No wonder this bookie went bust.

Experts say New York City OTB failed, in part, because there were so many hands reaching into its pockets.

A huge piece of its haul went to the New York Racing Association to subsidize horse farms and jockeys.

OTB was saddled by mandatory payments to NYRA, harness tracks, horsemen and breeders, which gobbled up nearly a third of its annual take.

It also had to pay a well-fed patronage mill and union labor force whose perks included — incredibly — double-time pay for standard Sunday work hours.

A 2009 state comptroller report also found lavish spending and patronage made the agency’s overhead unsustainable.

But OTB’s biggest problem, by far, was a revenue stream that dried up as Internet gambling sites and new casinos opened. The city’s betting parlors’ annual “handle” — or the total amount wagered — was down to $750 million last year from $1 billion in 2005.

The problems are not new. In fact, more than three years ago, consultants implored that officials and industry leaders “must act now.” They didn’t.

OTB went into bankruptcy and, after negotiations and rescue hopes that were repeatedly dashed, was shut down at midnight yesterday.