The New York City Off Track Betting Corporation will cease operations June 16 unless state officials provide regulatory relief before then, according to a January 16 report to the OTB’s board of directors.
Officials with some OTB’s, including NYCOTB, say the talks in Albany over the Thoroughbred franchise should also include resolution of long-standing competition problems between the tracks and off-track betting corporations.
Trimming OTB could result in greater benefits to the area tracks with increase attendance and betting. With $1Billion last year betted at NYCOTB, that money could potentially be spent at Aqueduct and Belmont. With a greater system of cost management through consolidation and a better system of profit sharing, the move might result in a benefit to NYRA, the surrounding communities and greater revenue to the State.
Leonard O. Allen, president of District Council 37’s Local 2021, which represents most of the employees who would be laid off, said he believed OTB appeared to have little choice but to close if the state does not make changes.
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