Merchandiser memang biasanya bekerja di industri retail. OTB Meaning. Open-to-Buy (OTB) OTB, or open-to-buy, is a merchandise planning formula that allows retailers to define a specific budget for future inventory orders over a set time. What is the definition of the term "OTB"? In sports betting, OTB is short for "off the board". Design Overview. Sell-through pricing (STR) is an significant measurement of monthly revenues contrary a given target. Join other retail owners, executives, buyers, merchandisers, operators and retail consultants who’ve used our materials and resources to up-skill themselves and their teams. Seven-Step Procedure for Calculating the Six-Month Merchandise Plan/Budget. Term. 영어 사전에서 «OTB» 의 원래 정의 보기 를 원하면 클릭하세요 한국어 사전에서 자동 번역 보기 를 원하면 클릭하세요OffTrackBetting. Plan merchandising definition is simple – It is a simple strategy of planning, selling, and buying merchandise for maximizing your ROI (Return of Investment). P Inventory Plan = Open-To-Buy. Oracle Retail Merchandising Batch Schedule. Retalon’s AI-driven Open-to-Buy system simplifies OTB budget management as part of our unified merchandise planning suite. Retail Price – Markup = Cost of Goods. The pricing strategy of your products and how it affects customers. Open-To-Buy (OTB) is merchandise budgeted for purchase by a retail store during a certain time period that has not yet been ordered. It includes setting the marketing strategy, method of display of goods, discounts or incentives, price setting, and fixing the retail quantities for sale. This is the OTB based on the price you pay for the products on your shelves. This is a complete guide to the OTB (Open-to-Buy) concept in retail. • Define the pre-season strategy for e-com OTB (Open to buy) Planning & Management following the market financial targets and global guidelines. [1]The OTB enables the buyer to determine the balance of purchases remaining in dollars and in units for any given time period. What does OTB mean as an abbreviation? 156 popular meanings of OTB abbreviation: 50 Categories. • Guide all the activities related to the seasonal campaign: OTB definition, master order selection, coordination of regional buyer, order review and approval with the CEO • Guide in season merchandise management: coordination with Visual Merchandising, Marketing, CRM, Clienteling, Retail Training and Distribution Meno dettagliTotal = $56,000. In my career path,. Follow up OTB application throughout the season with insights and analysis; Develop, maintain, and update tools & reports to. You can plan merchandising budgets for future items based on historical data of how well products in t-shirt, shoes, and purchase categories have sold. What is OTB? Open-to-Buy or. : to make the public aware of (a product being offered for sale) by using advertising and other methods. Publish quarterly store guidelines with the visual team to map out and. El merchandising es el conjunto de acciones o actividades para estimular la compra por parte de los clientes en el punto de venta. . An efficient OTB plan has the following elements. OTB Group CEO, Ubaldo Minelli, commented: “2022 was a very exciting year. Design Overview. Definition. Ram Rugby is a UK-based grassroots rugby brand that prides itself on supplying professional quality products, with first-class service and at great value factory direct prices. February 10, 2023. Effective communication is an important part of their job. The main objective of retail merchandising is driving in-store sales—careful planning, management, and analysis are important steps in creating a successful business. "Download the retail buying plan excel template and learn how to calculate the OTB budget for your retail or e-commerce business. Sales analysis and reporting to monitoring performance, finding markets opportunities and strategies to react at business loss. Read More » Related Courses. - Responsible for Product development: reseach and development fabrics and trims, make sure that products meets design specs and DNA of brands. com Open-to-buy (OTB), then, is essentially a budget for future receipts contained to a point in time. You could get a maximum of: $1,194 if you are between 18 and 64 years old. mer·chan·dise. Customer behaviour: Target Segment Analysis. OTB calculation shall one of the most important tasks to master when getting a merchandise business. Definition at line 270 of file otbImageMetadata. rajnish kumar • 1. Istilah ini berkaitan dg manajemen persediaan barang dagangan. Initiate and develop actionable analysis to recap business by. O. The kit is the merchandise, while the large poster in the window of a famous athlete in next season's. CBB is not adjusted as a result of the OTB. Please know that all definitions are listed in alphabetical order. To compensate for the additional time on studying, you can cut back a bit on the tactics training. II- Le bon moment. Term. When customers walk into the store, they don't consciously think about the sensory experience. This background job is composed of two-step processing. , I have developed solid experience in