New York Highly Dependent on Gambling Revenues
A new report from New York State Comptroller Thomas DiNapoli states that over the last twenty years the state has grown ever more dependent on gambling revenues. However, the amount of state aid to school districts, which includes lottery revenue, is smaller than it was in the New York State Lottery’s inaugural year.
The last fiscal year saw total gambling revenues of $3.2 billion, roughly $161 per resident. The state’s net gambling revenues were the highest in the country, more than California and Florida combined in 2012-13.
DiNapoli said, “Every day, New Yorkers scratch off tickets or play the odds in hopes of hitting a big winner. The payoff for the state is significant – billions are coming into state coffers.
In fact, New York collects more in gambling revenues than any other state in the nation. Now with a new expansion underway, more casinos will mean more gaming revenue and new jobs, but the long-term impact for the state remains unclear. It will inevitably create both winners and losers in the years ahead.”
In 2012-13 the state aid represented 39% of school district revenues, including 5% from the lottery; however, in 1967-89 the state provided 43% of school revenues.
The original report can be found here.