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Task Force on the Future of Off-Track Betting in New York State

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Task Force on the Future of Off-Track Betting in New York State Task Force on the Future of Off-Track Betting In New York State A Report to The Governor and The Legislature Of the State of New York Regarding The Optimal Utilization of the State's Regional Off-Track Betting System to Raise Revenues for State and Local Governments and Strengthen The Racing and Breeding Industries in New York. January 13, 2010 Table of Contents Page I. EXECUTIVE SUMMARY 1-3 II. INTRODUCTION 4 A. Status of Off-Track Betting in New York State 5-7 B. The Stake Holders 8-10 C. Market Conditions 11 D. Regulatory Framework 12-13 E. Profits and Losses 14 i. New York City Off-Track Betting Corporation 15-16 ii. Other New York OTBs 16-17 iii. GASB 45 17-18 iv. The New York Racing Association Inc. 18-19 v. Other New York Tracks 19 III FACTS AND FIGURES A. Legislative History 20-22 B. Regulatory Framework in Other Jurisdictions 23 C. Report on Racing Data 24 D. Advance Deposit Wagering (ADW) i. A Short History of the Growth of ADWs 25 ii. ADWs and New York State 26 E. OTB Distributions I. Distributions to Municipalities 27-28 a. Capital OTB b. Catskill OTB c. Nassau OTB d. New York City OTB e. Suffolk OTB f. Western OTB i Table of Contents (continued) IV. THE OFF-TRACK BETTING CORPORATION’S POSITION A. Organizational Structure 29 B. Assets, Liabilities and Undistributed Benefits 29-30 (aka Balance Sheet) C. Section 516 Net Revenues (aka Profit and (Loss)) 30 D. Legislative Proposals 30 E. Summary of Comments Received 31 a. V. CONCLUSION 32 VI. RECOMMENDATIONS 33-37 A. Legislative B. Non-Legislative VII. TASK FORCE MEMBERS 38 VIII. ATTACHMENTS I. Summary of Survey of Other States/Jurisdictions Handling of OTBs 39 II. Total Handle By Regional Off-Track Betting Corporations Since Inception 40 III. Summary of Rates Paid by Off-Track Betting Corporations For Taking Bets on Various Tracks’ Races 41 IV. New York State Race Tracks Video Gaming Statistics 42-54 V. New York State Regional Off-Track Betting Corporations 55-112 Financial Analysis for 2004 – 2008 Uniform Quarterly Report Summaries for 2004 – 2008 of: Income Statement Comparison by year Balance Sheet Comparison by year Income Statement five year summary by OTB Balance Sheet five year summary by OTB ii Table of Contents (continued) VI. New York State Race Tracks 113-140 Annual Report Summaries for 2004 – 2008 of: Income Statement Comparison by year Balance Sheet Comparison by year Income Statement five year summary by Track Balance Sheet five year summary by Track VII. Off-Track Betting Corporations Summary of Operations 141 VIII. Minutes of Meeting of the May 14, 2009 Task Force on the Future of Off-Track Betting in New York State 142-145 IX. Minutes of Meeting of the June 24, 2009 Task Force on the Future of Off-Track Betting in New York State 146-149 X. Minutes of Meeting of the July 30, 2009 Task Force on the Future of Off-Track Betting in New York State 150-154 XI. Minutes of Meeting of the August 20, 2009 Task Force on the Future of Off-Track Betting in New York State 155-159 XII. Minutes of Meeting of the October 5, 2009 Task Force on the Future of Off-Track Betting in New York State 160-163 XIII. Summary of Comments Received From Bettors & Fans 164-168 XIV. Summary of Comments Received From Breeders 169 XV. Summary of Comments Received From Horsemen 170-171 XVI. Summary of Comments Received From Municipalities 172-177 XVII. Summary of Comments Received From OTBs 178-186 XVIII. Summary of Comments Received From Totalisator Providers 187-188 XIX. Summary of Comments Received From The Tracks 189-193 iii I. Executive Summary The Governor and Legislature directed the Task Force on the Future of Off-Track Betting to study the State’s off-track betting system and make recommendations to improve its operations and increase revenues for state and local governments (Chapter 115 of the Laws of 2008). Racing is of critical importance to the State. Its economic value to the State has been quantified by a wide variety of economic experts when estimating the size of the farms, the total value of New York State agribusiness, travel and tourism generated by racing and breeding and other equine related businesses. Regardless of the precise value of the industry, just considering the inputs alone, it is fair to say the industry is vital to the State. Horse racing has been labeled as a dying sport by many, however, nationally more is wagered on horse racing in North America then is spent on movie tickets. The reality is racing is vital to the State and while the business trends are decidedly negative, the situation is still one that can be fixed. The State’s off-track betting corporations have been experiencing significant declines in benefits distributed to localities over the