Racehorse TALK

DD i know there are other topics on this issue, but i was hoping that we could get everyone to comment on here, new members to sign up (109 guests at the moment, if each one signed up and posted their support here...) and to finally get an answer from TABCORP as to why every other dividend can be paid to the nearest cent, but win and place TOTE bets are not. Even fixed odds i can get 2.53 or something random like that.

The more voices we add to the chorus the louder it will be, and maybe one day chance may occur. Im not going to stop punting with the TAB, as its the easiest for everything

Deposit/withdraw at thousands of locations instantly and never going to bar you, and they actually provide a service in-person, as opposed to a website that is probably paying as little back to the industry as possible. Even when they put up $51 about more joyous accidentally they allowed the bets to stand.

The Tab has a particular amount of profit that they expect and a certain level of tax they will pay to the industry.

Rounding down, while being abhorrent to the punter, makes up a significant portion of that. If they removed the rounding down, they would simply collect in other ways.

Rounding down is ugly and isn't fair. But it's just a part of their overall financial model. Within months we would be paying 2-3% extra on all bet types to cover their losses.

Just like the perpetual arguments that go on about specific government taxes. They need an amount to operate the country. We expect excellence which takes money. We fight one tax, they raise another. The funniest one currently is those that think the Carbon Tax is about the environment. It is about money. They need more so they need reasons to charge us. Same as rounding down.

The big difference to that analogy, Vamp, is that we HAVE to pay one of those taxes but NOT the other.

They tried putting up the take out didn't they?? It didn't work, punters spoke with their feet and withdrew their money and the TAB had to bring it back to the same amount as always(not sure if my memory is playing tricks on me but that is how I remember it?   )
It is just plain immoral similar to Subs in Quadrellas, I won't take Quadrellas and I won't bet with the TAB, I am not a compulsive punter, I do it for the enjoyment, the intellectual Challenge and I love and think I understand horses, make it unfair and I will just do something else with my money, I reckon it is the only protest that they understand

As Wally said we don't have to pay this Tax, it isn't compulsory  

Rounding only DOWN is a white collar crime.

The rounding principle is to round down, 0.4 or lower & round up 0.5 or higher. Law of averages this works out reasonably even. That's the purpose of rounding to make it easier & reasonably fair. 

When you only round DOWN that is shonky & therefore same as stealing.   
Shame Shame Shame.

Imagine if the stockmarket rounded your shares DOWN before they paid you out. Someone would be under investigation or going to jail for fraud.
 

Spot on EZ. 

I am not about to defend the TABs over this but the racing industry also benefits from this.

All Tabs (although I am not sure about tatts) pay a "product fee" but at the end of the day a certain amount of their final profit
also goes to the industry. With Victoria that is 25% (50% after next August), with WA it is 100% and with NSW it is I think about 15%.

I agree with DD and I hate being a defeatist but the rounding farce has been done to death on this site.

The question is how to motivate millions in the TAB'S each Saturday who probably don't know or don't care to alter their behavior.


Just on other mentioned taxes there is nothing funny about denial.

Oh I can understand now, they are actually Robin Hood?? they just don't wear tights, that is where I misunderstood their motives  They Rob the Poor and give to the rich    

Wouldn't it take longer to comeback another time, get your groceries, wait in line and pay then just pay the first time you went?

Sky it was the principle involved, I refuse to be treated like one of the sheep, waiting in line was not what I objected to, if they had all cashiers on deck and were doing their best to serve customers as quick as possible I would have waited even longer!! my objection was to being ignored and treated with contempt by only having one cashier working when the line was so long (probably about 8/10 trolley loads in the line)

it is about service and respect, The TAB has very little respect for the intelligence of their customers and Rounding just re-enforces that lack of respect, by accepting it  their Customers just confirm to the TAB that they are right!!

Well not this little black duck

You're a weird unit sometimes Jim.

Well Sky I thank you for inferring I am not "one of the mob" I can't believe how you can treat 95% of society like fools and they just put up with it with no sign of protest, you know may be they just don't know they are being pissed on?? maybe they think it is raining

It has always happened and will continue to happen as each smallest unit of currency becomes worthless; from the halfpenny, the penny, the threpenny bit the sixpence. And then came Decimal currency and we had the one cent coin, the two cent coin both now disappeared, but we have the five cent coin and the ten cent coin and we now round to one of those, but probably/nearly always downward.
Don't know if anyone else has noticed, but I do a lot of walking and you can tell when a coin is near extinction because you can pick any number of the next coin to disappear on the streets as people throw the coin away. And up till now there has been no real outcry from  masses. Now what I have noticed is that I am no longer seeing five cent coins on the ground, but now  seeing twenty cent coins in thrown away situations, all around the place;  so get ready for the TAB to start rounding  betting dividends DOWN to the next full  twenty cents below!.

That will teach us all to ignore what is really a  questionable  grab. We should be as mad as Hell, and  we should not take it any more.  It won't happen overnight but it will happen.

The fairer method would be to round to the nearest five cents and instead of gouging the Winners, slightly increase the take out percentage to cover the loss of any revenue that rounding now provides. Although these days computers can handle easily  the minimum legal tender amount, and rounding could then only take place on the final total settlement amount of any  "total payout transaction", as occurrs in final cost transactions of a basket of goods from the supermarket.  The software is already in use in all shops and is so simple anyway. But integrity in dealing with the most important racing person, in the industry, the customer, must start at that point.

There again the Racing powers to be, just wanting to be truly altruistic, have probably decided that reefing up to four/nine cents extra on each one dollar bet payout, is the best way to deter punters from betting on Favourites, or at least Odds On Favourites. Bless their little souls, they really have the customers interest, at heart.
 

I don't take it any more but then I never "took" it in the first place