CHRIMS and InCompass Solutions Inc., which in December 2005 formed a strategic partnership to improve the industry’s simulcast settlement services by leveraging their central database approach to information management, have announced the integration of an automated invoice module into the CHRIMS simulcast settlement service.
Developed by CHRIMS (Comprehensive Horse Racing Information Management Systems) and tested during Keeneland’s spring season and The Red Mile’s fall season, the module automatically generates settlement invoices for each of a host track’s receiving sites based on the detailed breakout and balance of its all-sources handle, which is complete by the morning after a race card.
“Hundreds of licensed and regulated outlets around the world accept wagers on the Keeneland simulcast signal, and to know by the following morning where we stand with each of them and to have the ability to produce invoices for each at the click of the mouse is a tremendous time-saver,” said Jessica Green, treasurer of the Keeneland Association.
The CHRIMS service utilizes standardized and proprietary data processing systems to provide a comprehensive array of management and accounting reports that show information about handle, simulcast fees and takeout distribution calculations for live handle, outbound simulcast handle and inbound simulcast handle.
The Red Mile implemented the CHRIMS settlement program in July for its live fall meet and officials said they were pleased with the program’s prospects.
The CHRIMS system was the first pari-mutuel wagering data processing system in the country to provide comprehensive simulcast settlement services to the industry. It has been in use at every pari-mutuel facility in California since 2000, with information processed and archived back to 1986; at Gulfstream Park and Keeneland since 2001; at Tampa Bay Downs since December 2005; and at The Red Mile since July 2006.
“Simulcasting is the lifeblood of most tracks but many still rely on settlement systems that require considerable time and effort on the part of employees to balance their settlement amounts days later,” said CHRIMS President Jenny Lind. “The CHRIMS system enables track executives and state auditors to see every breakout of their all-sources handle to the penny the following morning and helps them manage their business-critical information in a more efficient manner.”
Additional information about the CHRIMS simulcast settlement service and the new automated invoice module is available by contacting Jenny Lind at (925) 551-8671; or InCompass President David Haydon at (859) 296-3001.
CHRIMS, a non-profit, public benefit company jointly owned by the simulcast wagering companies in California, was launched in 1990 to track all-sources handle on California races and provide automatic breakouts of where each wagered dollar should be directed. Additional information about the company can be found at http://www.chrims.com.
InCompass, a wholly owned subsidiary of The Jockey Club Holdings Inc., integrates diverse technologies required to manage modern racing operations efficiently and effectively. InCompass is the racing office and horsemen’s bookkeeper vendor to racetracks that represent more than 80% of the live racing days and 90% of the total handle in North America. Additional information about the company can be found at http://www.incompass-solutions.com