Updated on 09/15/2011 1:37PM

New York takeout-cut bill signed

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Gov. George Pataki signed legislation Tuesday that will allow the New York Racing Association to lower takeouts beginning with the upcoming Saratoga meet.

As of July 25, opening day at Saratoga, takeouts for win, place, and show wagers at NYRA tracks will drop from 15 percent to 14 percent. Takeouts on exactas, quinellas, and daily doubles will drop from 20 percent to 17.5 percent, and the takeout on pick six wagers on non-carryover days will drop from 25 percent to 20 percent.

The legislation will also allow NYRA and New York's six regional offtrack betting companies to take two additional simulcast signals during the Saratoga meet. That language was added to the bill in order to gain the support of the OTB companies, which have said they will lose money under the new takeout rates.