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$8.6 Million To Come Back To Punters?

Published: December 21, 2011 4:33 pm ET

Last Comment: December 29, 2011 10:35 am ET | 2 Comment(s) | Jump to Comments

It has been reported that the New York Racing Association will be trying to return $8.6 million back to horseplayers after it has been found that the organization overcharged on a plethora of exotic wagers.

An article by timesunion.com explains that it has been found that NYRA overcharged the amount it kept from 'some' exotic wagers. The article says that NYRA overcharged by one per cent.

The report says that the overcharging was not just from wagers made in New York State, but also from out-of-state wagers on NY racing.

According to the article, NYRA was supposed to have dropped the takeout on the exotic wagers to 25 per cent effective September 15, 2010. Instead of doing that, the NYRA had actually beefed up takeout on the bets one per cent (to 26 per cent).

In light of the situation, the New York State Racing and Wagering Board has mandated that NYRA drop takeout on the exotic wagers to 24 per cent for a period of time that the board will determine.

(With files from timesunion.com)

December 29, 2011 - 10:35 amI don't see the

david perry SAID...

I don't see the accountability, laws were broken and for NYRA to plead "I Sorry" is woefully insufficient. Are there no adults in NYRA? Do we really want these people in charge of our money, I think not. Also, why has the State Attorney General stayed silent and brought no charges? Who is looking out for us?

December 22, 2011 - 9:08 amQuite inaccurate.They will

Quite inaccurate.They will not be returning the monies to those that were owed it(theres a unkind word in law for that). They will be adding it to future wagering pools.As for "over charging" that is a sad and sickening daily practice in the gambling "sport" called Horse racing!


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