"It's probably not a good time to make a wager on the future of off-track betting in New York City. Mayor Michael Bloomberg says the city may shut down the money-losing operation.
The New York City Off-Track Betting Corp. operates more than 60 branches throughout the city where gamblers gather to bet on the day's races. Bettors place an average of 1.6 million wagers per day, totaling more than $1 billion in bets per year, according to NYCOTB.
The organization makes a profit but is mandated by law to hand over so much of its money to the state that the venture may no longer be worth it for the city, Bloomberg said Thursday.
"The state uses it as a cash cow, and the city has been subsidizing the state, and we are not going to continue to do that, I can just tell you," Bloomberg told reporters.
The threat of a shutdown got a mixed reaction at an OTB branch in lower Manhattan, where dozens of mostly older men stood watching television screens, their hopes riding on horses with names like Diamond Isle, Never Faster and Malibu Moonshine." |Read more|
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