Video Lottery Terminals
Before I proceed, understand that I do not own a racehorse or racetrack, and the chances of me putting money in a slot machine are next to nil. Outside of Vegas I have never been in a casino except for Lousiana and Europe and that was was because they happened to be where I was at the time.
Rep. Ismael Flores of Texas introduced a a bill Tuesday to allow Video Lottery Terminals (VLT) at racetracks. This is an age old controversy which I am not going to argue. I am not particulary concerned about the religous, moral or ethical implications of gambling. It is an entertainment or vice depending on how it affects you.
What we do have is a perfect example of how politics and lobbying play out for individuals and an industry. The horse iondustry in Texas is staggering. It is a several billion dollar industry that employees thousands of Texans. The race industry is just a portion of the horse business. From the centuries old ranching era to backyard horse owners, the Horse is vitally important.
The fact is that all of the surrounding states allow some form of casino type gambling. The hard result is the owners of race bred stallions and mares are exiting Texas at an alarming rate. The answer is a simple matter of economics. You race in other states and win more money because the purses are enhanced by a small percentage of the amounts wagered not only on the horses but also on the VLT's in that state. As I understand it, this percentage is used to supplement race purses and promote the equine industry in Texas, or state where the wager took place, regardless of its relationship to racing or gambling. Just imagine part of the dollars spent by gamblers being used to provide college scholarships and do equine research in other states.
The reason for this exodus is Texans by the thousands travel across the state lines to spend the money they earn in Texas. This is not just gambling but lodging, food, entertainment, etc.
Texas now offers billions of dollars in tax incentives to attract business to Texas, but will not make a simple decision to keep what is already here, established, and a Texas tradition.
Interesting article...
http://www.statesman.com/news/content/news/stories/local/12/23/23horsesgone.html
Before I proceed, understand that I do not own a racehorse or racetrack, and the chances of me putting money in a slot machine are next to nil. Outside of Vegas I have never been in a casino except for Lousiana and Europe and that was was because they happened to be where I was at the time.
Rep. Ismael Flores of Texas introduced a a bill Tuesday to allow Video Lottery Terminals (VLT) at racetracks. This is an age old controversy which I am not going to argue. I am not particulary concerned about the religous, moral or ethical implications of gambling. It is an entertainment or vice depending on how it affects you.
What we do have is a perfect example of how politics and lobbying play out for individuals and an industry. The horse iondustry in Texas is staggering. It is a several billion dollar industry that employees thousands of Texans. The race industry is just a portion of the horse business. From the centuries old ranching era to backyard horse owners, the Horse is vitally important.
The fact is that all of the surrounding states allow some form of casino type gambling. The hard result is the owners of race bred stallions and mares are exiting Texas at an alarming rate. The answer is a simple matter of economics. You race in other states and win more money because the purses are enhanced by a small percentage of the amounts wagered not only on the horses but also on the VLT's in that state. As I understand it, this percentage is used to supplement race purses and promote the equine industry in Texas, or state where the wager took place, regardless of its relationship to racing or gambling. Just imagine part of the dollars spent by gamblers being used to provide college scholarships and do equine research in other states.
The reason for this exodus is Texans by the thousands travel across the state lines to spend the money they earn in Texas. This is not just gambling but lodging, food, entertainment, etc.
Texas now offers billions of dollars in tax incentives to attract business to Texas, but will not make a simple decision to keep what is already here, established, and a Texas tradition.
Interesting article...
http://www.statesman.com/news/content/news/stories/local/12/23/23horsesgone.html
posted by Chip at 7:23 AM
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