Triple crown betting news… It is widely know that horse racing, along with several race tracks in the state of New York are in dire financial trouble. The Belmont Stakes is to be run this year on the 5th of June and without some input of cash the Belmont will more than likely start laying off employees a few days later. If lawmakers do not agree to fund the racing operations as the New York City Off-Track Betting Corporation is in bankruptcy, and the New York Racing Association (NYRA), which operates the Belmont, Aqueduct and Saratoga tracks has said it will shut its doors on or around June 9th, 2010.
On this past Friday the NYRA gave notice to some 1400 plus employees that they would be laid off after the Belmont Stakes betting race. An effort by New York Governor Patterson who is sponsoring a bill to have the state of New York lend some $15 to $25 million dollars to assist the NYRA to run and complete the Belmont and Saratoga racing seasons. The Governor is optimistic that the measure will pass and racing will continue. If not the 142nd of the Saratoga meet which is very historic in July will be impossible.
Not to long ago it was impossible to get a seat at any of the New York tracks but that was before other forms of gambling came to be with lotteries and casinos. Also the government increased the take on winnings from 10% to 20% and the real damage was done by the development of six Off-Track Betting Corporations were formed. This at first was believed to be a great idea, but it had its problems in that it started competition between the tracks and the OTB’s. In the end result the track compete with the OTB’s which does not exist in other states.
Here’s where the problem lies? The monies wagered at OTB’s, does not return to the sport at the same rate that a dollar bet at the race track does. Example: 3.8% of a dollar bet on a NYRA race by the OTB Corp. goes to the purse and a 2.69% goes back to the NYRA funds. On the other hand a dollar is bet at the race track, a 6% goes to the purse and a 10% fee goes to NYRA. The difference which you can see is the track lose’s 2.2 % on the purse and 7.31% on the return funds.
Can this problem be resolved? It’s doubtful as the OTB has too many political interests that are preventing the matter from being corrected! Time will tell!