Thursday, August 21, 2008

NYRA STATEMENT RE: TAKEOUT

NYRA STATEMENT ON POSTPONEMENT OF ONE-PERCENT TAKEOUT INCREASE ON OUT-OF-STATE THOROUGHBRED RACES

The New York State Legislature has amended the bill passed in June authorizing the state takeover of the New York City Off-Track Betting Corporation which would have required a one percent takeout increase on all bets made in New York on out-of-state Thoroughbred races.

The increase, set to become effective on September 15, was postponed until March 15, 2009 and inserted into the state budget cut bill passed by the legislature in a special session this week and signed by Governor David Paterson on Wednesday.


The takeout provision was widely opposed by NYRA, the state’s off-track betting corporations, and various out-of-state tracks and simulcast venues. While NYRA understands the state’s motivation in going forward with the takeout increase, upon closer inspection and conversations with industry stakeholders it became clear to legislative leaders that the increase would have unintended consequences on the New York pari-mutuel industry’s ability to import simulcast signals and negotiate simulcast agreements, and would have unfairly disadvantaged New York customers.

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