In the wake of the Senate’s failure to bail out the cash-strapped NYC OTB, Mayor Bloomberg is patting himself on the back for having the foresight to dump the ailing downstate gambling operation on the state.

“One of the great transactions in history was New York City pushing OTB into the state’s lap, because it isn’t that OTB didn’t have more revenue than expenses, it is that the state, by law, took…120 percent of the profits,” Bloomberg told WOR’s John Gambling during the duo’s weekly radio show this morning.

The mayor called it “ridiculous” to say New York is the only place that could run a money-losing gambling operation, insisting people who have said that “just don’t understand what they’re talking about.”

“OTB did make money, but they demanded 120 percent of it go to support the racing industry,” Bloomberg said. “…It’s not the city’s obligation, thank you very much.”

As you’ll recall, the state stepped in to take over the NYC OTB back in June 2008 after marathon negotiations between the Bloomberg and Paterson administrations that at times turned contentious. Bloomberg threatened at the time to shut down betting parlors in the five boroughs unless the state agreed to take them over.

(Hmm…are you starting to see the pattern here?)

The deal included a job as state Racing and Wagering Board chairman for then-Sen. John Sabini, providing him with a soft landing after he lost the support of his fellow Queens Democrats in a primary battle with then-NYC Cocuncilman Hiram Monserrate. (Boy, did they bet badly on that one).

The Paterson administration made good on its threat of a shutdown this time following the Senate’s failure to follow the Assembly’s lead and pass a NYC OTB bailout bill. Republican senators have insisted negotiations are ongoing, but the governor challenged that assertion yesterday.

An Assembly spokeswoman told me in no uncertain terms last night that Speaker Sheldon Silver will not be calling his members back to Albany prior to the end of the year, which doesn’t bode well for the Senate GOP’s so-called compromise bill to include suburban and regional OTBs.

The Assembly will be holding a hearing next Wednesday in Albany on consolidation of the OTBs statewide.