Casinos Have Negative Impact On State Lottery

The opening of the Seminole Tribe's two fancy Hard Rock Hotel & Casinos, caused the Florida lottery, as well as sports wagering, to take a dive last year. Lottery revenues slowed down, falling behind the national growth rates of 67 percent in 2004.

Even though lottery revenues increased by 2.59 percent from the previous year, the increase was relatively insignificant, considering that revenues in 2003 had jumped 8.19 percent over the 2002 figures. The hotel-casinos were the apparent cause of this relatively minor increase.

The new hotel-casinos also had a negative impact on sports wagering, whose revenues have dropped nearly seven percent over the last four years. Sports betting and racing revenues also dropped to $311.7 milli, compared to $334 million in 2003.

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