TravelCent

Gambling in Wall Street

There are a few forms of gambling that are legal in New York City: the New York State Lottery and Off-Track Betting (OTB), which is betting on horse races, both local and distant. All other gambling for money is illegal without a state license. These licenses can be granted to specific events and charities. There are small stakes informal bingo games that are played at churches in the evenings and at some recreation centers such a senior citizen centers, are also legal. Even after the extended efforts to make bookmakers, private lotteries, private card games legal, they are still illegal and still thriving in all sections of the city. Most law abiding citizens rather not risk doing something illegal and just drive an hour or two to upstate New York where there are legal Indian casinos.

New York also offers the Lottery, which has many way to win, from ‘Instant Win’ for small amounts to the multimillion dollar weekly lotteries. A majority of these lottery tickets are sold in small ‘card shops’ or news shops and are tied in automatically to the State Lottery Computer System. The winning numbers are announced on TV channel 7 – WABC, also in the daily newspaper or posted on the official website .

There are also a number of established betting offices for betting on horse races, it’s called Off-Track Betting (OTB), where anyone 18 or older can place bets and watch the results on TV monitors. The reason why OTB is legal is that is was designated to operate as a public benefit corporation, a new Government entity that runs along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. It raises needed revenue for New York, it combats organized crime, and it helps the state’s racing industry.

If you are a visitor to New York and staying in a hotel near Wall Street, you might consider that establishment as being one the biggest legal gambling venues in the world.

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