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The Catskill Regional Off-Track Betting Corporation (OTB) will suspend its betting operations at the end of November due to ongoing financial difficulties. The Hudson Valley-based OTB, which has offered betting on horse racing for nearly half a century, has seen a decline in business as more gamblers shift to online platforms. The company hopes this shutdown will be temporary and is seeking legislative relief from the state with the aim of reopening in 2025.
Catskill OTB has been grappling with financial troubles for years. In 2023, the branch collected about $9 million in wagers on horse races, a small fraction compared to the state's four other OTBs. The company has also faced criticism for its management practices. The New York State Gaming Commission accused Catskill OTB of "false aspersions" and "a pattern of mismanagement" in a letter sent after the company announced its closure. The commission also requested detailed information about the OTB's plans to wind down operations.
Despite these challenges, Catskill OTB President Wanda Williams remains hopeful. "This is the worst-case scenario for Catskill OTB but shouldn't be a surprise to anyone who has been paying attention to our plight for the last decade," Williams said in a statement. She added that the company has sought help from the New York state legislature for years, but several bills that could have provided new sources of revenue were vetoed by former Governor Andrew Cuomo.
Customers with funds in their Catskill OTB/Interbets accounts will be able to access their money until December 15. The corporation plans to retain its 14 employees during the shutdown.