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Originally Posted by justindew
Here's the thing. I have no idea how the OTBs can be losing money. So there is clearly something I am missing somewhere.
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I'm am not the official czar on the subject, but this is what I gather. NYCOTB has to pay the state something like 5 million dollars a year just to offer wagering on Thoroughbred racing at night. This has been going on for years now. The state created NYCOTB and has their hands so deep in the pockets that NYCOTB pays more out to the state then they take in in profits. When they say they "lose money" they actually don't "lose money" they just give it all to the state, and then some from what Bloomberg has been saying.