Thursday, December 25, 2014

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Report Finds Bettors Overcharged by State Horse Racing Association

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TWC News: Report Finds Bettors Overcharged by State Horse Racing Association
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A report from the state Inspector General shows the New York Racing Association has been taking bettors for a ride.

The report centers around the so called "takeout fees" or the percentage of each bet NYRA is allowed to keep.

Under state law, the rate was set at 25 percent for local bets and 26 percent for "exotic wagers."

The IG says when the law expired in 2010, NYRA kept charging the higher rate—bilking gamblers $7 million between September of 2010 and December of 2011.

State regulators say NYRA officials are at fault, adding they should have kept track of the law's expiration date.

The IG says NYRA has complied with its recommendations to put better auditing practices in place.

NYRA had been plagued by years of mismanagement, prompting Governor Andrew Cuomo to appoint a new executive board in 2012.

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