Wednesday, November 30, 2011
It's a gamble
But states hungry for any kind of new or increased revenue are turning to gambling as a means of fleecing their citizens without taxing the corporations or the wealthy.
Even as unemployment remained high and the economy dragged, players in many states responded. Of the 43 states with lotteries, 26 saw revenue grow in traditional games in the last fiscal year, with total sales up 3 percent to $56 billion, according to La Fleur’s. Ticket sales in at least 17 of those states set records, according to data compiled by Bloomberg, and several states are on track to hit all-time highs this year.And soon everybody will be rich beyond their dreams.
Many states are considering expanded gambling as well. Massachusetts Governor Deval Patrick signed legislation Nov. 22 authorizing as many as three resort casinos in his state, while officials in Georgia and Florida are weighing similar proposals. Interstate gambling online is barred by federal law. Washington, D.C., and other jurisdictions are looking at launching Internet poker within their boundaries. At least 28 states have considered lottery or gaming-related bills since 2010 to close budget gaps, according to data from the Washington-based National Conference of State Legislatures.
Overall, states got an average 2.4 percent of revenue from lotteries and other forms of gambling in 2009, according to a report last year from the Albany, New York-based Nelson A. Rockefeller Institute of Government.
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