DiNapoli: Financial Viability Of OTB’s In Jeopardy
New York's Off Track Betting Corporations are at risk of financial insolvency.
That's according to an audit from State Comptroller Thomas DiNapoli.
The audit found that OTB wagering was down $1.2 billion, or 24%, during the five year period of 2009-2013.
“The viability of OTBs is in financial jeopardy,” said DiNapoli. “Statutory payment requirements, a downturn in racing interest and major fee increases have each contributed to this plight. As competition for gambling dollars intensifies in New York, the state must reexamine the roles of OTBs.
DiNapoli is calling upon state policymakers to review a number of regulations governing OTB's, including the formula used to calculate the corporation's payments to harness tracks.