Late to the party | Arkansas Blog

Thursday, September 10, 2009

Late to the party

Posted By on Thu, Sep 10, 2009 at 6:28 AM

There's peril in being a late adopter.

In today's New York Times, less than three weeks before the new state lottery begins pouring riches on Arkansas:

Casinos and lotteries in most states are reporting a downturn in revenue for the first time, resulting in a drop in the money collected by state and local governments, according to new state data.

The decline comes as states are rapidly expanding gambling in hopes of stemming severe budget shortfalls, and it indicates that gambling is not insulated from broader economic forces like recessions, as has been argued in the past.

The drop has led some gambling experts to wonder whether the industry is reaching market saturation, whereby a limited number of gamblers with a fixed amount of money to bet is being split across a growing number of gambling options.

Of course, since Arkansas is late on most things, it might be that we'll be late to show a cooling of gambling ardor.

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