http://newsbusters.org/blogs/tom-blu...oly-goes-broke A Government-Run Betting Monopoly Goes BrokeNew York State's Off-Track Betting Corp. (OTB) is filing for bankruptcy "as a municipality" under Chapter 9 of the Federal Bankruptcy Code "after four years of losses totaling $38 million."
You read that right: A government-run gambling monopoly has gone broke, after losing money for years.How was this seemingly impossible feat accomplished? There are clues in stories at Reuters and Bloomberg:
(Reuters) Despite taking more than $1 billion in bets every year, the OTB has been unable to cover its operating costs for years and has accrued liabilities of $220 million.
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