END OF AN ERA: Off-Track Betting Shut Down In New York

We’ve finally found one financial institution that won’t be getting a bailout — New York City’s Off-Track Betting operation is finally being put out to pasture.

The state-run bookmaking operation has been bankrupt since last December and some lawmakers have fought desperately to save what has been the city’s only form of legal sports gambling since 1970.

However, this week the State Senate in Albany failed to pass a bill that would have rescued the troubled business and 44 betting parlors parlor will begin shutting down on Friday.

As a result, the state will lay off about 1,034 workers, which may lead to a domino effect in the already troubled horse racing industry

On the bright side, it could actually give gamblers a reason to return to the track. Several OTB parlors will offer shuttle bus service to Aquaduct Racetrack in Queens.

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