The casinos in Ohio have failed to deliver on the more than $1 billion in projected annual tax revenue. Often gambling revenues drop off after several years of steady increases. But the Ohio casinos have disappointed from day one. (See this story in the Columbus Dispatch.)
One of the problems is the gambling market is getting saturated. Many states already have casinos, so there is little need for gamblers to travel elsewhere. Since Florida already has lots of gambling options, any increase in spending by residents is expected to be marginal. And that’s using the best-case figures from a study by Spectrum Gaming, a pro-casino group hired by the state. It is also worth noting that Spectrum did the study for Ohio that has proven to be way off. When it comes to gambling studies, supporters often over promise and under deliver.
Considering the added tax revenue is the main reason lawmakers argue for casinos, it is hard to make the case that more casinos in Florida is a good idea – as this blog post makes clear. If the state is just going to get more social and economic costs and marginal financial benefit than why bother? Other states have found that gambling is not a cure for budget woes.