Situation rectified by The Greek

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After a horse racing wager credit dispute that couldn’t be resolved last night, I spoke with the Operations Manager at The Greek this morning. "He said repeatedly (and loudly), "If you bet $100 at the track and your horse pays 4-1, they pay you $400. They don't give you your $100 back!!" He said this very condescendingly, like he was absolutely convinced. He said even the owner of The Greek backed him up. I'm shocked to say the least. Anyone at the level of supervisor or higher a major book like The Greek should have a much better understand of simple horse racing odds (or odds in general for that matter). I usually avoid going to public forums when I comes to wager disputes, but HE was the one who insisted I post at as many places as I want. Then he hung up in my face.

Below is an email I sent last night to explain my problem. Please read it and respond whether or not I should be credited the additional amount. I’d also like to know if I explained my case clearly enough or if I was, in any way, out of line. I can't believe all this effort for $60, but here we go:

Hi Xxxxx.

Last night I spent over 30 minutes on the phone with one of your customer service supervisors and a representative from your booking department. I can't believe someone at the level of supervisor doesn't understand simple horse racing payouts.

Basically, I bet $100 on Jealous Profit to show yesterday at Hollywood Park (race 8). The wager was cancelled because at first glance it didn't appear that I got the wager in before the 2 minute cutoff. At that point the $100 that I risked was refunded. Then it was determined that I did get the wager in in time and my account would be credited for the win.

Jealous Profit paid $9.20 to show, or 3.6-1 (9.20 - 2 = 7.20 / 2 = 3.6-1), which is well under your 4-1 show payout cap. So the cap does not come into play at all. Since the odds were 3.6-1 and I bet $100, I was due a PROFIT of $360. Normally you would credit my account $460 ($360 + the $100 I wagered), but since I was already credited $100 from the push/cancel, I was due $360.

Several minutes later my account was credited for $300 only, which would be only a 3-1 payout. So I called and asked for the additional $60 and nobody working last night was able to help. They said repeatedly that there is a cap for show wagers at 4-1 and I already got $100 back, so the most I can get credit for was an additional $300!! I could not believe a supervisor at Olympic could be so naive about simple odds. I even tried to explain that a 4-1 payout based on a $2 bet would be $10.00, and since the show payout was only $9.20 for Jealous Profit, it was well under the 4-1 cap. Simple, right? I tried to explain this for 30 minutes, but no one understood! I was very frustrated when they said I should call you in the morning. We hung up but they still didn't get it. Frustrating!

Sorry for venting. Please adjust my account accordingly.

Thanks,
Xxxx Xxxxxxxx
Acct. XXXXX

I received this email this morning with further instructions to call for an explanation:

Please be reminded that the show position payout of the horse your wagered on was $ 9.20 to 2 ( as stated on our official website for grading horse www.tsnhorse.com) , in other words $ 4.6 to 1; since, our horse payout guideline states that show position max is $4 to 1 (http://www.thegreek.com/sportguide.asp#Horses) ,then $ 4 to 1 is what we would use to calculate your wager payout.

1. payout × risk = amount paid to customer

In the case of a cancelled wager being paid for :

2. payout × risk - risk (since cancelled wager means that risk was already credited ) = amount paid to customer

hence:

$( 4 × 100 – 100) = $ 300

I hope this helps.

Have a pleasant night.
Kind regards.
Xxxxxx
 

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Calculation is 100 % correct. As every one knows in horse racing the pay out odds include the wagered amount (oppsite to sportsbetting). Keeping the max pay out in mind ( 4:1) it is 100 % correct
 

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Looks right to me, they credited your account with the $300.00 win and left the $100.00 in the balance that you began with; so if you started with $100.00, you went to zero on the wager and then back to $400.00 ($300.00 + $100.00). They also state clearly the 4:1 max odss on show.
 

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I read the odds on the horse to show was 3.6-1. If a horse to win goes off at 5-1, you would get back 12.00 for a 2$ bet. The two you put up and the 10 you won. Doesn't mean the horse paid 6-1.
 

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I read the odds on the horse to show was 3.6-1. If a horse to win goes off at 5-1, you would get back 12.00 for a 2$ bet. The two you put up and the 10 you won. Doesn't mean the horse paid 6-1.


