Absolutely outrageous, grossly negligent misconduct here. And for this of you ValueCappers who struggle with exotic bets, take a look at those takeouts, and you’ll understand what you’re up against.
Board says NYRA overcharged customers millions in 2010 – Thoroughbred Times
New York Racing Association bettors who thought payouts were coming back a little short in 2010 were not paranoid.
NYRA said it unintentionally overcharged bettors millions of dollars in the past 15 months. The issue was addressed at Wednesday’s New York State Racing and Wagering Board meeting.
Racing officials said they discovered that NYRA was overcharging bettors 1% in exotic wagers, including the pick six (on carryover days), pick three, pick four, Grand Slam, trifecta, and superfecta wagers. The takeout rates for those wagers were supposed to be 25% since September 15, 2010 but the racing association continued to charge the previous 26% rate.