Long Running Gambling Operation OTB To Shut Down in New York City

The OTB was a solution to a problem, Back in the late sixties, illegal bookies were corrupting New York City. A referendum was passed that called for the creation of a legalized betting system. It was called the OTB(Off Track Betting).

Today, after thirty seven years of operation, OTB has decided that it is time to shut its doors for good. The decision is based primarily on the fact that there is not enough money to keep the betting operation running.

Mayor Bloomberg was adamant in his opinion that taxpayer subsidies could not continue to fund the operation. The deficit for the city has risen to a figure that warrants money to be spent wisely.

"If OTB is unable to operate without taxpayer subsidies, then it should not operate, period," said Bloomberg in a prepared statement.

The OTB is preparing an exit strategy for how to close down its operation. June 15th would be the closing date. Employees would be notified of job cuts by April 17th.

It is unfortunate that the OTB must shut down, but Mayor Bloomberg specified the need for money in other areas, "The city simply cannot take dollars away from schools and hospitals to pay for a gambling operation," he said.

February 19, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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