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State regulators are threatening to replace the New York Racing Association amid allegations the entity cheated bettors out of millions of dollars.

The state’s Racing and Wagering Board is blasting the agency for holding back $8.5 million in winnings and is now considering reorganizing all of NYRA which operates the tracks at Aqueduct, Belmont and Saratoga.

Investigators are also probing the deaths of 20 horses at Aqueduct in its race season over the winter.

In the wake of the scandal, the association already appointed a new president and secretary.

[NY1]

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