NYC OTB: Court dismisses bankruptcy case..

[pointman]

Great stuff, Steve. The improvements that have come to NYRA just in the weeks since the demise of OTB are stunning considering the quickness and red tape they certainly have to go through, particulary in NY. The fact that they can now stream their races live on the internet and quickly took over Channel 71 in NYC are vast improvements for both NYRA and the horse player. The one disappointment is that while I understand NYRA wanting to attrack new customers by offering $100 if you bet $100 and double the rewards, it should not slap the loyal existing customers in the face by not offering the same to them.

For those who have called anything NYRA has received from NY State a subsidy, they should realize that NY State has robbed and strangled the horse racing industry for 40 years through OTB creating many of the problems the industry finds itself in today. OTB in New York has been nothing more than just another way for the State to siphon money to itself and has never operated in the interest of the racetracks.

The opportunites that the demise of NYC OTB has crated for NYRA right now just might right the ship and turn NYRA into a profitable model if it is able to establish its own OTB operation without having to pay the OTB surcharge under the prior business model. Couple that with the casino, it appears that for once NY Racing is moving back in the right direction. Next step is to dismantle the remaining OTB's and give them back to the racetracks and allow those who put on the product and bear the expense of doing so to keep the revenues the product earns.