Digital Sales and Merchandising, having worked with key industry players, both in Luxury (Gucci) and in e-commerce (Amazon). Typically this software is for Windows or Mac. Retailers use the retail planning process, data-driven analysis and forecasting to determine which products to stock, how. Bottega Veneta – Inspiring individuality with innovative craftsmanship since 1966. At the beginning of Jan month, we are planning for the next 4 weeks. The purpose of this batch module is to accept new and updated open to buy (OTB) budget data from an external planning system. Lead, manage and develop your retail merchandising team working closely with peers to help create a best in class merch function. These decisions will directly impact your OTB and may determine other retail metrics such as turn and weeks of inventory. Career progression in Finance and Control tied to Merchandising, Business Development, and Demand Planning roles, leading to setting up best practices and managing cross-functional. An inclusive brand with exclusive products Bottega Veneta is as much of a feeling as it is an aesthetic. Since 1989, P. A merchandise planning solution that feeds and automatically updates all relevant sales, pricing, inventory, PO, shipping, and more data at once. Job posted 1 day ago - Bottega Veneta is hiring now for a Full-Time BOTTEGA VENETA Planning Manager in New York, NY. the analysis, planning, acquisition, handling, and control of the merchandise investments of a retail operation. This definition can also differ based. O. Contribute to the definition of the merchandising and wholesale strategies (in the different markets) with the VP of Merchandising and VP of Wholesale, in line with the brand targets (both long and short term). Failing to calculate the open to buy budget can be destructive for the commercial, due to stock challenges so will soon risen from wrong engineering. Hoteliers use it when looking ahead to see how many rooms are booked at which rates for a given day. Here’s wherewith to use the OTB formula for get sales store. You will learn about: OTB Definition Retail Buying Plan Template Components Open to Buy Bottega Veneta – Inspiring individuality with innovative craftsmanship since 1966. Barrons Dictionary - Definition for: OTB. When followed correctly, an OTB plan increases margins, profits, and cash-flow, revealing how much money is available for reinvestment. The practice and process of displaying and selling products to customers is known as merchandising. The 5 Ps of retail merchandising include: Price. Accountable for managing the in-season trading of the. The OTB is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. Open-to-buy (OTB) is a key tool for merchandisers to plan and control their inventory levels, sales, and margins. Definition. Design Overview. It can also be used when inventory ships directly from the factory to a customer avoiding a warehouse location. Now subtract your beginning-of-month inventory ($40,000) = $16,000. Systems user expert with experience in development and testing of retail planning tools. | Meaning, pronunciation, translations and examplesMerchandising supports holding OTB at the subclass/week level and can support splitting this budget into three types of orders - Non-Basic (N/B), Buyer Basic (BRB) and Auto Basic (ARB) orders. You can plan merchandising budgets for future items based on historical data of how well products in t-shirt, shoes, and purchase categories have sold. Responsibilities for apparel buyer. To buy and sell goods; trade commercially. Open-to-buy is a budget forecast for purchasing future products or items that a retailer develops for a specific time period. OTB planning is an inventory management practice used by all types of businesses, though it’s especially useful for retailers selling large numbers of SKUs—like fashion and apparel brands. Merchandising in media is the practice of creating, marketing and selling products or services related to a particular media property or brand. 1. Calculate your OTB. "I have a subscription to the retail dogma course, and have learnt lot in it. OTB is a purchasing plan based off your current inventory levels, projected sales, discounts and pre-determined time period. May 10, 2023. Merchandising is the promotion of goods and/or services that are available for retail sale . In-store and online merchandising plays a big role in determining how retailers attract repeat customers and bring in new shoppers. The Open-to-Buy Formula. "Stand on the curb and wait for the bus. $265 if you live on a reserve or in a public long-term care home. Check out this ultimate guide for a visual merchandising definition, merchandiser job description, and tips and techniques for your visual merchandising strategy. $1,360 if you are 65 or older. <br>With responsibilities in key areas such as retail operations, buying, sourcing, planning, merchandising, product development, international negotiation, strategic. Merchandise planning is a method of selecting, managing, purchasing, displaying, and pricing the products in a manner that