By now, each owner entitled to an Owner’s Award should have received a check. We imagine some of you are curious as to how these awards are calculated, and why the amounts vary. We are here to help.
Each month the TGA receives a report from the active racetracks with the winners for the month. We then verify which winners are certified Texas Bred, determine the total number of Texas Bred winners, and confirm their ownership. We now have the first half of the equation.
The gross amount of the Owner’s awards is based each month on 5 numbers derived from each of the three Texas Greyhound racetracks. These numbers are as follows:
50% of breakage on live handle
50% of breakage on simulcast handle
1% of handle on Greyhound simulcast “exotic” wagers
1% of handle on intra-state horse simulcast “exotic” wagers
1% of handle on inter-state horse simulcast “exotic” wagers
Breakage is defined as the odd cents by which the amount payable on each dollar wagered exceeds a multiple of 10 cents. For example, if the exact payoff on a $1 wager is $1.24, then 4 cents is the breakage. The TGA receives half and the Texas Racing Commission (TxRC) receives the other half.
Exotic pools are mutual pools that involve wagers on more than one Greyhound in a race; for example, exactas, quinellas, trifectas, daily doubles and superfectas.
These numbers are provided to the TxRC by the totalizator companies. They are verified by TxRC, and further verified by the State
Comptroller. The gross award amount is then deposited to our Owner’s Award bank account, and a summary is faxed to us.
The awards are calculated as follows, per TxRC rules:
We are required to “hold back” 5 awards each month should a Texas winner be overlooked. This occasionally occurs if the TGA or NGA has missed certifying a litter or a pup, usually a maiden. This is why it is important that owners make sure the registration paper is stamped ‘Texas Bred” prior to submission to the racing office. The holdback not claimed within 90 days rolls over.
The TGA is required to send out these awards by the last day of the month following the month in which they are earned. The whole process takes our office about 4 days to complete. The Administration Expenses represent our costs to administer the program, including postage, envelopes, staff time, etc., and are limited by TxRC rules. We are always for looking for ways to further expedite the process, without sacrificing accuracy.
So now you know, and CONGRATULATIONS!
Example:
Breakage (Live and Simulcast) 5,166.72
2% to Adoption Grants (103.33)
49% Stakes Awards (2,531.69)
CCGRT I% handle 7,958.71
GGP 1% handle 16,240.24
VRP 1% handle 10,291.97
Gross Awards $37,022.62
Administration Expenses ( 1,071.44)
Rollover Undistributed 675.70
Net Awards $36,626.88
Number (plus 5) 198
Amount per award (rounded) $184.98