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Casino Gambling Expanding in Iowa

Although there is constant news about online casino sites being banned or online gambling being fought in various state and federal governments around the world, casino gambling is one field that seems to be expanding, especially when talking about the U.S. Although gambling is against the law unless permitted with an authorized legal permit, it seems that states are finding ways to expand their casino gambling industry. This is taking place in Iowa. Why, you may ask? Because of the great revenue it provides each state in public school funding and taxes.

Gambling critics feel differently, however. They feel that a casino gambling expansion in Iowa will only lead to more divorces, bankruptcies, and suicides. But casino gambling experts says Iowa probably hasn’t reached a saturation point. According to Nelson Rose of Whittier Law School in California, Iowa is estimated to generate one-point-seven billion dollars in revenue each year. This can only be done by offering casino sites in all 99 counties, which seems to be the goal of Iowa government officials in favor of gambling expansion.

Four new riverboat casinos will open in the next 14 months, while ten existing casinos are adding more space. About 18 million people visit Iowa’s racetrack and riverboat casinos each year, creating more than one billion dollars in revenue for the state. The new casinos are expected to generate an additional 200 million a year. With these types of figures, it is easy to see why Iowa has elected to expand its casino industry.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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