NYRA accused of keeping more than its share | News
A new state report accuses the New York Racing Association of intentionally withholding winnings from bettors.
NYRA isn't saying much tonight, but the governor has some words for the embattled agency.
The state racing and wagering board says NYRA kept $8.5 million more of the winnings than it should have.
For every dollar you bet and win at Saratoga racecourse, the New York Racing Association gets a small percentage. It's called the takeout rate.
Beginning in September of 2010, NYRA was supposed to reduce the amount that it takes out of winning wagers.
But according to a report from the state racing and wagering board, NYRA knowingly continued to take out more than it should, after the law changed.
The report says top brass at the association, including president and CEO Charlie Hayward, were aware of it and let it happen.
The governor has asked the state inspector general to determine if NYRA or its staff broke the law.NYRA e-mailed a brief statement today.
It said, in part,
"NYRA…Takes the concerns in this report very seriously...will be in further communication... And respond in a timely manner."
That's from NYRA's chairman, Steve Duncker.
The alleged violations took place between September of 2010 and December of 2011 at Saratoga, Aqueduct and Belmont.
UPDATE: NYRA's Executive Board has place Charlie Hayward and Patrick Kehoe on administrative leave without pay, pending review.