18 October 2007

OTB, R.I.P.?

Like urban meat market sawdust; OTB has unlucky betting tickets

Ah yes, OTB.

Like a beacon in the night; that green and white glow. Batman has the famous Bat Signal and graceful old-timers, codgers, early bird special fanciers, cigar chomping derelicts and toothless off-season Met fans have the OTB baron; summoning polyester checkered pant wearing chain cigar smokers everywhere to place their bets; win, place or show.

Well now your boy Bloomberg says the city may shut down the money-losing operation.

OTB and "Twin Donut": Perfect Together

The NYC Off-Track Betting Corp. operates more than 60 branches throughout the city where gamblers gather to bet on the day's races. It accepts an average of 1.6 million transactions each day, totaling more than $1 billion in bets each year.

However, even though the organisation is still making a profit, it is mandated by law to hand over so much of its money to the state that the venture may no longer be worth it.

Where will the codgers roam? This is like gentrification for the codgers and the AM radio fanatics with steel coils in their hips!

Why are bookmakers still used by bettors?

Well, my lad, in certain jurisdictions, e.g., New York, Chicago, etc. some bettors still prefer placing their bets to bookmakers because at the legal off-track betting parlors, if they win, they have to pay them a surcharge taken directly from the winnings. This is especially true with large bets on horses with low odds.

With bookmakers, a bettor does not pay anything to the bookmaker if they win. Bookmakers pay track prices on win, place, and show bets but have limits on other best such as 300:1 on trifectas, exactas and daily doubles.

Will they raise the final Members Only jacket to the rafters and retire OTB?

Bettors in New York can avoid paying the surcharges by placing their bets via an off-track betting corporation's account wagering service or at so called super branches or teletheatres that charge a daily admission fee.

Most booked bets are now placed with licensed services in the Caribbean and Central America who entice bettors by offering them rebates on their bets.

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