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RWITC increases stakes pay out from 50% to 75% of advertised stakes from Sunday

Posted on - 15 Dec 2016

RWITC increases stakes pay out from 50% to 75% of advertised stakes from Sunday
The RWITC was forced to cut stake money to 50% of the advertised stakes from the opening day of the Mumbai season, as the effect of demonetization had hurt the industry by a drastic fall in betting revenues.  This was not applied to sponsored and graded races. If this were not done, the Club would be incurring a direct loss on every race day run. The Western India Race Horse Owners’ Association (WIRHOA ) appreciated the magnitude of the crisis, and supported us in this emergency.
The Committee of the RWITC at its meeting held on Wednesday December 14th, reviewed the figures and projections, and in view of increase in the bookmakers stall fees and a slight improvement in the totalisator revenues, have decided, that with effect from Sunday, December 18th, the Club would pay 75% of the advertised stakes, instead of 50%.
This move will, we are sure, be appreciated by all sections of the fraternity, and especially our owners.
The continuation of the cut will be reviewed at the end of the month.
The Committee is doing its best to see normalcy returns as soon as possible, and are taking all steps towards this direction.

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