I agree.

A 4-1 shot on a $2 bet pays $10.00
 

I GRIN WHEN I WIN
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TELL THE GREEK HE IS FULL OF SH-T.IF YOU WERE BETTING ON CREDIT THEY DONT GIVE YOU BACK YOUR HUNDRED BUT ON A POST UP ACCOUNT THEY BETTER GIVE IT BACK.
 

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Judge Wapner is correct.

The $2.00 is included in each $9.20 he was paid (50 times) as the horse actually paid $3.60 to 1 to show plus the $2.00 wagered for a total return of $9.20 for each $2.00 wagered. The payoff should have been a total of $460 - but only a profit of $360 which is under the 4-1 limit. You cannot as a bookmaker count the players own $2.00 stake as part of your limit payoff.


Across the board the limit payoffs are $42 - $18 - $10 or 20-1 8-1 and 4-1.



wil.
 

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Exactly. Sounds like the wrong people at Oly reviewed this bet. I'm confident it will get paid once soemone who has a clue takes a look.
 

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Exactly. Sounds like the wrong people at Oly reviewed this bet. I'm confident it will get paid once soemone who has a clue takes a look.

If it's true, he wrote that even the owner of The Greek backed him up.

How do you not know that the risk money is not involved after how many horse bets you get in a day???

:ohno:
 

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What happened here, is the bet was initially cancelled, and then had to be graded manually. Unfortunatly, many in this industry ARE NOT rocket scientisits.... The greek representative made a mistake, but presented it as a FACT to the client. This happens all the time in the real world with customer service.

The other day my cell phone provider was telling me something that I knew was FALSE (I worked there for 8 years). When i challenged him, he tried to make me feel like a fool. In the end, it was him who was the fool as I completly buried him for his arrogance and condacending attitude.
 

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If it's true, he wrote that even the owner of The Greek backed him up.

How do you not know that the risk money is not involved after how many horse bets you get in a day???

:ohno:

guy was talking out his ass

best book on the planet for US bettors imho, but they've got some real dick heads working there
 

t3a

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. Please be reminded that the show position payout of the horse your wagered on was $ 9.20 to 2 ( as stated on our official website for grading horse www.tsnhorse.com) , in other words $ 4.6 to 1;

There is the mistake they are making - they took the payout, which is based on a $2 bet and are trying to say that is the same as the odds, which it is not. Using their logic if you bet $100 on a football game and win, the payout is $200, so it is 2-1

Your mistake was betting a longshot to show at a site where they cap payouts.
 

I GRIN WHEN I WIN
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HALF THE PEOPLE AT GREEKS SPORTSBOOK COULDNT EVEN COUNT TO 10 WITHOUT THERE FINGERS HELL I AM NOT EVEN TO SURE SPIRO COULD FROM THE BRIEF CONVESATION I HAD WITH HIM A FEW YEARS BACK.

DONT FORGET WHO THE CLERKS ARE BOYS THEY PICK UP THESE GUYS AT THE BEACH IN COSTA RICA AND ASK THEM IF THEY WANT TO WORK AT A SPORTSBOOK FOR 6 BUSHELLS OF BANANAS.I DONT THINK YOU ARE GOING TO FIND TO MANY HARVARD GRADS GRADING SPORTS BETS.
 

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A 4-1 shot on a $2 bet pays $10.00

The tote board showing a cash value payout based on a $2.00 base bet throws some when figuring the odds
 

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A 4-1 shot on a $2 bet pays $10.00


That is because the bettors $2.00 stake is included in the payoff price.

The winner of the 8th at Hollywood yesterday (same race) Captain Soto went of at $9.50 to 1 but paid $21.00 - which is 2 X $9.50= $19.00 plus the bettor's stake of $2.00 for a total of $21.00.

The same thing was true of the show price which was $3.60 to 1= $7.20 plus the bettors $2.00 for a return of $9.20 for each $2.00 wagered. The Greek already had $100 of Sam B's money so in reality they only paid him back $3.60 on the dollar or 3.6 to 1. The book is out $360 on the race vs. a possible win of $100 so Sam B. was 40 cents under the 4-1 max payout.





wil.
 

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