NYRA out to cut Spa takeout

The New York Racing Association has asked state regulators to approve a reduction in takeout for the upcoming Saratoga meeting, according to report on The Blood-Horse website.

The move, which was expected to be announced by NYRA on Tuesday, would lower the takeout in win, place, and show bets from 14 percent to 13 percent, the report said. Takeout on two-horse wagers such as exactas and quinellas would drop from 17.5 percent to 17 percent.

NYRA also reduced the takeout rates on win, place, and show wagers and exotic bets just before the Saratoga meet in 2001. Since then, NYRA has said in advertisements that the reduction has returned approximately $70 million to bettors.