New York, NY —

The New York City Off Track Betting Corporation is headed for Chapter Nine bankruptcy. Governor Paterson issued an executive order yesterday, clearing the way for reorganization; saying he didn't have much choice.

PTERSON: This is the only way that we feel that OTB can preserve its diversities and at the same time be a viable part of new york city's racing industry, this is an unprecedented move, this is a necessary move.

REPORTER: What drove New York City OTB to bankruptcy, and what would a reorganized betting corporation look like? WNYC's Ilya Marritz has been following this story and he joins us to discuss it.