NYCOTB May Shut Down

[cj]

http://www.bloodhorse.com/horse-racing/articles/60126/ny-senate-walks-nycotb-may-shut-down

[DJofSD]

If it happens it will give SAX cover for why their handle is down starting 12/26.

[Cardus]

That is a photo of a relatively new OTB on West 72nd between Columbus Ave. and Broadway.

There is a yoga classroom in the building, too. Lots of folks doing yoga.

[JustRalph]

we've heard this shit before

There is no way the connected ones are going to let it close........

I will believe it when I see it

[Tom]

NY politics......:sleeping:

[Igeteven]

http://www.drf.com/news/new-york-otb-faces-Friday-closing

According to the DRF , it's it all over.

Will they keep it open or close it,

I think it is a pain in the butt to the State and they want to get rid of it.

New York OTB faces Friday closing
By Matt Hegarty

The bankrupt New York City Off-Track Betting Corporation will close all of its branches in the city’s five boroughs and shutter its account-wagering operation at the close of business on Friday unless the company gets some relief, officials for Gov. David Paterson and the state-owned company said on Tuesday.

The threat to shutter the operation comes one day after the state legislature failed to take up a bill that would have allowed New York City OTB to implement a controversial reorganization plan. Paterson had called the special session to address the OTB legislation and several other bills that would close a $315 million budget deficit, but legislators declined to act on any of the bills.

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[Spiderman]

There are too many branch offices. The current list of 44 OTB offices should be trimmed to: five in Manhattan; four in Brooklyn; four in Queens; two in Bronx and two in Staten Island - total 17.

NYRA should be allowed to merge the ADW of OTB with their own. NYCOTB is not efficient and has been political trough for too long.

[Tom]

Didn't theses chuckleheads just get 380 million a few weeks ago?

Money is better flushed down the toiled than given to NYOTB.

Let them die.

[tribecaagent]

we've heard this shit before

There is no way the connected ones are going to let it close........

I will believe it when I see it

Yes, we've seen this shit before but NYRA seems to think it's inevitable http://www.nyra.com/aqueduct/stories/Dec012010.shtml

Really curious to see the numbers, as far as Aqueduct attendance, if OTB does in fact close.

[Jasonm921]

It can only help the racetrack if it closes. Hopefully the buses bring live bodies to the track.

[tribecaagent]

It can only help the racetrack if it closes. Hopefully the buses bring live bodies to the track.

How about a prediction for Saturday? Don't really know what you mean by live bodies but I'll say 7-8K

[slew101]

"But Larry Schwartz, NYCOTB chairman and chief of staff to Gov. David Paterson, reiterated his threat shortly before the Senate left without considering the bill that the corporation will run out of money in the coming weeks and can’t remain open. Schwartz said pink slips to NYCOTB employees will have to be issued without final passage of the reorganization plan."

Somehow I think they'll come up with a plan to stay open.

[PaceAdvantage]

It can only help the racetrack if it closes. Hopefully the buses bring live bodies to the track.How can it possibly help the racetrack to lose this substantial source of betting handle?

Do you really think somehow all that handle is going to automatically divert itself directly to NYRA without a huge drop off in totals?

[trying2win]

How come it is difficult for a lot of ADWS to get the NYRA racetracks' signals? You'd think the NYRA racetracks, horsemen, and New York state government
would love those extra sources of revenue.

T2W

[Jasonm921]

How can it possibly help the racetrack to lose this substantial source of betting handle?

Do you really think somehow all that handle is going to automatically divert itself directly to NYRA without a huge drop off in totals?


OTB has not been paying their share in years. The handle taken in by OTB would be the states gain...not NYRA's (When was the last time they paid the 2 million "vig"). Why do you think NYRA wanted control of the phone betting. Then it would control Revenue Streams. A stream that has been dry to them for years. I view this as only a positive. More cash in NYRA's handsthe better. They sure weren't getting it from OTB.

[lamboguy]

losing the action from off track betting is definately going to hurt NYRA racing. the people that frequented OTB are now going to take up other forms of gambling that won't go back to the NYRA wagering pool. the one thing that i have learned in the parimutual business is that people bet more into bigger pools, and less into smaller ones. that includes every single form of wagering that exist at a track. what i am trying to say simply is that if losing OTB means a 20% decrease from the people that used its services, it will reflect on the others that didn't and they will now cut down their betting. the worst nightmare that any racetrack gambler has is that the more they bet the more they bet against themselves instead of others.

[The_Knight_Sky]

losing the action from off track betting is definately going to hurt NYRA racing.



The wagering pools will certainly be smaller but how much does the NYRA
ultimately get when it is wagered at an NYC OTB facility?

I think the NYRA is taking a calculated risk that by bringing in live patrons
they stand to gain more with these OTB bettors (percentage-wise) and enough to offset the cost of transportation and a hot dog.

The mass transportation to the track idea has long been overdue.
It's good to see the NYRA try this now and get pulse of what they can do when the racino is up and running. :ThmbUp:

[Horseplayersbet.com]

I think a lot of dumb money is going to be out of the pools (players who go to OTBs and pay a premium on top of takeout can't be very value conscious). The lack of value may cause even a bigger slip in handle.

[OTM Al]

The wagering pools will certainly be smaller but how much does the NYRA
ultimately get when it is wagered at an NYC OTB facility?

