New York City Comptroller William C. Thompson, Jr. testifies before the New York City Council Finance Committee regarding the proposed reduced financial mandates on New York City Off Track Betting (OTB) on April 9, 2008. Pictured with Thompson is Deputy Comptroller for Budget Marcia van Wagner.

View the Comptroller's testimony

New York City Comptroller William C. Thompson, Jr. testified today before the New York City Council Finance Committee on the proposed reduced financial mandates on New York City Off Track Betting (OTB).  During the testimony – which you can read in its entirety at www.comptroller.nyc.gov – Thompson made the following comments:

“When OTB was created 38 years ago, it was designed to benefit both theCity and State, as well as help the racing industry.  However, the revenues due to us have been plummeting in recent years with little or no financial gain to the City. We forecast operating losses in the tens of millions of dollars at OTB because of the State’s outdated financial mandates on OTB.  For too long we have watched the payments to New York City decrease while distribution to the State and racing industry has consistently risen. 

This current financial structure is unsustainable and unacceptable. New York City is cutting its budget, and OTB is operating in circumstances so bleak that more than 1,500 OTB parlor jobs are in jeopardy throughout the City.  All the while we see both the State and the racing industry collecting a larger piece of the economic pie than they did years ago.

New York City will not sit idly by and watch as we are once again shortchanged by the State.  I am in agreement with the Mayor that unless a change is made to the current financial mandates in place, we will be forced to cease operations of OTB in New York City. We deserve our fair share and that is why I am in support of Resolution Number 1235.”

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