past several years as less money is being wagered with them. As the OTBs struggle with less revenue being generated from wagering, operating costs are increasing and their financial viability continues to deteriorate. The problems the OTBs are experiencing are further exacerbated by the current extended recession the country has been in for over three years. This overall decline threatens the entire off track betting system, whose viability is closely correlated with the overall health of the racing industry in New York State. Currently the State’s off-track betting system accepts over $1.8 billion of bets annually which is approximately 18% of the total amount wagered on horse racing in the United States. The New York Racing Association (NYRA) also relies on the NYS OTB system. Approximately 22% of the total amount wagered annually on NYRA races occurs at a NYS OTBs. In addition a total of $710 million is bet at the NYS OTBs on all New York races in total every year. In order to conduct a thorough review, the Task Force held several meetings throughout the State, solicited comments from all industry participants and local governments and performed a complete analysis of the State’s off-track betting system finances and operations. There was broad participation with the only notable exception being NYCOTB who presented absolutely no information. This was particularly ironic since the Task Force was formed, in part, because of their inability to stay solvent. While each stakeholder stressed changes that were of most importance to their particular group, the single most frequent recommendation from all of the State’s industry participants was to regulate out-of-state account wagering providers. In addition, the OTBs and the participating municipalities called for an end to the maintenance of effort, hold harmless and other statutory payments as well as authorization for them to conduct video gaming. The tracks and others called for the consolidation of OTBs. Most joined in recommending the creation of a statewide racing 1 television channel, statewide marketing program, statewide totalisator and an account / internet wagering platform. The bettors’ / fans’ most frequent re-occurring recommendation was a call to improve customer service. The Task Force recommendations are based on the testimony presented, the facts that were assembled and included in the appendixes and each member’s personal experience. Summary of Recommendations The recommendations have been compiled by the Task Force as both legislative and non-legislative. Legislative 1. Amend the Racing Law to centralize and consolidate repetitive business functions that currently compete against each group (all the OTBs and tracks), under one central office owned / operated by the regional OTBs. Marketing, televised racing channel, account wagering/ internet and totalisator operations need to be consolidated to provide cost efficiencies and produce a cohesive state wide approach for the benefit of all participants. 2. Amend the Racing Law to require out-of-state advance deposit wagering operators who accept wagers from New York residents to be licensed by the State and to pay similar statutory amounts that New York State operators are required to pay. 3. Amend the Racing Law that currently mandates some payments and leaves some to negotiation, to set a single rate for each NYS track that the OTBs would pay. This would eliminate the distinction on what the tracks charge for exporting their simulcast signal to out of state purchasers as well. Those entities and states which refuse to pay the higher rates would be denied access to the total NYS platform. (OTBs, NYS tracks and all licensed ADWs). This move would increase the value of the signal and the NYS platform. 4. Amend the Racing Law to give participating municipalities the option to lock into payments they currently receive at hold harmless levels of 2008 revenues but to relinquish control of the regional OTB’s or keep benefit distribution as it is. Those municipalities that “opt in” would be guaranteed payments based upon a base year, ensuring continuity in their budgetary process. 5. Amend the Racing Law to allow the OTBs to carry forward and carry back reported quarterly losses incurred in the same fiscal year. 6. Amend the Racing Law to eliminate the restrictions on in-home simulcasting as currently provided for under Section 1003 and allow unrestricted in-home simulcasting to tracks and OTBs including the authority for internet video streaming. 7. Amend the Racing Law to eliminate the maintenance of effort and hold harmless payments to those tracks with video gaming operations that have been in operation for twenty-four months or more. 2 8. Amend the Racing Law to eliminate dark day payments to those tracks with video gaming operations that have been in operation for twenty-four months or more.
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