Posted on 12/04/2009 6:02:26 PM PST by Onerom99
So the inept New York City Off-Track Betting Corp. finally filed for Chapter 9 bankruptcy protection yesterday, officially becoming the first bookmaker that couldn't make a profit (See Page 8).
Despite handling close to one billion dollars a year in wagers, the incompetent organization still can't break even, blaming others for its problems when NYCOTB is its own.
OTB pushed for nighttime thoroughbred simulcasting, and got it, and now is paying for it dearly.
It's the biggest mistake that NYCOTB made, thinking people would gamble on Penn National and Mountaineer like they wager on Aqueduct, Belmont or Churchill Downs.
It also signed the bad leases where it set up its parlors and has no one else to blame.
NYCOTB chairman Meyer (Sandy) Frucher said in a press release yesterday that without the necessary statutory amendments to some racing laws, NYCOTB will close.
Maybe it should.
It has been nothing but a parasite on racing and a home for political patronage.
Let it fail and start from scratch.
Let the NYRA or Yonkers Raceway or someone else pick up the pieces - get the government out of it and let racing take care of itself.
As long as OTB is around, it will also be competing for the same betting dollar that the tracks need - and that is wrong.
The tracks should be in charge of their own product.
Let NYCOTB die.
So where did all the money go?
Wow.
My boys never had no trouble making book or making a profit.
D.C.
"It" signed them. No Daily News, tell us who signed them. Tell us who the landlords are. Tell us how those you call "it" are doing today.
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