New study says US gambling expansion is only short term fix
Lottery revenues in the US have now fallen each year since 2015 and in nearly 10 years twelve states have expanded their gambling provisions in either online, lotteries or casinos but the rise in state revenues have now lessened as the increase in competition lowers tax returns for those states.
“History shows that in the long-run the growth in state revenues from gambling activities slows or even reverses and declines,” the study said.
The study comes as some states consider whether to expand gambling even further. New Jersey is looking at allowing casinos in the north of the state but the study shows that Atlantic City’s property tax base shrank nearly 70% in just six years as its casino industry suffers from competition in neighbouring states.
Pointing to gambling nationwide the study says that between the biggest expansion in gambling over 2008 to 2015 in the US gambling revenues actually have declined since by 1.5%.
According to the study, expanding gambling may very well help in the short term but it is no replacement for strong fiscal policy by state lawmakers.
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