Accounting 101: Revenue minus expenses equals profit. Beyond the fact that all Minnesota pulltabs except Indian Casino's are "non-profits" there are a variety of taxes and expenses before the 25% "revenue" becomes a "profit", or in the case of non-profits, funding for the designated charity. Another appropriate term might be "takeout" which is somewhat like a retail store "markup".
I have very mixed feelings about Pull Tabs and other legal gambling but you should strive for accurate terminology.
No need to contact me about this
| Takes in 3,399 cards at $1 per card | $3,399 |
| PAYOUTS | |
| 1 winner @ $250 | $250 |
| 4 winners @ $249 | $996 |
| 4 winners @ $100 | $400 |
| 12 winners @ $25 | $300 |
| 28 winners @ $10 | $280 |
| 336 winners @ $1 | $336 |
| Payout 75% | $2,562 |
| Profit to the seller 25% | $837 |
http://www.miph.org/projects/gambling-problems-resource-center/activities/pulltabs
Redrant: It's amazing how a a supposedly responsible non-profit can confuse "revenue" or "markup" or "takeout" with "profit". Anyone who has ever tried to run a business knows the difference. Perhaps they think that the public and other reading their website are too stupid to understand the concepts. Greg Lang
No comments:
Post a Comment