Word: nyra
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Dates: during 2003-2003
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Simulcasting allows a race at one track to be seen over television sets at other tracks across the country. Bettors at these satellite locations can wager on horses at the home track, which means money flows into NYRA races even if the bettors aren’t in New York...
...NYRA was lagging behind on a technology called simulcasting which was changing the face of the racing industry...
More simulcasting meant more money, so Crist negotiated deals with many tracks to start carrying simulcasts of NYRA’s races. In 1994, the total amount bet on NYRA races—or the “handle” in racing parlance—was $205 million. The next year, it was $589 million...
...Steve got it,” says Bill Nader, a NYRA senior vice-president who served as director of simulcasting and television under Crist, “and he got it not because he went to Harvard, not because he’s a highly intelligent guy, but because he had great business sense in thoroughbred racing...
...several months after he left NYRA, frustrated by the lack of change in the heavily-regulated world of horse racing, the legendary paper was put up for sale...