Hide your wallets, horseplayers. The government is out to pick your pockets once again.
Gov. George Pataki, in his 1998-99 budget released yesterday, proposed a 2 percent increase, from 25 to 27 percent, in the takeout on all exotic bets in races involving three or more horses in the result: pick 3’s, pick 6’s, trifectas and superfectas.
The proposal affects all races bet on in New York, including simulcasts.
Pataki’s plan is to raise an additional $11.8 million from the “new surcharge on exotic and super exotic wagers” which would go to the State Racing and Wagering Board to fund “staff and related costs associated with the processing of racing licenses; investigations and subsequent legal hearings to suspend or fine violators of racing regulations; seasonal employees at the thoroughbred and harness tracks; the testing of race horses for prohibited drugs; and oversight of the financial, wagering and security operations of regional OTB’s.”