In 2006, the city’s Off-Track Betting Corporation had a gross profit of $125 million dollars. A very tidy sum indeed to spend within the five boroughs. Unfortunately, the now four year old revenue sharing deal with Albany somehow netted the state $134 million dollars on that $125 million gambling surplus. Believe it or not, we owed $9 million on top of the $125 million they already took from us!
Dracula knew how to sip on a neck and not gulp. He didn't completely drain his victims to leave them dead. He managed his resources more intelligently than those controlling the bottom lines now. OTB is looking very pale.
Someone up in Albany has to realize you can’t beat a dead horse to cross the finish line. It has no incentive or life. OTB is in a similar state. Under the present financial system, we can’t win in our place, when we have nothing to show for it in the end. Either the state government should restructure the deal to overwhelmingly benefit New York City or the city should put OTB out to pasture until more reasonable minds prevail.
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