Off Track Betting
Off-track betting and OTB refers to sanctioned gambling on horse racing outside a race track. In certain jurisdictions, e.g., New York State and Illinois, some bettors still prefer placing their bets to bookmakers because at the legal off-track betting parlors, if they win, they have to pay them a surcharge taken directly from the winnings. This is especially true with large bets on horses with low odds. With bookmakers, a bettor does not pay anything to the bookmaker if they win. Bookmakers pay track prices on win, place, and show bets but have limits on other best such as 300:1 on trifectas, exactas and daily doubles. 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. http://en.wikipedia.org/wiki/Off-track_bettingHorse Racing
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