New York Office Of The State Comptroller Unclaimed Funds
NYRA, which hosts major events such as the Breeders’ Cup, Belmont Stakes, and Travers Stakes, revealed on Wednesday, December 21st, that its tote system underpaid customers by $8.6 million during a 15-month stretch of 2010 and 2011. The error went undetected by state racing officials and a panel for the financial oversight of NYRA before it was noticed during a breeding fund audit led by state comptroller Thomas DiNapoli.
NYRA officials admitted that the company, which had fought to remain solvent after bankruptcy and repeated financial lifelines from New York State, did not adjust its exotics takeout rate when lowered by the expiration of a state wagering provision. As a result, NYRA has made an agreement with the New York State Racing and Wagering Board to compensate winning ticket holders and apply further reductions to its takeout percentage.
NYRA’s takeout, a surcharge on winning tickets applied through state law, was raised from 25 percent to 26 percent on exotic wagers in September 2008 as part of a franchise extension deal between the endangered company and the State of New York. The takeout hike required a provision to the state gaming code, which capped exotic takeout at 25 percent. When the provision expired in September 2010, NYRA was obligated to restore the lower takeout rate, but continued to levy and post winning payouts through the tote system at 26 percent.
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