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 to correct an unintentional oversight by which NYRA’s 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 one percent across-the-board increase in takeout on NYRA wagers. That legislation increased the takeout on exotic bets to 26 percent and superceded the Racing Law statute which caps takeout on exotics at 25 percent.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 today’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 Wednesday, December 28 at Aqueduct Racetrack.  NYRA takeout rates are published daily in all of NYRA’s programs and in the Daily Racing Form.

NYRA will work with the Board to implement the conditions established in today’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)

About NYRA

Founded in 1955, and franchised to run thoroughbred racing at New York’s three major tracks through 2033, NYRA boasts a lineage that actually stretches back almost 150 years. NYRA tracks are the cornerstone of the state’s thoroughbred business which contributes more than $2 billion annually to New York State’s urban, suburban and rural economy. In 2010, more than 1.6 million people attended the live races at NYRA tracks. Factoring in nationwide off-track wagering, the average daily betting handle on NYRA races totals more than $8.7 million. NYRA has a vast network of websites, including www.nyra.com, www.belmontstakes.com, and www.nyragroupsales.com. You can also follow NYRA on social media platforms Facebook, Flickr, Tumblr, Twitter, and YouTube.