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Probe of NYRA Execs May be Launched
When it was revealed last year that takeout rates on exotic wagers were not lowered as required by law, executives with the New York Racing Association said they were caught unaware of the problem and quickly moved to make some bettors whole.
Now, according to state racing regulators, some top NYRA officials were not only aware the rates should have been lowered, but acted to cover up their actions and moved to comply with the law only after government auditors uncovered the multi-million dollar error.
In a potentially crippling blow, regulators now want a state investigative office with broad subpoena and other powers to launch a probe of NYRA executives.