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.
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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