I read this somewhere else and thought it was interesting.
Report: Bets were placed after Philadelphia Park horse race was over
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Tue, Jul. 8, 2008
Report: Bets were placed after Philadelphia Park horse race was over
By DICK JERARDI
Philadelphia Daily News
Making money at the racetrack is one of mankind's most difficult endeavors. It would be quite a bit easier, however, if one could bet after a race was over.
It appears that is what happened after the fourth race at Philadelphia Park on June 28. Ray Paulick, of the Kentucky-based paulickreport.com, broke the story yesterday that one or more players at Tampa Bay Downs put in several thousand dollars worth of winning wagers after the horses crossed the finish line at PhillyPark.
"We are aware of the situation," Curtis Linnell, director of wagering analysis for the Thoroughbred Racing Protective Bureau, told Paulick. "It looks like it may have been isolated to Tampa. It didn't look like it was widespread."
Some 20 minutes passed after the race before the prices were posted. At about the same time, it was announced that the fifth race would run without wagering. Delaware Park canceled betting on its first five races that day.
Magical American won the fourth race and paid $9.20. It is fairly obvious the winner would have paid quite a bit more had the "past posting" not taken place. The daily double, combining the 3-5 winner of the third race and Magical American, paid $32.40, quite a bit more than a 3-5 combined with a 7-2 shot should have paid. Without the very late (and very illegal) betting, Magical American likely would have been 8-1 or so. The $27.20 exacta with second-place Ironton also likely was low.
So people who bet on Magical American to win "before" the race and bet the exacta "before" the race got cheated. They should have won quite a bit more than they did.
A stop-betting signal is supposed to go out seconds before the horses leave the starting gate. In this case, the signal did not make it to at least one of the off-track sites.
American racing has several betting companies at its racetracks around the country. Insiders have long known the system that handles $15 billion each year is anything but seamless.
The holes were supposed to be patched after the 2002 Breeders' Cup Pick Six scandal was orchestrated by a betting company employee, in conjunction with two of his former Drexel fraternity brothers. Their effort was so amateurish, it was quickly discovered and they all went to jail. The bigger problem, however, is still there. *
Report: Bets were placed after Philadelphia Park horse race was over
--------------------------------------------------------------------------------
Tue, Jul. 8, 2008
Report: Bets were placed after Philadelphia Park horse race was over
By DICK JERARDI
Philadelphia Daily News
Making money at the racetrack is one of mankind's most difficult endeavors. It would be quite a bit easier, however, if one could bet after a race was over.
It appears that is what happened after the fourth race at Philadelphia Park on June 28. Ray Paulick, of the Kentucky-based paulickreport.com, broke the story yesterday that one or more players at Tampa Bay Downs put in several thousand dollars worth of winning wagers after the horses crossed the finish line at PhillyPark.
"We are aware of the situation," Curtis Linnell, director of wagering analysis for the Thoroughbred Racing Protective Bureau, told Paulick. "It looks like it may have been isolated to Tampa. It didn't look like it was widespread."
Some 20 minutes passed after the race before the prices were posted. At about the same time, it was announced that the fifth race would run without wagering. Delaware Park canceled betting on its first five races that day.
Magical American won the fourth race and paid $9.20. It is fairly obvious the winner would have paid quite a bit more had the "past posting" not taken place. The daily double, combining the 3-5 winner of the third race and Magical American, paid $32.40, quite a bit more than a 3-5 combined with a 7-2 shot should have paid. Without the very late (and very illegal) betting, Magical American likely would have been 8-1 or so. The $27.20 exacta with second-place Ironton also likely was low.
So people who bet on Magical American to win "before" the race and bet the exacta "before" the race got cheated. They should have won quite a bit more than they did.
A stop-betting signal is supposed to go out seconds before the horses leave the starting gate. In this case, the signal did not make it to at least one of the off-track sites.
American racing has several betting companies at its racetracks around the country. Insiders have long known the system that handles $15 billion each year is anything but seamless.
The holes were supposed to be patched after the 2002 Breeders' Cup Pick Six scandal was orchestrated by a betting company employee, in conjunction with two of his former Drexel fraternity brothers. Their effort was so amateurish, it was quickly discovered and they all went to jail. The bigger problem, however, is still there. *