After all 40 investments of $6,000 each for a total of $240,000 are in hand this money becomes the property of the Syndicate (same as a stock investment) and at this time Ed Bain will set up an LLC under the name of Bain’s Betting Syndicate. The LLC defines the distribution of shares and once each investor completes and submits all the necessary forms for tax purposes they will receive a stock certificate listing the number of shares owned.
All 40 investor shares are silent partners which means though each investor owns share(s) in this betting syndicate the partner does not share in the actual work or decision making of the firm.
Ed and Susan Bain and their current database business partners own the other 60 shares.
The cost to set up the LLC (legal fees, licensing etc), to pay the programmer to write the betting program as well as the mathematician is estimated to be around $40,000 and these fees will be paid out of the $240,000 investment even if this amount exceeds this estimate.
It can take 3 to 4 months to complete the writing of the betting program. Given the massive size of the database and all the algorithms to be written it can take a little longer though we will keep you posted. Once complete the syndicate will own the betting program though it will remain in Bain’s possession. The syndicate will Not own the database.
Ed and Susan Bain are loaning their horse racing database to the Betting Syndicate to set up the betting program and will supply the monthly direct data feed to the Syndicate for no additional fee for one year. At the end of this one year, the betting syndicate will pay Ed Bain’s database company a monthly fee in order to continue to receive the daily updates.
Once the betting program is complete, Ed Bain will test the program’s output and monitor the outcome to ensure when we go live that the program is as accurate as can be. This can take 1 month. When this meets Ed’s requirements the syndicate will start live bets.
The goal will be to bet $2,000 in each wager. Simulating Benter’s bets 85 to 90% of the Syndicate bets will be to win.
Ed Bain will make all the decisions for the bets the syndicate makes as well as the amount bet per race. Initially the bet amount will be for less, around $400 per wager while testing the program. Once it is established that all the algorithms are calculating properly the syndicate will work into betting $2,000 to win on each race. This will apply primarily to bets made on the main circuits. As an example betting $2,000 to win on a horse in New York or Southern California may not affect the betting pools but betting $2,000 to win on a horse at Penn National would. Ed’s discretion and knowledge of odds to payout is invaluable.
At the end of each month the syndicate partners will split all winnings that will be calculated as follows. Maintain a betting balance of $200,000. Remaining profit after covering all business expense will be divided equally by share with 60% or 60 shares paid to Ed and Susan Bain and their current database business partners and the remaining 40% to the 40 shares we are currently offering. In other words if the Syndicate grossed $150,000 and $50,000 goes to replenishing the betting balance to $200,000, the $100,000 would be split equally by share. Using this example an investor of one share would receive $1,000, an investor of four shares would receive $4,000 and so on .
At the end of the first year, dividends will remain the same except the syndicate would pay Ed Bain’s database company a monthly fee for the daily updates (data feed). Using the same example of the Syndicate grossing $150,000, $50,000 goes to replenishing the betting balance to $200,000. Then the $5,000 monthly data feed fee to Ed Bain’s database company would be paid. Subtract this and $95,000 would remain and be split equally by share and each share would be worth $950.
The gross income will change each month due to payouts and winnings however the distribution percentages will remain the same.
In the event of a loss for a month, no dividends will be paid for that month. The next month the Syndicate would resume betting from the remaining syndicate balance and the above distribution repeats itself by first maintaining the $200,000 and so on.
All investors will have access to a password secured part of the edbain.com website where they will be able to view updates and syndicate bets.
Should a partner decide they no longer want to be a partner in the syndicate, the partner Can sell their shares, however the syndicate has first right of purchase. If syndicate decides not to purchase these shares that partner can offer their share to anyone they want to however Ed and or Susan Bain have the right to approve or disapprove of the selling of these shares.
And should a partner sell all their shares they will no longer have access to the syndicate bets and the partner will not receive any monetary amount from the $200,000 syndicate betting balance because the betting money is owned by the syndicate.
After some feedback we just made another change for the time frame of the investments and here are the new links:
To Invest: Click Here for 1/2 down now and balance when betting program is complete .
To Invest: Click Here for 1/3 down now, 1/3 down by end of April 2020 and final 1/3 when betting program is complete.
To invest in a full share Click Here .
To snail mail a check or to pay by credit or debit card Click Here .