I think the NYRA is taking a calculated risk that by bringing in live patrons
they stand to gain more with these OTB bettors (percentage-wise) and enough to offset the cost of transportation and a hot dog.

The mass transportation to the track idea has long been overdue.
It's good to see the NYRA try this now and get pulse of what they can do when the racino is up and running. :ThmbUp:

I could be wrong but I don't think they were getting anything from them since April 2009. They were paying about $2 million a month to NYRA, but stopped back then. They could get away with it because by statue NYRA has to supply their signal to them, evidently even if they weren't getting paid for it. This is why they had the only tracks available at OTB for a week or so earlier this year were the NYRA track, Finger Lakes (also required by statue) and Golden Gate (only valid contract they had at the time). They've been paying the out of state tracks btw because they have to. NYRA could have crushed them long ago if they wanted to by pulling the signal as a huge amount of money bet (30-40% annually I believe) is on NYRA tracks, but they couldn't by law.

They have done the transport thing before and have even run busses to Belmont for free in the past

[PaceAdvantage]

According to this article back in March, NYCOTB has "statutory payments" that they must make and have been making to NYRA (even though they still owe them about $25M at last count).

http://www.saratogian.com/articles/2010/03/06/news/doc4b91d59583f22432182358.txt

If NYCOTB goes bye-bye forever, I believe NYRA is going to be hurting more than if NYCOTB stays in business. The handle at NYCOTB is massive.

Hopefully, I'm wrong. Hopefully, if NYRA gets to take over the NYCOTB phone betting operation, this will somehow make up for the near certain substantial drop off in overall handle that will occur.

[johnhannibalsmith]

It can only help the racetrack if it closes. Hopefully the buses bring live bodies to the track.

Yes, yes... we heard this in Arizona in regards to account wagering. Turns out, predictably, that ever since horse racing officialy ceased to control gambling in this country, that asinine logic don't quite translate into reality.

[Tom]

Hopefully, I'm wrong. Hopefully, if NYRA gets to take over the NYCOTB phone betting operation, this will somehow make up for the near certain substantial drop off in overall handle that will occur.

Who better to run the betting than NYRA?

[PaceAdvantage]

Who better to run the betting than NYRA?I agree, but there is no denying the current infrastructure in place (NYCOTB) generates a TON of handle. It will be interesting to see how this all plays out if NYCOTB actually closes shop this weekend.

[onefast99]

All but 3 of the 54 locations will close.

[pandy]

Latest news is that the Senate may vote on OTB Tuesday but it will still close its doors at 5 p.m. tonight, hopefully for good, in my opinion.

[andymays]

Getting rid of New York OTB would only create a bigger mess | Daily Racing Form

http://www.drf.com/news/getting-rid-new-york-otb-would-only-create-bigger-mess

[PhantomOnTour]

Ya'll think folks will tear out the seats and the decor to keep as a memento? :lol:

[OTM Al]

or not....


http://www.bloodhorse.com/horse-racing/articles/60193/closing-of-new-york-city-otb-delayed

[PhantomOnTour]

or not....


http://www.bloodhorse.com/horse-racing/articles/60193/closing-of-new-york-city-otb-delayed
JustRalph called it, and I quote, "I'll believe it when I see it." They aren't puttin all these folks outta work during the holidays...no way.

[Tom]

You can never believe a single word out these people's mouth's.
They are liars, end of story.

[pandy]

I don't understand how the new deal could be a good one for NYRA or the harness tracks. Basically, OTB gets to stay open, doesn't have to pay the money it owes to the tracks, and will give the tracks less of the handle while continuing to compete with the tracks, which has been the problem in the first place.

If I were the head of NYRA I would try to force an OTB shutdown and then aggressively go after the OTB patrons with incentives, such as free $200 matching cash for all new telephone accounts that put up $200. NYRA could also educate the bettors and explain that they will no longer have to pay the extra vig at NYOTB, they can get free bus transportation to the track. Heck, NYRA already has NYRA REWARDS program. And I don't see why they wouldn't be able to take over some of the more successful OTB parlors, it's just a matter of paying the rent and hiring some tellers.

Of course all of this is a pipe dream because it's New York. Once Cuomo gets in I wouldn't be surprised if he puts more taxpayer money into OTB.

[NY BRED]

With a new Governor entering office,I doubt OTB will disappear, although
I wish it would evaporate and be absorbed by NYRA and their new
Malyasian partners.


The majority of patrons going to OTB are not going to the track
if OTB closes, and I doubt the balance of the clients will open
telephone accounts.


Were these locations renovated and staffed by qualified personnel
from NYRA there could be a great potential for bringing in more $$
to the rightful recepient.

[pandy]

I agree.

[DJofSD]

http://www.bloodhorse.com/horse-racing/articles/60193/closing-of-new-york-city-otb-delayed?source=rss

4 day reprieve

tick tock...tick tock

[andymays]

Power Cap: The Clear Solution To The OTB Drama

http://gregcalabrese.blogspot.com/2010/12/clear-solution-to-otb-drama.html

[andymays]

Hayward on OTB Bill: NYRA would be forced to close

Paulick Report

http://www.paulickreport.com/news/people/hayward-on-otb-bill-nyra-would-be-forced-to-close/