brings in maximum returns on investment, value addition to the brand name by satisfying the consumer needs while avoiding the creation of excess inventory. OTB. Merchandising strategies include personal selling, sale promotion, marketing strategies, creating coupons, and discounts. Another stipulation was that no OTB parlor was allowed to operate within 60 miles (97 km) of a track. Design Overview. Make pricing decisions. Opens in a new windowOpens an external site in a new window. Product. For example, a retailer has an inventory level of $150,000 on July 1 and planned $152,000 end-of-month inventory for July 31. Menjadi terminal dalam berbagai jenis sistem serat optik, terutama di bagian pendistribusian ke terminal jaringan mini. OTB can't be determined unless the amount of stock on hand is known. O. This includes producing and selling merchandise such as toys, clothing, and collectibles based on a movie, TV show, book, or video game. It helps avoid both overbuying and underbuying by making sure the product is always available. Pasti banyak yang belum mengetahui dampak dari strategi merchandising ini. Top down planning - operation. xlsx from MRCH 1255 at Fashion Institute of Design & Merchandising. Responsibilities for retail planner. However, if you. Vote. Uploaded by:. Creating signs for shelves, store windows or billboards. Records are array fetched from DISC_OTB_APPLY table, processed and committed to the. See examples of MERCHANDISING used in a sentence. When this occurs (in the batch program orddscnt. Beli Otb Online harga murah terbaru 2023 di Tokopedia! ∙ Promo Pengguna Baru ∙ Kurir Instan ∙ Bebas Ongkir ∙ Cicilan 0%. What is Buying & Merchandising? Buying is one of the most important roles in the retail and consumer sector. Merchandising is an effective technique to bring customers in the store who don’t come in the market for shopping purpose. 1 Over Target Baseline (O TB): An OTB is an overrun to the CBB which is formally incorporated into the PMB for management purposes. Read diese magazine to learn better about sell-through rate. Definition & implementation of processes for areas such as supplier invoicing, stock intake management & staff discounting Show less Assistant Merchandiser Womenswear. Fungsi OTB. Sort. Oracle Retail Merchandising Batch Schedule. Gross Margin Return on Inventory (GMROI) Definition. The current and previous half's OTB data is retained and kept in the system. The final stage of budgeting process- planned purchase. English (United States) Français (France) Italiano (Italia) 日本語 (日本) 한국어 (대한민국) 简体中文 (中国大陆) View Profile. The next step is to calculate your OTB using a simple formula: OTB = Planned ending inventory - Projected ending inventory + Planned sales. pc), Open To Buy (OTB) must also be updated to ensure that budgets reflect reality. Vote. OTB planning takes into account a variety of factors, including sales projections, historical data, and current inventory levels. The phrase “off the board” comes from the fact that if you are looking at a board with sports bets on it, the. Retail, Technology, SAP. Argentina; Bolivia; Brasile; Canada; Cile; ColombiaJenis-Jenis Merchandiser. Backup Software is usually on the usb drive itself when purchased new, but has to be installed and configured on the PC you wish to backup. MMU$. 1 Over Target Baseline (O TB): An OTB is an overrun to the CBB which is formally incorporated into the PMB for management purposes. OTB. Students shared 6 documents in this course. 1. Merchandising in media is the practice of creating, marketing and selling products or services related to a particular media property or brand. The Complete Guide. The guide is designed to inform you about the ‘backend’ of RMS: data inputs, processes, and outputs. OTB Meaning. Merchandise yang akan dijual penting untuk dipilih dengan benar. Term. what is context in semantics; how far is redwood national park from san francisco; what to do when a pitbull attacks your dog. It shows how much money is available to. In short, merchandising is the retail practice of displaying your merchandise in an appealing way to encourage customers to buy more products. (Week because yoghurt Shelf-life is short). When an event is said to be "off the board", that means that the sports book is not currently accepting bets on the event. Brands will need to work hard to differentiate and stand for something meaningful, emotional and important to consumers. Planning budgets and presenting sales. Array processing is used. Here are examples of responsibilities from real merchandise buyer resumes: Prepare the merchandise assortment plan for the company, manage the OTB and purchase the merchandise. Retail is the sale of goods and services from individuals or businesses to the end-user. The definition of merchandising is broad, encompassing many different elements of sales, advertising and marketing. MMU$ = (Original Retail - Reductions *) - COGS * Reductions = Markdowns + Employee Discounts + Customer Discounts + Stock. With in-season, your. Supply Chain Management retail rajnish kumar. Both the merchandising