I was in a hurry this morning to get to work, so I dashed into my favorite morning stop for my chocolate iced doughnut and Dr. Pepper, and a quick perusal of the morning headlines. One caught my attention, "OTB Bailout".
OTB Bailout? How can horse betting, done in the open and legal, be in a financial mess? Oh wait, I see it now, the government has a hand in it! No wonder it flopped. It is amazing that for decades many "Families" controlled the para mutual industry and they lived very handsomely. They employed probably more people than the government and they made a good profit.
Well along comes the government, wanting their cut of the profits in addition to the taxes, and they create Off Track Betting (OTB). Many years go by and suddenly OTB goes belly up! Go figure. This answers many questions about how we've gotten into this mess. Remember, "I'm from Albany, and I want to HELP!"
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