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Tabcorp cops massive fine

East Coast Racing
$45million fine for not reporting suspicious activity. With court costs can come up to $90m.

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  • LuckyLongshotsLuckyLongshots    4,270 posts
    #-o
  • hashhash    7,495 posts
    bit more detail in the article would of been nice
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited March 2017
    They've been asleep at the wheel for ages. Whatever happened to the former CEO Elmer Funke Kupper ? Was involved in a shady deal with the Cambodian PM involving a 200k payment. Hard to believe but true. Yes as the new ads with James Cumming says Tabcorp gives back a lot...now they can give 45 million dollars. See they have advertised for a new compliance officer...another clown in a suit coming up.
  • curmudgeoncurmudgeon    2,417 posts
    Yep...let's privatise the WA TAB to fall in line with the dodgy practices of the world of corporate gambling. Shonks in suits.  
  • hashhash    7,495 posts

    Yep...let's privatise the WA TAB to fall in line with the dodgy practices of the world of corporate gambling. Shonks in suits.  

    Isn't that what makes the world go round though
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    Thats true @Hash called - free enterprise. Just noticed AUSTRAC was also awarded costs , which takes Tabcorps financial hit for its failings to more than $90m. Tabcorp a law unto themselves - but fortunately not above it.
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited March 2017
    Tabcorp with full knowledge it's not allowed - even blind Freddie knows it - you cannot give a line of credit to clients. It's illegal. Contravenes the betting act. ( Remember the fiasco here awhile back ) Yet they still went ahead and did it..time and time again. Slow learners, hopefully the $90m payment will stop that once and for all.
  • hashhash    7,495 posts

    Tabcorp with full knowledge it's not allowed - even blind Freddie knows it - you cannot give a line of credit to clients. It's illegal. Contravenes the betting act. ( Remember the fiasco here awhile back ) Yet they still went ahead and did it..time and time again. Slow learners, hopefully the $90m payment will stop that once and for all.

    sportsbet clearly offer an option to apply for credit!

    I seen a screen shot of someone's account just yesterday that showed his account in the minus (-$1000) I assume he has a $1000 credit limit with them
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    It's illegal for the Tab to do it...not sure about the corporates must be ok! Come in spinner haha. Look up Rosendorf took the tab for a fortune. Clowns.

    carey likes this post.

  • hashhash    7,495 posts
    cant find anything mate
  • careycarey    6,368 posts
    hash said:

    cant find anything mate

    http://forums.pcpowerplay.com.au/archive/index.php/t-95120.html

    and we might add that the present boss of rwwa is the one that .............
    according to what i have been told.
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    Oh yes finished up with egg on their faces and a lot more when it all hit the fan. All forgotten and swept under the carpet now. Rosendorf 1. Tab 0. Then lo and behold Tabcorp continue with the same practice :-j
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    Set him up in his own special room like a king and had all the court jesters ( tab cronies ) running around doing his rather large bets and he's not paying! Ever tried not paying for a bet at the tab ? Well in this case it was ok to run up hundreds of thousands of dollars and not pay. Then comes a time tab wants it money....well that's were the story begins.
  • hashhash    7,495 posts
    link won't open for me but is this the same guy who I read an article on years and years ago, can't recall it in detail but he basically had his own tote machine facility setup somewhere in a private room or upstairs area at the racecourse....
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited March 2017
    Hash try googling morality and the law Rosendorf.

    hash likes this post.

  • FastmoneyFastmoney    4,912 posts
    edited May 2017
    Tabcorp plan to increase takeouts on weekends.

    Gaming giant Tabcorp would charge weekend punters more under a ­secret plan to introduce Uber-style surge pricing.

    It has also considered extending the plan, known as “Project ­Alfred” to Melbourne’s Spring Racing Carnival, The Australian has learned.

    The
    existence of Project Alfred, which Tabcorp shopped to Victorian racing
    authorities in 2015, has emerged in Competition Tribunal hearings where
    the company is asking for approval to go ahead with an $11 billion
    merger with rival Tatts.

    Yesterday,
    counsel for the Australian Competition & Consumer Commission, Andrew
    McClelland QC, told the tribunal he had received documents dealing with
    Project Alfred and a software package called Longitude that “cast doubt
    on a lot of evidence” given by Tabcorp’s witnesses.

    “This has just been disclosed to us and has caused us some concern,” he said.

    He
    said Tabcorp’s witnesses, which have included chief executive David
    Attenborough and commercial development boss Doug Freeman, might need to
    be recalled to deal with the new information.

