Legalized gambling has exploded over the past few years and there’s more on the way. Various members of the government have discussed why they’re approving more gambling in their states with Bloomberg. The simple reason is that there is less tax revenue coming into the states and gambling is a way to help.
Three U.S. states are pushing plans for video poker and slot machines as their legislators hope gambling income will compensate for declines in taxes.
Ohio lawmakers passed a budget last week that includes $933 million in projected revenue from 17,500 slot machines to be installed by May at horse-racing tracks statewide. Illinois legalized video poker in taverns to raise $300 million annually to support $31 billion in infrastructure improvements.
Pennsylvania would get a projected $550 million a year by legalizing video poker in bars, according to a bill awaiting consideration in the state’s House of Representatives.
I love to gamble, but for me part of the allure was that it wasn’t something I could just do anywhere. I’m sure I’m different than most people that gamble and I don’t see myself changing, but at some point enough is enough.
This opens up quite a few questions. What will payouts be for these casinos? When will marijuana become legal? When will prostitution become legal? Where will it end?
Budgets never seem to get smaller and there will always be a need for revenue. I’m not the moral compass for anyone but myself, but these are questions that can be asked. I’ll just stick to gambling because that’s more fun for me.