In 1994, new New York mayor Rudy Giuliani (one of whose campaign slogans was “OTB is the only bookie in the world that loses money every year”), asked Sherman to become president of the New York City Off-Track Betting Corporation (OTB) and try to turn OTB into a money maker with a better image. With the mayor's support, during the next three years Sherman instituted new, multimedia marketing campaigns using NYC celebrities as spokespeople, closed a number of run-down OTB parlors around the city while cleaning up the remaining ones, opened OTB new betting facilities in upscale sports restaurants, cut costs and revamped antiquated OTB procedures, and created a phone betting system to provide customer convenience and increase volume. Also, in a private-public partnership, Sherman worked with the New York Racing Association and Warner Cable in a joint venture with OTB to create a new, low-cost daily racing channel, showing races from around the country that customers could bet on over the phone and then watch at home. The OTB Channel continued to run for over twenty years, in the black. By 1996 OTB was profitable for the first time, with a new, fresher image.