Talk about closing the barn door after the horse has escaped. This is outrageous, and will be detrimental to the confidence of bettors.
NYRA Lowers Exotics Takeout After Overcharge | BloodHorse.com
The New York Racing Association has lowered the pari-mutuel takeout rate for several wagers after having overcharged bettors for more than a year.
NYRA announced Dec. 21 it would lower the rate on trifecta, superfecta, Grand Slam, Pick 3, Pick 4, and Pick 6 wagers by two percentage points to 24%. NYRA said the action will “correct an unintentional oversight” by which the takeout rate for exotic wagers was one point above the statutory limit.
According to published reports bettors should have received an additional $8.6 million for the period.