NY Lottery worried about casino competition

NY Lottery worried about casino competition

The revenue generated by the NY lottery has been and is being used for a lot of government spending, including education. But now, the lottery seems to be looking at possibly tough competition from the slew of casinos that will soon be operational in the state. Heretofore, the staple diet of the average New Yorker has been the lottery, but now, authorities are worried that upcoming casino projects may start eating into apparently finite revenues that the NY lottery once monopolized.

“Usually when new casinos come into a state, there is the fear that other gaming avenues will suffer,” said Gaming Analyst Steve Schwartz. The opinion mirrors the fear of the New York casinos as well, who are apprehensive about the other north-eastern states like Maryland and Maine that might cut into their share of the market. However, the “finite” revenues may not actually be that; Schwartz also says, “This is a normal fear, and one that is usually alleviated once the new casinos open and officials see that there is plenty of gambling money to go around.” [How comforting to realize that there's more discretionary income to suck out of the local economy!] It’s almost as if there was a mixed-up food chain, with every member fearing being eaten alive by the others in the system. The NY lottery is not the only one fearing gambling cannibalism.

However, the New York lottery may have other worries on its mind as well. Washington lawmakers are mulling over allowing casinos that have been in action for at least 5 years to obtain online gaming licenses. If that happens, then the doors are wide open for anyone to enter the New York market as long as they have the eligibility. That is, unless the state of New York opts out of the online gaming law, which it can do. If that happens, the NY lottery will at least have a fighting chance against predatory competition soon to hit the streets.