Just a few rambling thoughts.
On January 8, 2011 I e-mailed the NYSRWB about NYRA’s takeout on some wagers being outside of the parameters of the law. I never received a response. Maybe they do not respond to non-NYers. I waited until January, because the changes to takeout can only take place the first day of the calendar quarter. And technically, Jan 1 starts a new “meet” as well. As October 1st fell in the middle of the Fall Belmont meet, and I could understand why NYRA would not want a rate change mid-meet.
It should be noted, that while some of the takeout rates for NYRA where higher then prescribe by law, as poster ukbro00 stated everybody knew (or should have known) they were betting into a 26% takeout. Therefore, to imply that NYRA did anything fraudulent is absurd.
I also emailed NYRA in April, 2010 and July 2010 asking them about the takeout, but I did not receive a response. And in August 2010, I commented on Steven Crist’s blog about the “1% NYC OTB takeout increase sunseting” and NYRA takeout being outside the parameters of the NYS law. While he did not post my comment he did send me a e-mail acknowledging the sunset provision went in effect and that NYRA could ask for lower takeout if they wished. I do not know if he discussed it with anybody at NYRA but he does know Charles Hayward personally.
From my perspective, there may be some issues with the change in takeout.
In NY is the Racing Pari-Mutuel Wagering and Breeding Law establishes the allowed takeout range. NYRA then makes a request to NYSRWB board which either allows it or does not allow it. Any takeout rate must be approved by NYSRWB, NYRA can not change takeout without the NYSRWB approval.
But there is no provision in the PML that requires NYRA to make a the request to change it. And the law clearly states that NYRA can’t change the rates without NYSRWB approval. So there may have been (or there is) a legal question of whether NYRA did or did not do anything wrong. Basically, NYRA was conforming with the law when the law changed, but there is nothing in the law that requires NYRA to change with it. In my opinion, it is a poorly written law.
And for what’s it worth, it are two other posts on the sunset provision:
http://www.paceadvantage.com/forum/s...d.php?p=969237
http://www.paceadvantage.com/forum/s....php?p=1036848
