Thursday, November 15, 2007

OTB May Finish Out Of The Money in 2008

Mayor Bloomberg said OTB could be done with horse racing by June of 2008. It’s simply not making enough to keep it “in the money.” To his credit, the mayor doesn’t want city taxpayers to pay any increase to subsidize OTB. That’s because the present revenue sharing agreement with Albany takes too large a cut from the city. It’s their piggish percentage that is making OTB unprofitable for the city to keep as a “cash cow.” If Albany refuses to change an unfair revenue sharing plan with the city, the city’s only legal bookie may be on the unemployment line. The mayor is right to play hardball with the governor over this issue. They need the racing revenue upstate. They’d be wise to take millions less rather than collect nothing at all. Hmmmmm. Politicians in Albany being wise? OTB may truly be on it’s last legs. Stay tuned.