Should racing executives be allowed to wager on their own product?

Earlier this month, the new board of the New York Racing Association held its first meeting. Last spring, NYRA’s president and CEO was removed following the discovery that the Association was charging a higher takeout on the public’s wagers than was allowed by law, and two weeks later, Governor Cuomo announced that he was reconstituting the Association’s board, cutting its members and increasing the number of his own and the legislature’s appointees.

Among the mandates for the new board are increased transparency and attention to integrity, and as a result, one of its first moves was to prohibit NYRA “senior management and officers” from wagering on NYRA races, at NYRA facilities or through the NYRA advanced deposit wagering platform. In response to a question from a board member, NYRA secretary Ken Handal made clear that the prohibition does not apply to the board, which passed the resolution unanimously.

Read more at Forbes.com.

One thought on “Should racing executives be allowed to wager on their own product?

  1. Not only should racing executives bet on the races, they should be forced to bet. How about forcing them to bet 10% of their paychecks so that way they can see how difficult it is to beat a 20% takeout. If they are doing this firsthand, then maybe finally they would do something about it. Also, no more free parking and free admission. Racing executives are SO FAR removed from the betting public, it’s ludicrous. It’s like the CEO of McDonalds being a vegetarian.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s