Off-track betting
Off-track betting (or OTB) refers to sanctioned gambling on horse racing outside a race track.
Why bookmakers are still used by bettors
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.
See also
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