The Economic Impact of Gambling

Paper Summary:

This paper explains that the gambling industry is associated with large sums of money, which might be one of the top five revenue sources for certain states and is an important source of income to many Native American tribes that operate casinos located on their land. The author points out that the gaming association is a very powerful lobby, which wants to introduce legalized gambling into every state. The author relates that most studies show the economic impact in a positive light, but a careful perusal of the hidden costs show that maybe the economic impact of gaming in the long run does not meet the expectations. Tables.

From the Paper:

"The American Gaming Association, in their website (www.americangaming.org) reports that there are more than 433 land-based, river-based and racetrack casinos scattered throughout eleven states. The gaming associations claim that they bring huge revenues to the state in the order of several billion dollars. In addition, gaming also provides the states strapped for cash with much needed revenues from state taxes from a nationwide low of 6.25 in Nevada to a high of 35 per cent in the state of Illinois. These huge sums of money did not include the numerous smaller casinos whose gross annual revenues were one million dollars or less."

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