New York City OTB is broke

Updated: August 15, 2009, 12:47 AM ET
By Matt Hegarty | Daily Racing Form

SARATOGA SPRINGS, N.Y. -- New York City Off-Track Betting Corp., the state-owned agency that has a monopoly on taking offtrack parimutuel bets from residents of New York's five boroughs, has an operating deficit of $38 million, an accumulated deficit of $228 million, and will be insolvent soon without legislative help or the implementation of drastic cost-cutting measures, according to an audit conducted by New York State Comptroller Thomas P. DiNapoli released on Friday.

The audit, which ...

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