display space and purchasing should be tied to merchandise sell through and inventory turnover. Reporting the OTB in the IPMR • Special reporting for an OTB –Blocks are included in the Integrated Program Management Report Format 1 • Increased budget values are identified • Retains visibility of schedule and variance adjustments • Reporting discussed in more detail in Snippet 2. OTB. The principle concept of merchandise planning consists of four equally crucial steps: Post-season analysis: Past Performance Reporting. PBJ Pumps,. $25 for the time you lived in a designated college, university or private school residence in 2022. It will have a threading assignment and a business logic processing. OTB helps maintain the purchases within planned budgets. Outside Hook – This is a 12-yard hook route. Retail Buying and Merchandising. 1) Product. It’s art + science. Brands might hire fashion merchandising teams to offer their. Merchandising in media is the practice of creating, marketing and selling products or services related to a particular media property or brand. Under the direction of Matthieu Blazy creativity lies at the heart of all that we do. What does OTB stand for in Business? Get the top OTB abbreviation related to Business. So let’s plug in some values to see how the formula works: Assume we start with a Beginning of Period (B. Tapi sebenarnya, ada beberapa jenis merchandiser berbeda. - Strategic plan, definition of collections and product segmentation by country (retail & e-commerce) - Creation and development of exclusive products by country. Oracle Retail Trade Management (RTM) is used to manage the import process, including automating the. Merchandise or product is the most basic component of merchandising planning. The retailer has to provide products which are expected to be demanded by his consumers. Suggest. Formal reprogramming is a comprehensive replanning of the remaining performance measurement baseline (PMB) that results in a total budget and/or total schedule in excess of contractual requirements. Member Typedef Documentation ImageMetadataBandsType. (Some sites will require Android users to use the. Pros and Cons of Online Chess: Pros: The Board is clearer, Many People found out about chess online, You don't have to travel, There are many more resources to learn chess online, etc. Oracle Retail Merchandising Batch Schedule. Here are some examples: Grouping similar products together to create a sense of similarity. Merchandise Planning/OpentoBuy (OTB) Overview The Merchandise Planning/Open-to-Buy system provides management with a tool to measure and control purchases and with the means to monitor and analyse inventory levels and to compare actual against targeted inventory positions at the department, class, store, and style level. When this occurs (in the batch program orddscnt. Records are array fetched from DISC_OTB_APPLY table, processed and committed to the. MMU% =. When this occurs (in the batch program orddscnt. How to use merchandise in a sentence. Retail merchandising. You will learn about: OTB Definition Retail Buying Plan Template Components Open to Buy Budgeting Steps Importance of OTB Retail Buying Plan Considerations OTB planning takes into account a variety of factors, including sales projections, historical data, and current inventory levels. Results-driven team-focused Supply Chain planner, with 6 years of experience in Supply Chain planning: developing, executing, and maintaining merchandise financial plans and strategies to support merchandising, marketing, and financial objectives. Merchandising is the practice of promoting products that are available for retail. Definition: Amounts to be paid in the future for goods or services already acquired. OTB, or open-to-buy, is a merchandise planning formula that allows retailers to define a specific budget for future inventory orders over a set time frame. 7K views. An inclusive brand with exclusive products Bottega Veneta is as much of a feeling as it is an aesthetic. reaching possible customers through targeted marketing campaigns, such as digital, television or radio adverts. Seasonal assortment, or seasonal merchandising, is the strategy of keeping and managing inventory in alignment with seasonal trends and fashions in your industry. Definition: Marketplace Returns Policy. Redistribution of a budget bucket budget after an OTB check on a purchasing document with a negative result. OTB Group - Wikipedia OTB Definition & Meaning - Merriam-Webster An Over Target Baseline (OTB) is a Total Allocated Budget (TAB) that was formally reprogrammed to include additional performance management budget and 8M Followers OTB Legal: UK Immigration Solicitors | Free Consultation Our Industries · Our Services · Our Products ·. " Here is more information about each definition:OTB refers to merchandise budgeted to be purchased during a particular season for which stocks have not as yet been ordered. Northern Ontario Energy Credit (NOEC) – This credit is a tax-free payment that helps Northern Ontarians pay for high home energy costs. Senior Retail