NYRA lowers takeout on exotics

The New York Racing Association, Inc. (NYRA) has announced that takeout on

trifecta, superfecta, Grand Slam, Pick 3, Pick 4 and Pick 6 wagers will be

lowered by two percentage points. NYRA reports that the action is taken to

correct an unintentional oversight by which its takeout for exotic wagers was

one point above the statutory limit.

When NYRA and New York State agreed to a new franchise agreement in September

2008, part of the arrangement called for a 1 percent across-the-board increase

in takeout on NYRA wagers. That legislation increased the takeout on exotic bets

to 26 percent and superseded the Racing Law statute which caps takeout on

exotics at 25 percent.

When this provision expired in September 2010, the takeout on exotics should

have reverted to 25 percent to conform to the pre-existing statute, but this

change was unintentionally overlooked due to the complexity of the takeout

provisions in the racing law.

The lower takeout on exotics was proposed by NYRA to provide an equitable and

immediate remedy to its customers. The changes which were approved at

Wednesday's meeting of the New York State Racing and Wagering Board further

decrease the takeout on trifecta, superfecta, Grand Slam, Pick 3, Pick 4 and

Pick 6 wagers by one point from pre-September 2008 levels.

They will go into effect for the races on December 28 at Aqueduct Racetrack.

NYRA takeout rates are published daily in all of NYRA's programs and in Daily

Racing Form.

NYRA will work with the Board to implement the conditions established in

Wednesday's meeting and to address reimbursement for NYRA Rewards customers,

holders of uncashed tickets, and other customers who can be identified through

IRS reporting, within the time frames directed by the Board.

With the approved changes, NYRA's takeout menu is as follows:

* 15 percent – Pick 6 (non carryover pools)

* 16 percent – win, place, show

* 18.5 percent – exacta, quinella, Daily Double

* 24 percent – trifecta, superfecta, Grand Slam, Pick 3, Pick 4, Pick 6

(carryover pools)