06/30/2003 11:00PM

No NYRA takeout cut for now


The New York State Racing and Wagering Board has deferred a decision on allowing the New York Racing Association to lower the takeout on some of its wagers, a spokeswoman for the board said Tuesday.

The deferral means that NYRA will be unable to lower its takeout until Oct. 1 at the earliest. Under a law passed this summer, NYRA was given the right to alter its takeout once every fiscal quarter as long as the alteration was approved by the board, and Monday was the last day to get the takeout reduced before the third quarter started.

Stacy Clifford, the board spokeswoman, said that the board deferred in order to give NYRA and New York off-track betting companies more time to submit material for and against the reduction. The OTB companies had argued against NYRA's proposal because reductions in takeout cut into their revenues.