NEW YORK CITY OFF-TRACK BETTING CORPORATION (NYCOTB)

New York City Off-Track Betting Corporation (NYCOTB)

The entity listed at the provided URL, the New York City Off-Track Betting Corporation (NYCOTB), was a public benefit corporation established by the New York State Legislature in 1970. Its primary purpose was to provide legal, pari-mutuel wagering on horse racing within the five boroughs of New York City, operating a network of betting parlors and telephone wagering services. NYCOTB was created as part of a statewide effort to combat illegal bookmaking and generate revenue for state and local governments, as well as the horse racing industry itself. For decades, it served as a significant, albeit sometimes controversial, part of the city's landscape, offering a regulated environment for placing bets on races held at tracks across New York State and sometimes nationally. The corporation operated numerous branches throughout Manhattan, Brooklyn, Queens, The Bronx, and Staten Island, becoming a familiar presence in many neighborhoods. Revenue generated by NYCOTB was distributed according to state law, supporting racing purses, track operations, and public treasuries. However, the corporation faced persistent financial challenges over many years, struggling with declining revenues, increasing operating costs, and significant debt obligations. Despite various attempts at restructuring and legislative intervention aimed at improving its financial viability, these efforts ultimately proved insufficient. The financial difficulties culminated in the corporation's inability to meet its obligations to the state, the racing industry, and its employees. Facing insolvency and without a viable legislative solution for continued operation, the New York City Off-Track Betting Corporation ceased all operations and closed permanently on December 10, 2010 [1]. The closure resulted in the loss of hundreds of jobs and marked the end of a specific era of state-sponsored off-track betting in New York City under that corporate structure. While off-track betting remains legal in New York State through other licensed operators, the NYCOTB as a distinct public entity is no longer in existence [2]. The URL provided likely points to a historical listing for this now-defunct corporation.

AUTHORITATIVE SOURCES
New York State Legislature Records on NYCOTB Dissolution. [New York State Assembly]↩
News Archives covering NYCOTB Closure, December 2010. [The New York Times]↩