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Wednesday, July 20, 2016

Platt Letter to Canadian Pari-Mutuel Agency

In Canada, there is a resolution with the regulator that will allow tracks to report payouts in increments that will not reflect the pool size. Jeff, on behalf of HANA and Canadian horseplayers has let the organization's thoughts be known. If you'd like to write the regulator and lend your support, please do. 



Re: Canada Gazette, Part I, Vol. 150, No. 24 — June 11
From: 

Jeff Platt, President
Horseplayers Association of North America
93 Campbell Road
Keswick, Virginia 22947

July 20, 2016

Mr. Baird,

I am writing you on behalf of over 3,000 members of the Horseplayers Association of North America – many of whom are Canadian – to express our profound objection to the language published in the Canada Gazette-Vol. 150, No. 24 — June 11, 2016 regarding “pay out price” definitions. 

As you know, pari-mutuel pools are finite and paid out on the sum of the pool minus takeout, divided by the amount of money in winning tickets. A ticket with a $100,000 pool after takeout with one winner holding a twenty cent ticket receives $100,000. If tracks are allowed to publish winning tickets in, for example, a $2 denomination (as proposed) the payout price shared with the public would be $1 million dollars.
This is a fictitious, made-up number. There was not one million dollars in the pool to pay out.  

This practice is clearly, we feel, anti-consumer, and should never be allowed. Another regulated business – the lottery – would (rightfully) not be able to promote and advertise a $1 winning ticket that truly paid $10 million, was $100 million at a $10 ticket denomination. Horse racing should not be allowed to do this, either. 

Pari-mutuel betting relies on regulators to protect the betting public. Promoting pools that are fiction or posting payouts that are not real strikes at the very heart of the game’s integrity. With close to $2B bet by customers in Canada, this is a very real problem that needs to be addressed. 

We propose that the language be changed to posting payouts at “the pools lowest base wager amount”, and “in no way will tracks be allowed to publish a payout greater than the money in the pool.”

We believe that will solve the problem, for an issue that has gone on for too long. 

Sincerely,
Jeff Platt
President, HANA

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