|Thursday, December 01, 2005||Contact: Bob Curran Jr. (212) 521-5326|
|CHRIMS and InCompass Form Simulcast Settlement|
Services Partnership; Announce First Customer
CHRIMS and InCompass Solutions, Inc., have formed a strategic partnership to improve the industry’s simulcast settlement services by leveraging both companies’ central database approach to information management and exploring opportunities to integrate their respective products into a powerful new set of tools for racetracks and regulatory bodies.
Tampa Bay Downs will become the first track to use the services of the new partnership when its 2005-’06 live race meet begins Dec. 10.
Utilizing its standardized and proprietary data processing systems, CHRIMS, a non-profit, public benefit company jointly owned by the simulcast wagering companies in California, provides a comprehensive array of management and accounting reports that show information about handle, simulcast host fee and takeout distribution calculations for live handle, outbound simulcast handle and inbound simulcast handle. InCompass, a subsidiary of The Jockey Club Holdings, Inc., is the racing office and horsemen’s bookkeeper vendor to racetracks that represent nearly 80 percent of the live racing days and more than 90 percent of the total handle in North America.
“By teaming with InCompass, we’re able to leverage each company’s technical and subject matter expertise to expand the CHRIMS settlement product suite,” said CHRIMS president, Jenny Lind. “This is an important step toward enhancing the industry’s simulcast settlement services and we’re excited to work with the management and staff of Tampa Bay Downs to install an integrated settlement system that will streamline their manual accounting processes.”
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, as well as at Gulfstream Park and Keeneland since 2001.
According to InCompass president, David Haydon, the relationship between CHRIMS and InCompass will enable an expansion of the CHRIMS service to enhance the ability of customer tracks to manage their business-critical information more efficiently.
“Our partnership presents an opportunity to make the CHRIMS system even more robust through creation of an accounts payable and accounts receivable solution and by integrating a reporting platform that merges data from CHRIMS, InCompass, Equibase and the racetrack into a set of tools that provides track management with data mining and analysis capabilities never before possible,” he said.
CHRIMS 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 may be found at http://www.chrims.com.
InCompass integrates diverse technologies required to manage modern racing operations efficiently and effectively. Additional information about the company may be found at http://www.incompass-solutions.com.