Racino jackpots! | Arkansas Blog

Friday, August 15, 2008

Racino jackpots!

Posted By on Fri, Aug 15, 2008 at 9:25 AM

Gamblers at the racinos at Southland and Oaklawn parks lost about $2.7 million gambling on the slot machines at the racinos in July.

That's one way of analyzing the numbers on electronic gambling, reported by Talk Business. Gamblers fed $18 million into Oaklawn machines and $36 million into Southland machines in July. The payout was about 95 percent of the $54 million in wagering, with the juice going to the houses and taxes. Since the slots were plugged in in November 2006, gamblers have pumped nearly three-quarters-of-a-billion into video poker, blackjack, keno and pure slot-style games of chance. Call them games of skill only if you insist in adopting the PR term of the racino industry. If skill were involved, the racinos wouldn't have been looking at $30 million or so in net from that period.

UPDATE: In response to a question, about 35 percent of the net after wager payoffs goes to state and local government and funds for live race purses and breeders. So, if the net in July was $2.7 million, the tracks would keep about $1.75 million.

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