October 24, 2009


From John Stossel:

In my state, the government tried to put bookies who take bets on horse races out of business by creating a state agency to run off-track betting.  The New York City Off-Track Betting Corporation, which has a Governor-appointed board of directors, has been so incompetently run that it now LOSES $38 billion per year despite its government-granted monopoly. Taxpayers are now on the hook for over $228 million.

An activity that was so lucrative to bookies that they risked arrest to pursue it becomes a money-loser when the state tries to do it.

Posted by: Sarah at 08:34 AM | Comments (2) | Add Comment
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1 This is one of those stories that just makes you shake your head in dismay.  Maybe they could hire the ex-bookies to turn it around. 

Posted by: Ruth H at October 24, 2009 02:23 PM (WPw5a)

2 Old Soviet joke: put the government in charge of the desert, and soon there will be a sand shortage...

Posted by: david foster at October 24, 2009 04:53 PM (NJAcI)

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