The plan also calls for cutting some of OTB's 1,300 jobs and closing some betting parlors.
The city OTB was scheduled to shut down Sunday, following a week in which its board failed to negotiate a deal with the unions, Gov. David Paterson and the state Legislature.
Instead, OTB will manage its cash flow to juggle bills with payroll and other costs.
The OTB takes $1 billion in bets annually.