Updated: Hayward out on leave
Early Monday, the New York State Racing and Wagering Board has released a 19-page preliminary report indicating that the New York Racing Association knew it withheld payouts to bettors on exotic wagers and allowed the practice to continue.
By late in the day, NYRA announced that its president, Charles Hayward, had been put on unpaid leave. In a press release, NYRA Board Chairman C. Steven Duncker said Hayward and NYRA Senior Vice President and General Counsel Patrick Kehoe were put on on administrative leave without pay, pending further review.
“NYRA takes the matters identified by the Franchise Oversight Board and the New York State Racing and Wagering Board extremely seriously," Duncker said in the release. “NYRA will take all appropriate steps and actions to cooperate with the state’s inquiries and insure the integrity of our operations. As part of these efforts, we will respond to Chairman Megna’s letter as requested by May 4th. NYRA has worked diligently over the past number of years to improve the racing and agricultural industries in New York state and enhance its national status as an industry leader, and we will continue with that commitment.”
During a 15-month span, NYRA withheld more than $8 million from bettors because they took out too large a percentage of the total amount bet on certain wagers. The practice was exposed in December 2011. At the time NYRA said the error was an oversight they weren't aware of.
The report indicates that Hayward was aware of the error and worked to keep it under wraps. (This can be found on page 7 of the report).
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Read the full report below:
Interim Report of RWB Investigation
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