NY Implements New Ticket Cashing Rule

(Edited press release)

Effective Jan. 1, 2009, the New York State Racing and Wagering Board (NYSRWB) has implemented a new rule concerning any winning pari-mutuel ticket purchased at a New York pari-mutuel facility that is not cashed within ten days and has a cash value of $300 or more. 

Under the new NYSRWB mandate, such a ticket can only be cashed at specific designated pari-mutuel windows after the name, home address, date of birth and social security number of the relevant patron have been provided.

No other racing jurisdiction in the country makes this requirement of its customers. 

The New York Racing Association strongly opposed this new rule when it was circulated for industry comments and continues to oppose the rule as fundamentally bad public policy, because it will not remedy any material harm that can be articulated and it will therefore needlessly damage the business of the state's pari-mutuel facilities.   

“The New York Racing Association is the industry leader in integrity based on its anti-money laundering policies, its race day security barns, and its refusal to do business with unregulated off-shore rebate shops,” said NYRA President and CEO Charles Hayward. 

“However, this rule is not about integrity; it is further inconveniencing the customer who is fortunate enough to have placed a winning wager. No other state in the country punishes its customers for holding on to a winning ticket for more than 10 days. Given the current state of the industry and the economy in general, this new ruling could not have come at a worse time.”

 

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