New York's Off-Track Betting To Shut Down

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Governor Eliot Spitzer sounded confident this morning that he would work out a deal with the legislature and Mayor Michael Bloomberg to head off the closure of the city's Off-Track Betting Corporation.

SPITZER: I sympathize with the mayor that he’s frustrated that the racing industry has not done as well as it should, and that’s why we have just restructured NYRA and we will look at this as we move down over the next couple of weeks.

HOST: The OTB, which is running a deficit, is expected to approve a plan this afternoon to close its roughly 70 locations and lay off fifteen-hundred workers in June. Mayor Bloomberg, who appoints the OTB's five board members, blames the deficit on a formula that forces local betting operations to hand over a large portion of their revenues to the state.