Most of the states in America are in the midst of budget shortfalls. Not only are the lawmakers looking for ways to trim their operating costs, they are looking for ways to generate new revenues. School and property taxes are already overwhelming the homeowner. Voters are becoming more and more vocal about state governments raising taxes and imposing new fees, and are showing their dissatisfaction at election time.
Many states have changed their laws to allow casinos and racinos to operate within their borders. Most of these casinos and racinos, with the exception of some Indian owned casinos, share their profits with the state, producing large cash windfalls. This is a win, win, win situation for most of these states. Without raising taxes or fees they have created a new cash cow for themselves.
The horse racing industry has experienced a slow but steady decline in interest of the betting public for many years, thereby reducing the amount of revenues collected by the state. As a form of a bailout for the horse racing industry, some states allowed off-track betting parlors to operate, which effectively increased the state’s share of revenue.
While this strategy worked for awhile, some states ended up having to inject money, not only into the racetracks, but also into the off-track betting corporations, as the lack of interest continued to grow. States realized that by allowing racetracks to get into the casino business, the revenues produced by slot machines would not only stabilize the horse racing industry, but would once again, increase the amount of revenue collected by the state.
Slot machines have been the game of choice throughout the casino industry for many years, because the owners can control the payout percentages, thus controlling the revenues that they collect. Over the years, slot machines evolved from mechanical spinning reels to digital displays. Developers of these machines today have integrated the basic visual technologies of slot machines along with enhanced video technologies creating games that are much more fun to play and effectively creating games that has the player engaged at higher levels.
Operators of these machines advertise some of their games as penny games, which is a deception. The developers of these machines have created multiple betting / payoff lines. Each one of these betting / payoff lines cost a minimum of one penny, however, some machines require players to play a minimum of 50 lines, thus costing 50 cents per spin. Some of these so called penny machines have a maximum bet of $5.00 or more per spin.
As states look for more ways to increase their revenue shares, many more casinos will be popping up all over the country, and along with they casinos and racinos comes the addiction to play these games. That you can bet on!