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Gambling Goes to the House Today

by: Jennifer Daler

Wed Apr 21, 2010 at 09:16:43 AM EDT


The New Hampshire House of Representatives is set to debate SB 489 "AN ACT relative to table gaming and video lottery at certain locations throughout the state and relative to the recovery of horse racing."

This comes amidst a severe budgetary crisis, brought to us by the Bush economic collapse of 2007. State services have been cut to the bone, and more cuts will be necessary. These will, as always, affect those least able to cope, the ill, disabled, young children and  the elderly.

New sources of revenue are difficult to come by. Is expanding gambling the answer?  

Jennifer Daler :: Gambling Goes to the House Today
New Hampshire was the first state to introduce a lottery to pay for education back in the early 1960s. It may have worked for a while, but as the long and winding road of the two Claremont decisions shows, it was not a permanent panacea.

The bill, as amended, passed the State Senate. Newspaper reports say House Democratic and Republican leaders are opposed. Governor Lynch has said he would veto the bill. He doesn't believe it offers enough protections and also wants to see the report of the Gaming Study Commission. That is not set to be delivered until next month. The Commission recently heard reports from researchers.

Tom Fahey of the UL:

Revenue from expanded gambling may not hit the levels the industry estimates, according the New Hampshire Center for Public Policy Studies.
Center director Steven Norton said that if Massachusetts proceeds with legalizing slot machines, New Hampshire would bring in about $150 million annually to the state treasury, no matter how many casinos get built here. Industry estimates of state revenues run closer to $200 million.

Kevin Landrigan of the Nashua Telegraph, also reports

Norton said the state's profit from gambling would not dramatically increase if the state has a multiple number of casinos or racinos in the state because there's a finite amount of betting that would occur regardless of the number of sites.

Norton also said that if Massachusetts puts in expanded gambling and New Hampshire does not, the state will lose $20 million in revenue while still incurring $40 million dollars in social costs. According to Norton, there will be 7000-14,000 problem gamblers associated with those costs.

Meanwhile, the UNH Survey Center reported the majority of citizens approve expanded gambling (from the UL):

University of New Hampshire Survey Center director Andrew Smith found that 60 percent of those contacted support legalizing slot machines at existing tracks, 7 percent didn't care and 29 percent opposed them. Support for new resort-style casinos ran at 53 percent, while 6 percent didn't care and 38 percent opposed them.

Still, with the House not strongly behind this bill- it was voted Inexpedient to Legislate in committee last week- and the Governor's veto promise, the chances for expanded gambling as a revenue source look slim to none from here.

 

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If people want to gamble, let them buy stock. Oh, that's right, (0.00 / 0)
when people lose money on stocks, they don't get taxed.
How about bonds?  Can we let them buy bonds?  You say those aren't taxed either.

So, what can we let people spend their money on?

Oh, and before you answer that, what do you propose to do about all those people at banks and financial corporations who gambled with other people's money and lost that?  What are we going to do about them?

Clearly, there are a lot of people who don't know how to manage money, either for themselves or other people.  But, that problem is not going to be addressed by depriving the rest of us of the currency we need to acquire the necessities of life.

If money is what we need, then tax the use of money wherever it shows up.  That's what the banks and credit card companies do.  So, why not go for a financial transaction tax?  


one odd little detail about gambling & the stock market (0.00 / 0)
While researching gambling oon other states, I discovered an odd little tidbit about a pioneering gaming establishment in one of our sister states.  

The first legal offtrack bookie joint (which paved the way for the offtrack betting operations here in NH at Seabrook, Salem & Belmont) in the United States was NYC OTB, which dates back tot the early 1970s.  The chair of NYC OTB's board is Sandy Frucher: he is a part-time chairperson, whose day job is a top executive post with.... this is not a joke... Nasdaq!  I am not making that up.

Actually I have a second little tidbit: NYC OTB is bankrupt and nearly got shut down this week.


[ Parent ]
House rejects expanded gambling (0.00 / 0)
bill, 212-158. (h/t) Pindell.


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