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Originally Posted by King Glorious
That is the truest comment in this thread. They absolutely would adjust.
I wonder if Maloney was expecting this to happen and thus was ready to make his wagers after the race had started. I don't know how others do but whenever I'm in line to place my bet, I'm watching the monitor to see how much time I have. Almost without fail, I have a guy in front of me that takes 10 minutes to make a $2 win bet on a horse and I'm yelling out "come on!" When that last horse goes in, if I haven't gotten to the window, I turn away, figuring that I didn't make it. I wonder if Maloney was watching the race, saw that it had started and wagering hadn't closed and THEN went to try to take advantage or if he knew this was something that regularly happens and was already prepared to take advantage of it. My gut feeling tells me that if he or anyone else is still at the windows attempting to place bets up to 15 seconds after the start of a race, this is something that happens at other times and he was in position to try and take advantage.
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No. This is absolutely not what happened. He was not ask anything specific about past-posting. He was ask what he felt was the best and worst thing about horse racing, from a whales perspective. He said that the security of the betting pools needed to be changed. When ask by Dave Johnson to expand on that topic, he said, for instance, he was at Keeneland betting this race at the Fair Grounds, and knew enough about the tote system to know that there was supposed to be a beep when the race was closed, and that he never heard it.
So he began testing the system. 1/8 of a mile into the race, he told the teller to punch another ticket, which went through. Then another 1/8 mile passed, and he had the teller punch another ticket, and continued every 1/8 mile until the machine finally did beep, which he claims was well after half of the race was ran. All the while, he was screaming for the Director of Mutuals to get his ass over to the window to see what was going on. There was no conspiracy between Maloney, the teller, or the Director of Mutuals to rig the system. This was simply a whale who was concerned with the system seeing a flaw in the system and showing it to someone who should be concerned, which was the Director of Mutuals.
In his talk, at least what I got out of it, Maloney seemed like this was not an isolated event, and that he at least didn't hear the beep to shut off wagering before. This was just a time that he saw a time that it could be greatly exploited, he had plenty of late tickets punched as proof, and this was a time that he had the attention of the entire racing world as he was at the Symposium on Racing and Gaming.