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New York City OTB is broke

By Matt Hegarty
Daily Racing Form

Friday, August 14, 2009

SARATOGA SPRINGS, N.Y. -- New York City Off-Track Betting Corp., the state-owned agency that has a monopoly on taking offtrack parimutuel bets from residents of New York's five boroughs, has an operating deficit of $38 million, an accumulated deficit of $228 million, and will be insolvent soon without legislative help or the implementation of drastic cost-cutting measures, according to an audit conducted by New York State Comptroller Thomas P. DiNapoli released on Friday. The audit, which analy ...

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