    And
    he also said the ACCC wanted all documents related to Project Alfred
    produced to the tribunal. Tabcorp makes its money by taking a cut of the
    total amount bet on each race or type of bet.

    Under Project Alfred, it proposed reducing this take-out on weekdays and increasing it on Fridays and over the weekend.

    Tabcorp
    research is believed to show punters betting on the weekend and during
    the Spring Racing Carnival were least sensitive to changes in the size
    of the tote pool.

    It is estimated
    Project Alfred could reap between $2 million and $3m a year in extra
    profits for Tabcorp, although the company said it planned to plough
    benefits back into promoting the tote.

    Mr
    McClelland told the tribunal the new documents showed Tabcorp hired an
    accountancy firm to examine the “inelasticities of demand” in regard to
    tote pools.

    “They also disclose some plans to increase the take-out rate above the maximum statutory rates in some jurisdictions,” he said.

    It
    is believed this refers to a proposal that Tabcorp would lobby
    government for an increase in some take-out rates, which vary depending
    on bet type.

    On Friday, Mr Freeman told
    the tribunal Tabcorp’s “strategy was we would increase the take-out
    rates on certain days, decrease them on other days”.

    “There
    was likely to be a net difference which we then intended to use that
    extra revenue to promote more, just like the corporates do,” he said.

    “We presented it to Victorian Racing, we have explained it to our key stakeholder, and they are a total supporter of it.”

    Yesterday,
    Mr McClelland told the tribunal the new documents also showed that
    Tabcorp sometimes referred to the take-out rate as the price of its
    services.

    Mr Attenborough denied the take-out rate was the price when giving evidence to the tribunal last week.

    Neil
    Young QC, representing the James Packer-backed corporate bookmaker
    CrownBet, said he also wanted to see documents relating to Longitude.

    Longitude
    is software designed to allow better management of tote pools,
    including by combining small pools into larger ones to improve
    liquidity.

    Mr Young contrasted the new
    information with Tabcorp’s previous statements that a merger with Tatts
    would benefit racing by allowing bigger tote pools.

    “Again this is a matter not consistent with earlier evidence,” Mr Young said.

    Longitude “will have consequences for eliminating any need to make changes to any pooling arrangements”, he said.

    The
    ACCC’s interventionist stance yesterday ruffled Tatts’ feathers, with
    counsel for the gaming company, Rod Smith SC, questioning the
    regulator’s impartiality.

    Mr Smith
    objected to questions Mr McClelland asked Sportsbet chief executive
    Cormac Barry, who was giving evidence yesterday. “This is the so-called
    impartial ACCC trying to get evidence which has got nothing to do with
    what I asked this witness about,” Mr Smith said.

    Justice John Middleton, who is hearing the case along with lay members Grant Latta and Darryn Abraham, allowed the question.

  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited May 2017
    Exactly Fastmoney...they have had their eye on flexibility with takeout rates for a year or two ..it's simple mathematics...they didn't need an accountancy firm.

    Increase takeout rates on the big days +
    Decrease takeout rates on the smaller days
    = huge profits for Tabcorp.
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    'An extra 2-3 million dollars in extra profit to Tabcorp ' and their going to ' plough the benefits back into promoting the tote ' . Um pardon..you just gotta laugh at that one.
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    Spotted a good tweet the other day in regards to Tabcorp breaching money laundering and their plans to increase takeout rates.

    'Put a little in , spin a little about , take it all out , that's what it's all about!!'
  • savethegamesavethegame    2,788 posts
    Whats the idea here today      ORX WATERLEA  n.z normal tote functions win place tri etc. but to place
    a fixed odds bet separate heading BLENHEIM   n.z for fixed  betting.....anybody no the reason they
    do this, 
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited April 2018
    Yes a simple one Curmudgeon. Waterlea racecourse is in Blenheim NZ. They are one and the same. A bit like Burwood Park - Northam. Cruickshank Arena - Kalgoorlie.
  • savethegamesavethegame    2,788 posts
    Riders true with regards being the same, but to go from one heading to another, for fixed win  or tote, you wont see the separation at another meeting.
  • savethegamesavethegame    2,788 posts
    Fridays, same  started separate ,then combined and bet under the Blenheim heading...with results
    for tote and fixed showing... but today under the Blenheim heading only fixed odds divies.. with the
    other bet types results found under waterlea, must be a reason for the confusion aspect..
  • Ridersonthestorm33Ridersonthestorm33    10,809 posts
    edited April 2018
    Agree. It is confusing.
    Not unlike in a way Mingenew meetings run at Geraldton...one corp has Mingenew up and another has Geraldton. Another corp had it switched the other way around...Geraldton at Mingenew.
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