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Wagering Hurt By Casinos.
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2005-09-04
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The opening of the Seminole Tribe's two fancy Hard Rock Hotel & Casinos caused a backlash in Florida�s wagering economy. Last year the state lost out in the Florida lottery, as well as sports wagering, because of this. Lottery revenues slowed down, standing around a national growth rate of 67% in 2004.
Lottery revenues increased by 2.59% from the previous year, but it�s wasn�t enough to save the rate. In 2003, it had jumped 8.19% over the 2002 figures. The hotel casinos were the apparent cause, in a recent discovery.
The new hotel casinos had a negative impact on sports wagering, as well. This is because those revenues have dropped nearly 7% over the last four years. Sports betting and racing revenues dropped to $311.7 million, from $334 million in 2003.
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(By Andrea)
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