New York Racing Association President and CEO Charles Hayward has apologized for the issue regarding the overcharging of takeout on exotic wagers which have cost horseplayers millions of dollars

.

"I'm the CEO, ultimately I'm responsible," Hayward was quoted as saying in an article by the Daily Racing Form. "If you're looking to blame somebody, that'd be me. The buck stops here. There's a lot of people both inside NYRA and the state that had the opportunity to review that and the bottom line is we missed it."

The issue arose when instead of lowering takeout on the exotic wagers, takeout was actually increased. The oversight went on for more than 15 months.

According to the article, the whole situation is not sitting well with New York' budget director and Franchise Oversight Board chairman Robert Menga.

Menga reportedly said last week via a letter to Hayward that, "You have repeatedly argued that the high compensation paid to NYRA officials is needed to ensure that the best talent is attracted to the Association. That position, of which we are skeptical to begin with, rings hollow in light of NYRA's failure to manage a most basic accounting task."

(With files from the Daily Racing Form)

Related Stories

• $8.6 Million To Come Back To Punters?
• NYRA CEO For Lowered Takeout