Off Track Betting Account
OffTrackBetting.com offers the best value in Online Horse & Greyhound Wagering. Open an OTB account, wager $300 on horse racing or greyhound races and we'll deposit $100 into your account. Referral / How did you hear about us?. Oaklawn Park is an American thoroughbred racetrack in Hot Springs, Arkansas. It is the home to The Racing Festival of the South. In 2009, the Horseplayers Association of North America ranked Oaklawn Park #9 out of 65 Thoroughbred racetracks in North America. Thanks to the various off track betting bureaus in the state of New Jersey, it is no longer necessary to bet on horses at Meadowlands Race Track. Now you can conveniently drop into a betting office or log into your secure online racebook account to place your bet.
Off-track betting (or OTB; in British English, off-course betting) is sanctioned gambling on horse racing outside a race track.
U.S. history[edit]
Before the 1970s, only the state of Nevada allowed off-track betting.[1]Off-track betting in New York was legalized in 1970, after years of unsuccessful attempts. By the 1970s there were 100 betting parlors in New York City,[1] and twice that number by the late 1980s.[2] In New York City, the thought was that legal off-track betting would increase revenue while at the same time decrease illegal gambling activity, but one effect of the legalization was the decrease of revenue at the race tracks. The 1978 Interstate Horseracing Act[3] struck a compromise between the interests of horse tracks and owners, the state, and OTB parlors, and stipulated that OTB revenues were to be distributed among the tracks, the horse owners, and the state. Another stipulation was that no OTB parlor was allowed to operate within 60 miles (97 km) of a track.[1]
Revenues at the track indeed lessened, but rather than fight off-track betting, the industry sought to increase its income via new ways of gambling, betting on the OTB potential, and came up with 'exotic wagers' such as exacta and trifecta. Thus the industry's revenue increased even as the number of spectators at the track went down.[4]
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At legal off-track betting parlors, if bettors win, they have to pay the parlor a surcharge taken directly from the winnings. Bettors in New York can avoid paying the surcharges by placing their bets via an off-track betting corporation's account wagering service or at so-called super branches or teletheatres that charge a daily admission fee. Other jurisdictions such as Pennsylvania do not levy a surcharge on winnings. Most booked bets are now placed with licensed services in the Caribbean and Central America who entice bettors by offering them rebates on their bets.[citation needed]
In December 2010, the New York City OTB closed due to lack of profitability.[5]
Canada[edit]
After years of unsuccessful attempts and public anticipation in Canada, off-track betting (OTB) establishments (also known as 'Teletheatres') were finally legalized on the federal level, in Ottawa on June 29, 1989. Since then, the industry has flourished nationwide with hundreds of off-track betting facilities across the country.
This industry is federally regulated by the Canadian Pari-Mutuel Agency (CPMA). The CPMA makes regulations in respect to pari-mutuel betting, and is responsible for ensuring the integrity and fairness of betting systems in Canada. Among the responsibilities of the CPMA include administering drug tests to horses to enforce the anti-drug policies.[6]
Ontario[edit]
All off-track betting in Ontario is licensed by the Ontario Racing Commission (ORC) and is responsible for the integrity of the industry in the province. They are also responsible for distributing racing licenses, keeping a horse registry and running a problem gambling group.[7]
To apply for a license the operator would need to purchase a permit from the ORC. If accepted, the site operator receives no profit from the betting exchanges--they make money from the increased traffic of customers and other creative methods. (i.e. cover charge, selling racing programs)[8]
There are approximately 70 off-track betting facilities that have been licensed in Ontario. There are also a number of racetracks located in Ontario.[9]
The Woodbine Entertainment Group is the most prominent organization, that owns a number of racetracks but also owns a number of off-track betting facilities across Canada.
See also[edit]
References[edit]
- ^ abcThompson, William Norman (2001). Gambling in America: an encyclopedia of history, issues, and society. ABC-CLIO. pp. 199. ISBN978-1-57607-159-5.
- ^Munting, Roger (1996). An economic and social history of gambling in Britain and the USA. Manchester UP. p. 125. ISBN978-0-7190-4449-6.
- ^'Title 15, Chapter 57: Interstate Horseracing'. Cornell University Law School. Retrieved March 7, 2010.
- ^Reeves, Richard Stone; Edward L. Bowen (2005). Belmont Park: A Century of Champions. Eclipse Press. p. 19. ISBN978-1-58150-122-3.
- ^Buettner, Russ (December 8, 2010). 'New York Betting Parlors Close Doors'. NY Times. Retrieved October 6, 2014.
- ^Canadian_Pari-Mutuel_Agency. Regulations and Initiatives- http://www4.agr.gc.ca/AAFC-AAC/display-afficher.do?id=1204043533186&lang=eng
- ^The Ontario Racing Commission. About Us- http://www.ontarioracingcommission.ca/about.aspx?id=37
- ^The Ontario Racing Commission. How Do I Get Licensed?- http://www.ontarioracingcommission.ca/licensing.aspx?id=128
- ^The Ontario Racing Commission. How Do I Get Licensed?http://www.ontarioracingcommission.ca/licensing.aspx?id=128
OTB LOCATIONS ยป NEW YORK
Batavia
- Western Regional Off-track Betting Corporation
700 Ellicott Street
Batavia, New York 14020
Tel. No.: +1 716 343-1423
Fax No.: +1 716 343-6873
Bronx
- The Fiddler's Elbow
3718 East Tremont Ave
Throggs Neck, Bronx
Brooklyn
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Off Track Horse Betting
Hempstead
- Nassau Regional Off-track Betting Corporation
220 Fulton Avenue
Hempstead, New York 11550
Tel. No.: +1 516 572-2800
Fax No.: +1 516 572-2840
Hauppauge
- Suffolk Regional Off-track Betting Corporation
5 Davids Drive
Hauppauge, New York 11787
Tel. No.: +1 516 853-1000
Fax No.: +1 516 853-1080
Nassau
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New York
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Off Track Betting Online
Pomona
- Catskill Regional Off-track Betting Corporation
Park Place
Pomona , NY 10970
Tel. No.: +1 914 362-0400
Fax No.: +1 914 362-0419
Queens
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Us Off Track Betting
Parimutuel betting (French for mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.
The parimutuel system was invented by Parisian perfume maker Pierre Oller in 1865 when asked by a bookmaker friend to devise a fair system for bettors which guarantees a fixed profit for the bookmaker.
The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, 'automatic totalisator' or 'tote board'.
The first was installed at Ellerslie Racecouse in Auckland, New Zealand on 1913. Since then totalisators came into widespread use at race courses throughout the world. The first totalisator in the US as installed at Arlington Park, near Chicago, Illinois in 1933.
The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order.
A modified parimutuel system is also used in some lottery games such as Lotto South.
Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at OTB facilities, where players may bet on the events without actually being present to observe them in person.
Off Track Betting Account Rules
Parimutuel betting differs from fixed odds betting in that the final payout is not determined until the pool is closed - in fixed odds betting, the payout is agreed at the time the bet is sold.