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New York City Off-Track Betting Going Online
12/4/09 - New York City Off-Track Betting Corp., a land betting operator, filed for bankruptcy this week and plans to reorganise after five years of losses totaling $45 million - and virtual horseracing is an option being studied, according to reports from the Bloomberg business news agency.
A lack of resources to build the type of modern race tracks that exist in neighboring states and dwindling cash levels were cited as reasons for the Chapter 9 filing, which listed as much as $500 million in debts against $50 million in assets.
The filing won’t halt gambling operations, said Meyer Frucher, chairman of the state-run corporation.
“We’re not going to be asking for any taxpayer dollars,” Frucher said. The reorganisation plan calls for a $250 million bond sale to pay debts and provide funds to buy new technology and improve betting parlours.
In September this year, Frucher hinted at what form such new technology would take, claiming that betting volume may increase as much as four-fold to $4 billion with updated technology, such as an around-the-clock horse-racing TV channel or virtual racing.
Since its 1971 inception, the company has made payments of $2 billion to the horse-racing industry, about $1.4 billion to New York City, and about $600 million to the state, according to court documents.
If the betting operation were closed instead of reorganised, New York City OTB would face debt of more than $600 million, Frucher said.
The state took control of New York City OTB’s operations in 2008 after Mayor Michael Bloomberg said he would shut it down to stop losses.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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