Wednesday, December 21, 2011

State: NYRA overcharged bettors by millions

For almost a year some of you've asked why NYRA continued to take 26% in some exotic bets after September 15, 2010.

Today we found out that they apparently weren't supposed to.

The state Racing & Wagering Board voted unanimously on Wednesday to admonish the New York Racing Association for overcharging bettors millions of dollars over the past 15 months.

The racing association was supposed to reduce the maximum sum it kept from such bets to 25 percent starting on Sept. 15, 2010, but continued to charge a 26 percent takeout, according to two state officials.


Anonymous said...

Good news - NYRA tracks will move up in the HANA ratings..... because they were forced to.

That's one way to get them to lower takeout, I guess.

Steve said...

Nice job HANA. You're dedicated to lowering takeout rates yet missed this blatant oversight. You and the NYSRWB are more to blame than NYRA.

Anonymous said...


An organization with several volunteers, (established after this takeout hike by NYRA) with a budget of about $10 is responsible for a decision made by two groups with execs paid hundreds of thousands of dollars, and multi-million dollar operating budgets.

Sharp post Steve.

Another Steve said...

Steve, do you also blame the guy with a $60 checking account for not foiling a bank robbery?

Don't use that name again... you're a shameful embarrassment.

Alan said...

It's been two weeks and no news on how or whether NYRA will implement a plan to make bettors whole. The announcement was made prior to the extended holidays. Is it a short news cycle or will HANA step forward and make it known that players want to be respected?