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Bloomberg Asks OTB To Submit Shutdown Plan

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Nov 15, 2007 1:51 pm US/Eastern

Bloomberg Asks OTB To Submit Shutdown Plan

NEW YORK (AP) ―

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The city's struggling off-track betting operation appears to be in its final stretch -- Mayor Michael Bloomberg says it will no longer get city money and has asked its president to submit a plan for shutting it down.

According to the New York City Off-Track Betting Corp., OTB gamblers place an average of 1.6 million wagers per day at its 60-plus branches, totaling more than $1 billion in bets per year.

The organization makes a profit, but is mandated by law to hand over so much of its money to the state that the venture is no longer worth supporting, especially when the city is already facing potential fiscal problems.