Posted on 05/16/2018 6:51:31 AM PDT by SeekAndFind
The Supreme Court has opened the floodgates to sports betting by overturning a federal law restricting legal betting on games. More than a dozen states are likely to join New Jersey, which brought the suit challenging the1992 federal law, in instituting legalized betting on the NFL, NBA, and other leagues. Other states, under pressure to balance their budgets without raising taxes, will surely follow.
Don’t bet, however, that this is good news for taxpayers. Since states began instituting lotteries six decades ago, legalized gambling has spread throughout the United States. Advocates have often touted gambling as a magic bullet to generate revenues, but it hasn’t delivered. And there’s plenty of evidence that it does harm—to people and to the greater economy.
The rationale for legalized gambling is that people do it anyway, so why not tax it? Research suggests, however, that legal gambling is not so innocuous. A groundbreaking 2002 study of states with lotteries, for instance, found that household spending declined by as much as was bet on the lottery during the first year after a state instituted a game. “Spending on lottery tickets is financed completely by a reduction in non-gaming expenditures,” the study concluded. In other words, legal gambling largely siphons spending from other areas of the economy.
Nor is gambling a budget fix. New Jersey introduced lottery and casino gambling in the 1970s, selling them as a way to fund public services without raising taxes. Today, however, Jersey residents bear one of the nation’s highest tax burdens, and the state persistently has trouble paying its bills. Gambling revenues did nothing to deter either of those outcomes. But Jersey is not alone. “Sold to the electorate on the grounds that they will reduce taxes or provide better services, lotteries do neither,” observed a 1994 study of states
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Imagine all the “goods” that could be bought with that gambling money. Imagine how many families that are damaged by this gambling disease.
“Imagine how many families that are damaged by this gambling disease.”
“Stupid is supposed to hurt.” Lurker’s Grandpa.
L
“Spending on lottery tickets is financed completely by a reduction in non-gaming expenditures,” the study concluded. In other words, legal gambling largely siphons spending from other areas of the economy.”
Duh.
L
Just an opening for more Crooks.
A lot of new casinos will just go broke.
The problem is progressivism. Progressives are “doing good” in their teeny little brains so spending not only can never go down it must increase. Spending is moral so us keeping our money is immaterial.
The gambling underworld will now take over NFL championship games, if it hasn’t already.
I have noticed a few strange plays in times past, when I watched the games.
Much of the impact here will be with online gambling. I don’t know how the State is going to collect a sales tax on a bet with an offshore casino/bookie/etc.
Democrat rationale
I think most of the action will be moving online and probably offshore at that. The gambling underworld will primarily be servicing those who want to gamble on credit.
All the money from the Illinois Lotto will go for education!~
Except it goes into the general fund.
That would justify murder, adultery, pooping on the sidewalks in San Francisco, and any number of other activities. Think what an entry tax for illegals and drug smugglers would raise !!!!!!
In California the lottery pays for the education of the kids. They are so smurt that thy kan reed, right and do arethamatic better then any one else in the nation.
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