In an attempt to keep the city’s Off-Track Betting Corp. from being shuttered, City Councilman David Weprin will introduce a resolution tomorrow calling on state lawmakers to negotiate a deal with the city’s OTB that takes into consideration the higher cost of operating in the Big Apple.
Payments to the racing industry have increased exponentially, leaving OTB with too little to keep up its operations. Out of its net profit of $125 million last year, $98 million went to the racing industry. If nothing is done, OTB might run out of money by June.
“We are in a unique situation to make changes as state officials are trying to determine how to redo the racing industry and its betting franchise,” said Weprin (D-Queens).