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When Will Slot Machines Stop Supporting a Losing Business?

Many in Indiana are not happy about a recent report that was just released by the Office of Management and Budget as it pertains to the slot machines and the horses. Then again, many are. The office has determined that one of the best ways to save millions upon millions of dollars in state spending is to re-evaluate the slot machine/horse racing relationship.

The state currently spends $27 million in subsidizing the horse racing industry with money from the slot machines. When people come in to the casinos to play the slot machines, they pay a $3 tax. Roughly $0.65 of that slot machine tax goes to support the horse racing industry. The state could save millions if they just let the horses take care of themselves and take the slot machine revenue and put it towards something else.

Many think that if the horse racing industry is going to die out, let it die out – don’t use precious slot machine revenue to keep propping it up. The slot machine revenue could be better used in a million different ways, even if it is just to balance the budget. They also think that since the slot machines are taking care of themselves, then all forms of gambling should have to take care of themselves as well.

The horse racing industry says that they need that slot machine subsidy, for they will close without it. They say that the casinos and their slot machines owe them this money as they are drawing customers away from their business. They also say that if the slot machine revenue stops coming to them and starts going away, they will have to lay people off or close their doors – which would greatly add to the unemployment in the state. They also say that with every dollar that the state uses from that slot machine fund to support them, they are bringing in $11 million.

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