It has been reported that the board of New York City Off-Track Betting Corp. yesterday decided that it will close its 66 betting parlours after business on April 11, 2010 unless it is thrown a lifeline from Albany. The drastic measure would

see 1,300 handed pink slips.

The report comes via an article by the NY Daily News.

"[OTB workers] feel like they're on death row, waiting for an execution," Leonard Allen, president of Local 2021, which represents most OTB employees, was quoted as saying.

After citing debts of almost $100 million, NYCOTB filed for bankruptcy this past December.

The report also states that legislators in Albany are considering an OTB proposal to reduce the share of betting profits that must be turned over to the racing industry. According to the article, NYCOTB is also looking to borrow $250 million, and is wishing to place wagering kiosks in pubs in an effort to raise revenue.

"This could be disaster or this could be a new day for the horse-racing industry in New York," said OTB Chairman Meyer 'Sandy' Frucher was quoted as saying. "This is about jobs and not just OTB jobs. ... It's horse farms and agri-jobs and a lot of little-people jobs."

(With files from NY Daily News)