Penny Breakage

United Tote Fined for Penny Breakage Miscalculations

After failing to properly calculate Kentucky's newly implemented penny breakage at two Standardbred race meets in July, the totalizator services provider United Tote Company has been fined and ordered to "seed" a future exotic wagering pool with $4,445.77, which equals the amount that the Kentucky Horse Racing Commission (KHRC) determined should have been paid out to bettors had the calculations been correct. According to an administrative ruling dated Sept. 12 and signed by Waqas Ahmed, the KHRC's director of pari-mutuel wagering and compliance, United Tote "provided improper totalizator services" on...

[ Read More ]
Amid Massive Gaming Expansion, Where Does Racing Fit?

The ever-expanding business of betting in America is in a difficult-to-predict flux right now, and one entity's risk is another's potential reward. "The gaming industry, generally, and horse racing, as a part of that, is one of the most dynamic industries on the scene today," Patrick E. Brown, a New York-based attorney who specializes in gaming and public policy, told TDN in a phone interview. "There's the obvious increase in sports betting and fantasy wagering, plus new technologies and advances making it so easy to wager. It's also way more...

[ Read More ]
NY Equine Medical Director Scott Palmer Talks StrideSafe Technology On Writers' Room

As the New York State Gaming Commission's Equine Medical Director, Dr. Scott Palmer is responsible, more than anyone else in the state, for horse safety. It's a responsibility Palmer takes very seriously, and with new wearable biometric technology called StrideSafe, Palmer and his team are doing revolutionary work in detecting potential musculoskeletal injuries, which lead to the majority of horse fatalities, in their earliest stages. Tuesday, Palmer joined the TDN Writers' Room presented by Keeneland as the Green Group Guest of the Week to explain the technology and process of...

[ Read More ]
Penny Breakage to Begin On Kentucky Races July 15

From the Thoroughbred Idea Foundation Bettors wagering on racing from Kentucky will enjoy returns paid to the penny beginning Friday, July 15. The Kentucky Horse Racing Commission confirmed to the Thoroughbred Idea Foundation (TIF) the shift will take effect this week, three months after legislation enabling the change to penny breakage was passed by the Kentucky General Assembly and signed into law. "This is a welcome and long overdue shift in pari-mutuel wagering to pay bettors the entirety of their duly deserved winnings," said Patrick Cummings, TIF's Executive Director. "Kentucky...

[ Read More ]
Penny Breakage Among Gaming Legislation Introduced in KY

Kentucky State representative Adam Koenig (R-Erlanger) introduced four new gaming-related bills Monday, including one (HB 607) dealing with pari-mutuel wagering taxation that includes a provision whereby dividends on pari-mutuel wagers would be rounded to the nearest penny, rather than the nearest $0.10. "This is an exciting step for horseplayers, not only in Kentucky but really anyone in America or around the world who bets into the pools offered on Kentucky racing," said Pat Cummings, Executive Director of the Thoroughbred Idea Foundation, which has been a staunch advocate for a switch...

[ Read More ]

Never miss another story from the TDN

Click Here to sign up for a free subscription.