12/5/05
FOR RELEASE: IMMEDIATE
CONTACT: TAMARA CRONIN
DIRECTOR OF PUBLIC RELATIONS
304-387-8335 (OFFICE) 304-479-8097 (CELL)
CHESTER,WV – A new model for calculating pari-mutuel
pools now in effect at Mountaineer Casino Racetrack and Resort will increase betting pools. The recent elimination
of the 30 percent withholding tax on foreign winning pari-mutuel
wagers enables the money wagered outside of the United States
to be commingled into the track pools. The change in pricing
models permits countries such as Canada, England and others
to commingle wagers into Mountaineer’s pools despite
different legal deductions, breakage and currency.
“Net Pool Pricing allows each participating jurisdiction
to abide by its mandated takeout rates without affecting
the remainder of the network,” said Rosemary Williams,
Mountaineer’s director of racing. “If a wagering
site has a higher takeout than the host track, its payouts
are lower. Conversely, if a wagering site offers a lower
takeout, higher payouts than the host track are distributed.”
According to Williams, Net Pool Pricing will impact the
way prices are calculated at Mountaineer, but there will
be no change in prices under single-priced pools such as
Win, Perfecta, Trifecta and Pick Three. But, in multi-priced
pools such as Place and Show, long shots may pay a little
more while favorites may pay a little less. Patrons will
no longer be able to calculate prices from the pools listed
on the tote board due to the additional international variables
that affect the algorithm.
The advantage for tracks opting to participate in Net
Pool Pricing is that it enables the large amount of money
wagered outside the country to be commingled. For further
expansion to occur, one of the requirements is to change
to the tote calculating package that is most commonly used
in the United States. The upgrade to Net Pool Pricing enables
tracks in the US to deal with foreign tax rates and currency
values.
Canadian racetracks have been using Net Pool Pricing since
the Breeder’s Cup was hosted by Woodbine in 1996 .
Customers betting on Woodbine in the U.S. have already been
exposed to this calculation method. Many states have since
adopted Net Pool Pricing in their regulations.
“This will increase the pari-mutuel pools which will
add to the value of the payoff for those attending Mountaineer
races,” said Wiliams.
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