New York Avoids Lottery Slump with Video Lotto
We’re hearing it everywhere, Lottery sales are finally starting to fall into a rut as the economy’s deathgrip tightens on players. New York has bucked the trend, mainly because of the 12% increase in Video Lotto revenue. On average, most states are posting a 2% decline in lottery sales but New York is posting a 3% increase because of slot-machine like lottery machines the state deployed at raceracks and other gambling facilities.
Over the past 8 months, the New York Lottery has generated approximately $709mil (vs $636mil same period last year) from it’s 8 video parlors. A large amount of this gameplay can be contributed to less people travelling to Atlantic City and other gambling Mecas do to the tightening economy. The same folks that used to load up the car and drive 6 hours to go to a casino now just drive down the street to pull the Lottery Slot Machine Lever, keeping the money inside the state.
Last year, the New York Lottery generated $2.6 billion. This amount accounted for 13% of the NY School Systems operating budgets.
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