Good riddance to bad rubbish

New York’s Off Track Betting Corporation shuts down Friday, bankrupt. I dimly remember (1971) when this monstrosity began operations – it seemed like a bad idea then, and, it turns out, even a 17-year-old could know more than politicians. Of course, I wasn’t in on the take.

5 Comments

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5 responses to “Good riddance to bad rubbish

  1. Mr. 85 Broad St.

    Rudy Giuliani had it right – they were the only bookie joint in NYC to lose money.

  2. Lls2

    That. And hanging out at the OTB is like hanging out at the bus terminal. Only worse.

  3. They made plenty of money. The problem was that the state mandated that set amounts of it go back to the state and to the tracks. When betting volume fell they couldn’t cover their costs and make the mandated transfers. The state legislature is too dysfunctional to amend the law they operate under, so they killed the goose that was laying all of those golden eggs.

  4. ThePhoenix

    I was about to post the same thing Richard said – Government once again screws up pretty much everything it touches.

  5. greenmtnpunter

    The entire regional OTB enterprise could have been properly and more cost effectively operated by NYRA but NYRA trustee Alfred Gwynne Vanderbilt put the kibosh on it in 1971. Perhaps NYRA can resurrect OTB from the ashes?