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Jun 16, 2008 10:43 am US/Eastern

Off-Track Betting To Open Under New Management

State To Take Over Big Apple's OTB Sites

NEW YORK (AP) ― When New York City's off-track betting parlors open shortly before noon Monday, the state of New York will be in charge.

Under an agreement announced Sunday by Governor Paterson and Mayor Bloomberg, the state will take over the city's financially troubled Off-Track Betting Corporation and its more than 60 betting parlors across the Big Apple.

Some 1,500 people faced losing their jobs if the deal wasn't reached.

Under an agreement between the city and the state, a newly formed state corporation takes over OTB while the city continues to receive part of a surcharge related to wagers placed on races at tracks within city limits.

Last week Bloomberg said the city was ready to shutter its OTB parlors and eliminate jobs if a deal wasn't in place by Sunday.

Legislation related to the OTB deal is scheduled to be taken up today by the state Legislature, and approval is expected.

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