Raising Money Through Gambling Never a Good Idea

October 15, 2007

As state after state starts looking for ways to increase their revenue, more and more experts are stepping forward to express their concerns over the way they are choosing to increase it. By bringing in gambling money to pay for various expenditures, they say that it would be smarter of them to either cut back on spending or support online gambling in their state as a backup.

They say that the best thing they can do is revamp the amount of money that they put out each year and see where they can honestly cut back on spending, as the amount of money that you get from gambling is never a sure thing. You should have a separate income from a more stable outlet that you can count on year after year.

They could also support online gambling, which seems like a contradiction in terms. They say that by adding in regular gambling and casinos, and not increasing spending there will be a certain amount of money that will come in. However, if they also approve on online gambling in their state, and fight the government to get it approved, they could be looking at much more income as well.

However, the trick is to pretend like that money is not really there. Support the online gambling, but don’t use that money – instead, put it away in an interest bearing account, so that when gambling within the state fails to pay the amount that it has paid the year before and they are now at a shortage once again, they will have that money sitting there able to pick up the slack.

Of course, those against any form of online gambling say that this is a mistake that it will simply cause the states to spend more, but experts say that if the states are diligent about saving, it could save them in the long run.




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