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#3
10-20-2010, 04:52 PM
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Tentative ADW Deal Reached in New York
By Tom Precious A tentative deal has been reached to let the New York Racing Association and other tracks take over the advanced deposit wagering system now run by the giant New York City Off-Track Betting Corp. The agreement announced by Gov. David Paterson Oct. 20, part of a deal to resolve NYCOTB’s bankruptcy case, includes keeping open the nation’s largest off-track betting entity, though on a scaled-down basis. A top lawmaker, however, said the final terms have not yet been agreed to, and much work remains before a final agreement can be announced to take to the federal bankruptcy judge overseeing the NYCOTB case. Much of the tentative agreement, such as permitting racetrack-based casinos to offer more “free play’’ opportunities to entice bettors, require legislative approval. “I’m not in a mood to give away any of the state’s money,’’ Pretlow said of the “free play’’ plan. Pretlow said elimination of certain statutory payments by the NYCOTB, which is a state entity, will also face problems because other OTB’s are still being required to make those payments.
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