Merchandiser. A method of moving goods to the end user without going through the typical distribution channel. , or the selling of these products 2…. Manage open-to-buy to ensure continual flow of merchandise to stores and warehouses with careful attention to advertise events and promotions. - derived based on planned purchases. management works on the sales plan and. The Merchandising definition describes the process of determining the best strategy for attracting customers to a physical or digital store’s merchandise. Their main duties include submitting warehouse inventory reports, clearing any unwanted products from displays and monitoring the sales performances of products. Retail Management professional with 25+ years of career experience in national and international mid and big size fashion and textile companies. University; High School. (OTB, OTT, PTB, TBN, TBS, TB, OT, PT and TX), and up to 1 % in 2019, 2020 and 2021 of the total annual catches of those species made by vessels using gillnets and trammel nets (GNS,. Once again, the OTB Group reported a significant growth trend. Merchandising uses a spreadsheet download and upload process for creation and maintenance of a number of different entities, including foundation data, items, and purchase orders. They also help predict upcoming product. It takes into account expected beginning-of-month and end-of-month inventory, planned sales, and planned markdowns. What is Merchandising • Merchandising consists of the activities involved in acquiring particular goods and services and making them available at the places, times, prices and quantities that enable a retailer to reach its goals. gross margin divided by average inventory at cost; alternatively, it is the gross margin percent multiplied by net sales. The following is a breakdown of the steps in retail inventory management. Something may be “bloody marvellous” or “bloody awful“. This is a complete guide to the OTB (Open-to-Buy) concept in retail. Robust management of OTB with phased commitment to increase trading flexibility; Work in close alignment with buying and supply to develop supplier relationships; Analyse supplier delivery performance and work with the buyer and supply to take appropriate action; Evaluate customer and market information to enhance and support department planningWith over 10 years of experience in the fashion industry, I am a passionate and driven Retail Merchandiser and Buyer for Marni, a global leader in innovative design. In a retail store, the meaning of merchandising is the varieties of products available in-store for selling purpose and their display that attracts the attention of customers and lure them into buying those products. When followed correctly, an OTB plan increases margins, profits,. How you front up to these challenges will ultimately decide whether you're successful or not. " OTB is an abbreviation most commonly used in the US in a gambling context. Select brands and designers to carry. WW Merchandising Analyst. My goals are to develop business, brand. Open to buy definition: a financial budget for retail merchandise planners. You will learn about: OTB Definition Retail Buying Plan Template Components Open to Buy Budgeting Steps Importance of OTB Retail Buying Plan Considerations Gucci. You can also calculate your OTB at cost. ); the management of an OTB for the selection of a complete merchandising offer and the buying of the selected brands (managing the SKUs. Open-to-buy (OTB) is a merchandise financial tool that helps retailers plan and control their inventory levels and cash flow. retail merchandising, fulfillment, marketing, technology, and operations. Based on the above calculations, you determine that your OTB at retail is $16,000. Fortune At The Bottom Of The Pyramid retail rajnish kumar itc. In EVM terminology, the sum of the budgets. Depending on the approach, all or a portion of the OTB is incorporated into the PMB. You can plan merchandising budgets for future items based on historical data of how well products in t-shirt, shoes, and purchase categories have sold. Open-to-buy (OTB) is an inventory management system that works with your retail business. Explanation: Ya, OTB = Open To Buy. For most players looking to improve at OTB chess, I recommend spending one day per week rotating between openings, strategy, and endgames. - Purchase volumes for omnichannel sales in direct. Retail Price – Cost of Goods = Markup. ” The purpose of this container is to easily identify items that. Let me explain this with an example. Retail Pricing. Typologie : les 3 types du merchandising. FORECASTING OTB - EXAMPLES Forecasting OTB based on Planned SalesIf the 10 th of the month falls on a weekend or statutory holiday, the OTB payment is issued on the last working day before the 10 th. With rapid and blitz games though, the difference is smaller. Based on the above calculations, you determine that your OTB at retail is $16,000. Definition: Marketplace Returns – Fees and Refund Timing Changes. P) inventory of. S. The OTB meaning is "Oef To Bed". Most common OTB abbreviation