A last-minute deal was worked out between Governor David Paterson and Mayor Michael Bloomberg to save Off-track Betting, but the road to the agreement was rocky. Bloomberg had been unhappy with how OTB provides money for the state but the city ends up subsidizing it, thanks to a formula that gives the state a cut of revenues (not profit). According to the NY Times, the city will now "earn some $4 million from the winning-bets......

According to various sources, Governor Paterson has reached a deal to take over Off Track Betting (OTB) parlors from New York City, in order to prevent its total shutdown Despite handling more than $1 billion in wagers annually, the company lost $13 million last year. When asked if about the possibility of an arrangement to could keep OTB open, Mayor Bloomberg was very brusque in his dismissal of the idea earlier this week. He answered,......