15 months? Shocking. Not just a ‘public relations’ issue as they’d like to think, but an 15 month error that has the potential to undermine bettor confidence.
NYRA Takeout Error Missed by Other Agencies | BloodHorse.com
Just days after being praised by state officials for their fiscal openness, officials with the New York Racing Association were enduring a new round of criticism after revelations it had been overcharging bettors on exotic wagers.
The mistake went on for 15 months, during which time NYRA charged a 26% pari-mutuel takeou trate on certain exotic bets, such as trifectas and Pick 3s, instead of the allowed 25%. State racing officials had approved the higher level several years ago, but the rate was supposed to have been lowered by NYRA late last year.
The error went unnoticed by different layers of state regulatory bodies. It was caught recently by state Comptroller Thomas DiNapoli during an audit not of NYRA — which is under a regular fiscal watch by the comptroller — but during a formal review of the finances of the New York State Thoroughbred Breeding and Development Fund.