Sport is made for betting

Racing in many states of the US is really struggling. The Off-Track Betting (OTB) of New York is millions in debt (how you can run a monopoly tote at a loss is beyond belief), broadcast rights are a mess, politicians in Arizona thought it was a great idea to ban online betting altogether, Californian racetracks are being sold off to property developers or lobbying to increase takeout rates and trainers who are banned for doping offences in one state can simply up sticks and move to another. With the exception of a handful of tracks, it's a basket case. New Jersey moves forward with betting exchange plans This week New Jersey state assembly unanimously voted (78-0) in favour of a bill that would authorise a Betfair-style betting exchange for state residents on horse racing. Like everything in the US, it's restricted by state, but.. "The bill also provides that exchange bets submitted on a given market on the exchange in New Jersey may, under approved conditions, be matched...

You'd think running a tote business in a region with a strong racing product, plenty of retail outlets and high margins would mean large, guaranteed profits. Apparently not. Off-track betting under fire for vehicle fleet The betting operation, which is heavily indebted and government-controlled, has come under scrutiny by the state comptroller, Thomas P. DiNapoli, for having a fleet of 87 vehicles at its disposal, according to an article in The New York Times on Tuesday. The vehicles cost an average of $6,700 each to operate every year. ... The betting parlors are floundering in fiscal mismanagement. Last year, they recorded a deficit of $17.8 million, despite handling $1 billion in wagers. On Tuesday, Governor David A. Paterson issued an executive order authorizing OTB to file for bankruptcy protection. What the ....? 87 company cars around one of the world's most traffic unfriendly cities? Get on the bloody subway! Have they ever thought of looking at how similar b...