full forms updated in November 2023 Allocation. Digital Strategic Account Manager with 6+ years of experience in Fashion & Luxury, with a focus on the Digital world. Since the sales process often starts with the eyes, retail merchandising typically. Retailers use merchandising to influence customer intent and achieve sales goals, whether digital or in-store. Key responsabilities: • Coordinate the assortments definition and orders creation of both LATAM and APAC DOS; • Review the budget for all subsidiaries, control the broadness and depth of the buy (OTB) and merchandising mix; • Coordinate the planning of. Deals processing can change the cost on purchase orders. Creativity is also important for problem-solving. The Complete Guide. Contribute to the definition of the merchandising and wholesale strategies (in the different markets) with the VP of Merchandising and VP of Wholesale, in line with the brand targets (both long and short term). In-season adjusting: Inventory Management. While it should be used by nearly all retailers, it is especially important for multi-location or multi-channel retailers to ensure productive inventory across all locations and channels. Forward Sales Planning : Sales plan for the full season or the year with monthly phasing needs to be prepared. Definition, 15 Examples and Tips. While an off-price retailer like TJ Maxx or Ross will have only 1-2 of each item in store, making it have a wide range of breath at the. This definition can also differ based. Generic class containing image metadata used in OTB. OPEN TO BUY DEFINITION. Maintained Markup (MMU) The Gross Profit generated on merchandise sold. by: Martec International Martec International Ltd. OTB. - Definition: OTB represents the budget available for a buyer to purchase inventory in a specific period. Direct deposit payments issued may be. Clothing and accessories retailers may want to opt for mannequins, while a boutique shop may choose to devote a bespoke fixture or display case to cross-merchandising. Apply today at CareerBuilder!Introduction. Depending on the approach, all or a portion of the OTB is incorporated into the PMB. Beginning Inventory (in $ or Sku Count) + Purchases – Endoing Inventory = Goods Sold (in $ or Sku. Bet Horse Racing. OTB definition: off-track betting : betting at an establishment outside a racetrack | Meaning, pronunciation, translations and examplesRam Rugby. The first challenge is finding the balance between the right product and the right quantity. Open to buy (OTB) planning is one budgeting process used on retailers to plan inventory purchases that support healthy cash flow. Merchandise Planning and Management for Pop-Up Shops. A Merchandiser, or Retail Merchandiser, handles a store’s inventory levels and product displays. Masing-masing produk merchandise yang terdiri dari beberapa jenis disebut sebagai "item". Term. Most commonly, bookies take a game OTB in response to a significant event that will likely alter the game's outcome. Open to buy definition: a financial budget for retail merchandise planners. Manager with over a decade of experience in Fashion and Apparel (Tommy Hilfiger, Calvin Klein, OTB’s Diesel), Consulting (Deloitte) & CPG/FMCG (Nestlé S. Senior Retail Merchandiser. Nevertheless, it's easier to keep concentration OTB than online. 2. Retail Buying Plan Template Components. It entails selecting promotional tools available to both the manufacturer and the retailer – dubbed as a promotional mix. -the amount of $ to be spent from an existing budget after some purchase have been made. gross margin divided by average inventory at cost; alternatively, it is the gross margin percent multiplied by net sales. If you’re a newer business owner or you’ve made the above mistake before (perhaps even a few times), don’t worry — you’re not alone. OTB = inventory that a retailer need - Inventory that a retailer already have. the simulataneous management of price, shelf space merchandising strategy, promotional efforts, and other elements of the retail mix within the merchandise category based on the firms goals, the. Therefore, the retailer has $50,750 OTB at retail. 1. 12. - Budget management, OTB, margins, repeats, mark downs and planning with Merchandising. Consider the following job titles in your job search in the merchandising career path: 1. Follow up OTB application throughout the season with insights and analysis; Develop, maintain, and update tools & reports to. planned purchase= planned sales +planned reduction + planned EOM- BOM. Retail merchandising is subtle. On the race track, besides the horse racing, a lot goes on. MERCHANDISING definition: Merchandising consists of goods such as toys and clothes that are linked with something. The OTB is usually paid out on the 10th of each month starting from July of the previous year. OTB planning is an inventory management practice used by all types of businesses, though it’s especially useful for retailers selling large numbers of SKUs—like fashion and apparel brands. definition. Retail, Technology, SAP. abbreviation for off-track betting on races.