NYC OTB To Continue Taking Bets A Little Longer

In the midst of an impending restructure plan that could cost jobs, the New York City Off-Track Betting Corp. (OTB) has given itself and about 1,300 workers at least another year before major changes including budget cuts may be force into action.

OTB makes its living providing off-track wagering to horse-racing fans. They distribute revenue to racetracks, horse breeders, trainers and others in the racing world.

For years, the company has been fighting financial problems and last month, it sent notices to all of its employees warning them that unless the state comes to its aid, it would close its doors on April 11th.

The deadline came and went, however OTB’s board temporarily suspended the layoffs out of hopes that the state would come to their rescue.

The company continues to be optimistic.

“During the negotiations, all parties recognized that closing NYC OTB now would be a catastrophe to the racing industry,” said OTB Chairman Meyer Frucher.

Hoping that the state feels the same way, OTB says they will continue operating for another year in the hopes that a long-term solution to its financial woes can be worked out with lawmakers.