from the pools. This rate is set into law by the state legislature. Each track has a contract with the horsemen. That contract will dictate the amount (percentage) of the retention rate that will deducted from the total pool that will be deposited into the purse accounts of said horsemen.
There are some people today, who mistakenly see simulcast wagering much like betting with a bookie (bookmaker). A bookmaker sets his own line (percentages) and may limit the amount he pays. The money he receives from the losing customers goes directly into his pocket. Similarly, the money paid out to the winning customers comes directly from his pocket. The state, track and horsemen never see a penny of this money wagered. It is also illegal to use or be a bookmaker.
Definitions
ADW (Advanced Deposited Wagering): Online/Phone wagering companies that accept wagers in the USA and Canada.
Retention Rate: The amount of money (%) of the total wagered that is deducted get the net pool.
Host Track: The racetrack/racino that is actually running the race.
Host Track Percentage: The percentage deducted from the total pool wagered that goes to the track running the race.
Simulcast Outlet: The establishment off track that is licensed to accept wagers not
State Tax: Tax rate determined by the state legislature that is deducted from the total pool.
Purse Account Percentage: The percentage of the money wagered that is deducted by contract for the horsemen's purses.
Purse: The amount of money that is up for grabs to the top 5 horses to finish the race.
OTBs: Off Track Betting establishment that accepts wagers on simulcast races from US and Ca.
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Editors note:
Why would some people prefer to use the phone/computer at home instead of attending in person at the track or at a OTB simulcast room?
Here are Jake's views upon the subject.
Most of us bet online because:
(1.) The OTBs/tracks treat us badly, the food is lousy, no rebates.
(2.) All most tracks and OTBs care about is $ 2.00 churn.
(3.) They are a textbook for treating customers Poorly
(4.) Why spend gas, tools etc. when we can use that to bet from HOME.
(5.) If the weather is bad so what.
(6.) I cant tell you how many guys I know who bet 100's of bucks won't go back. Can you blame them?
Jake
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Special thank-you goes out to Earl and Jake of the Pandy-Group who without their inspiration and guidance this page would not be possible.
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