As more states look to pass sports betting legislation, there is no guarantee it will "provide enough extra tax revenue to make much of a difference for schools, roads or pension debt," according to Parry & Mulvihill of the AP. Even though the market is "still developing, the returns to date have been modest." In Nevada, revenue from sports betting has "accounted for roughly one half" of 1% of the entire state budget. If New Jersey -- which began offering legal wagering in June -- "meets its projection" of $25M in sports betting tax revenue for a full year, that "would amount to well under one 10th of 1 percent" of the state's $37.4M budget. States like Mississippi and West Virginia "expect they will bring in tax revenue" around $5M in their first full year -- which also "would account for just a fraction" of 1% of state spending. Even Rhode Island, which has the "highest sports betting tax rate" at 51%, estimates it will take in $23.5M a year, or a quarter of 1% of the state's budget. Minnesota State Rep. Patrick Garofalo -- whose state does not currently offer legal sports betting -- said, "Legalized sports gambling is not a way to raise revenue for the government; it is not a mechanism to create jobs. It's a high-volume, low-margin business" (AP, 1/2).
READY FOR ACTION: In Syracuse, Glenn Coin notes Turning Stone Resort and Casino "will launch sports betting this year" with Caesars Entertainment. "The Lounge with Caesars Sports,” along with sports books at the Yellow Brick Road and Point Place casinos, "will open" sometime in '19 (Syracuse POST-STANDARD, 1/3). The Oneida Indian Nation said that the sports books "will begin operations once New York issues regulations to govern the industry and after the tribe’s plan is approved by the National Indian Gaming Commission" (BUFFALO NEWS, 1/3).
