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Land Gambling decline
9/25/09 - A report released this week by the Nelson A. Rockefeller Institute of Government in the United States reveals that state revenues from licensed and legal gambling enterprises declined by 2.8 percent in fiscal year 2009 compared with the same period last year. The decrease represents the largest decline in 30 years.
"For the First Time, a Smaller Jackpot: Trends in State Revenues From Gambling," released Monday, illustrates the motivation for states to examine casinos, video lottery terminals, and other gambling operations as potential sources of new revenue, with more than 25 states considering such proposals in the past year.
New gambling activities often provide a quick boost to state revenues, the authors remark, but generally do not keep pace with traditional tax revenues and government expenditures over time.
"The historical tendency for revenues from existing gambling operations to grow at a significantly slower pace than other state revenues may hold important lessons for states as policymakers consider further expansion of casinos, racinos, and other gambling activities," Institute Deputy Director Robert B. Ward and Institute Senior Policy Analyst Lucy Dadayan wrote in the report.
The study found that most states reported lower gambling revenues over the past two years. Among those states that reported increases, such as Pennsylvania and North Carolina, it was noted that these have recently expanded gambling opportunities.
Racino revenues fared better in New York than elsewhere, with seven of the eight operations of this type achieving increases in the latest fiscal year. Statewide, patrons bet $12-billion at racinos.
The report reveals that US states generate revenues from four major types of gambling operations: state lotteries, casinos, racinos, and pari-mutuel betting. The largest source, lottery income, fell 2.6 percent nationwide over the last fiscal year, whilst casino revenues declined 8.5 percent and racinos increased 6.7 percent, with new racinos opening in Indiana and Pennsylvania.
Pari-mutuel wagering revenues declined by 14.8 percent in the period to July-March in 2009 compared to the same period last year.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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