Quote:
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Originally Posted by Kasept
Yup.. Frucher in a nutshell:
"We'd be making a lot more money if we didn't have to pay those damn winning bettors, those greedy racetracks where they run the races we take bets on or that pesky state that mandates our existence."
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It makes you wonder how the greedy racetracks which OTB wants to give less money too and from which OTB receives its largest source of revenue, NYRA, and who has its own expenses to put on the product that OTB is allowed to show and profit from, happens to be in bancruptcy as well. Frucher seems to care less about that or what it costs to make the product he sells.
I love how he makes the numbers so simple, $1 billion taken in, 75% to bettors leaves $245 million in revenue of which $129 million goes to the racing industry, city and state leaving poor old OTB only $116 million which cannot cover its $134 million in operating expenses. No mention as to why they have that much in operating expenses or why they aren't shutting down parlors left and right at a time when the focus should be on internet gambling which could reduce their expenses tremendously, or the prior mismanagement that has gotten their operating expenses so bloated, etc.
I suppose we should just assume that $134 million figure is a legitimate operating cost for this business and feel sorry for and support NYC OTB!!!!