New York Horse Racing Industry could see Off Track Betting consolidated
With the shutdown of the New York City Off Track Betting Corporation, New York Assemblyman Gary Pretlow believes that it is necessary to consolidate the five companies that service regional Horse Racing customers with off track betting.
Pretlow held a hearing of the Committee on Racing and Wagering in Albany on Wednesday, and said that, although the off track betting companies do not want to consolidate, these companies need to eliminate duplicate tasks to be able to send more money to counties.
One suggestion came from Joe Faraldo of the Standardbred Owners Association of New York. He proposed the creation of a new entity that would include horsemen, track people, and breeders and exclude the current management of the off track betting companies.
This sort of system already exists in New Jersey, Illinois, and Pennsylvania. The CEO and President of New York Racing Association said that a third party needs to examine every financial record that is on file at these regional off track betting operations. This would make it possible for the new entity to recommend a viable way for the consolidation to be accomplished and the person who might be the most qualified to successfully run this new model of OTB.
The reason why consolidation is so important is that many believe, without taking such action, the regional off track betting operations are all headed down the road to bankruptcy. Heyward made a claim that the contributions that the OTBs have made to local government decreased, between the years of 2000 and 2010, from ninety-six million dollars to just twenty-five million dollars.
Pretlow’s committee is analyzing all of the testimony from the hearing and will make its recommendation to Governor Andrew Cuomo’s incoming administration in 2010.
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