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Historical Horse Racing Dominates Gambling Expenditures In Kentucky—Even Outperforms The Lottery. But Why?, Thomas E. Lambert
Historical Horse Racing Dominates Gambling Expenditures In Kentucky—Even Outperforms The Lottery. But Why?, Thomas E. Lambert
Faculty Scholarship
With sports gambling coming to the Commonwealth of Kentucky in September 2023, another competitor to various gaming activities in the state raises the question of how it is doing relative to the others, especially its major competition. As can be seen in the table below, for its first four months of operation, sports gambling in the state brings in almost $900 million and averages around $223 million per month. This average is better than typical monthly lottery sales which come in at around $161 million per month and is far above on and off-track (including simulcasting) racing betting which averages …
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Faculty Scholarship
Even before the Covid-19 pandemic, most sectors of the various gambling industries in the United States were showing signs of stagnation. Over the last few years, these industries have seen mergers between horse racing tracks, between horse racing tracks and casinos to form “racinos”, and between casino companies. Many gambling facilities and racetracks have closed and have been sold to developers to be used for other purposes. An industry “shakeout” is occurring, and there appears to be a trend toward greater industry concentration as consumers are showing less and less interest in gambling in general. This has been partially fueled …
Kentuckians And Expanded Gaming: Opposition To Protect The Vulnerable?, Thomas E. Lambert
Kentuckians And Expanded Gaming: Opposition To Protect The Vulnerable?, Thomas E. Lambert
Faculty Scholarship
During the 2022 meeting of the Kentucky General Assembly, gambling interests in the state had both triumphs and setbacks. An attempt to raise taxes on revenues earned by specialty slot machines (historical horse racing machines, or HHR machines) was turned back, yet an attempt to legalize sports gambling on sports such as the NFL, NBA, NCAA, etc., was also turned back. Lotteries, charitable gaming, and pari-mutuel wagering on horse racing have been legal in the state for some time, and HHR machines were made fully legal after state laws were re-written in 2021 to have them comply with the state …
Gambling Opinions And Participation In Kentucky Versus The Other 49 States, Thomas E. Lambert
Gambling Opinions And Participation In Kentucky Versus The Other 49 States, Thomas E. Lambert
Faculty Scholarship
Much has been written in the Kentucky press over the last few years about how the state is falling behind other states due to Kentucky’s absence of traditional casinos, sports gambling on the NFL, NCAA, etc., and other gambling forms. A major topic has been the potential tax revenues that would be collected if some forms of gambling are legalized in the state. Yet not much has been written about how Kentucky citizens differ from or are similar to citizens in other states with respect to opinions about gambling morality, gambling and spending preferences, and gambling policy. State laws are …
Us Gambling Stagnation: Will New Gambling Forms Make A Difference?, Thomas E. Lambert
Us Gambling Stagnation: Will New Gambling Forms Make A Difference?, Thomas E. Lambert
Faculty Scholarship
Much has been written recently in the popular press about the rise of sports gambling, historical horse racing or instant racing (HHR), and esports. However, despite this, some note an overall decline in the popularity of gambling and gaming in general as horse racing (pari-mutuel) wagering has declined dramatically over the decades and as casino and lottery revenues have fallen slightly since before the Great Recession. This exploratory research note examines the trends in US gambling over the last several decades and explores whether the new forms of gambling will stem and reverse overall gambling stagnation in the United States. …
Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert
Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert
Faculty Scholarship
New Jersey was the first state to legalize sports gaming outside of Nevada after a landmark US Supreme Court decision in May 2018 struck down a federal law banning sports gambling in all other states and the District of Columbia (Liptak and Draper 2018). Some race tracks such as Monmouth Park race track began offering sports gambling as a way to bring back fans to parimutuel wagering which had been and still is in decline for several decades at tracks throughout the nation (Associated Press 2019). This brief paper examines trends in New Jersey on how sports gambling has grown …
Derby City Gaming Expansion: Its Impact On The Louisville Metro Area, Thomas E. Lambert
Derby City Gaming Expansion: Its Impact On The Louisville Metro Area, Thomas E. Lambert
Faculty Scholarship
No abstract provided.
Kentucky And The Thoroughbred Industries: Prospects And Challenges As Gambling Stagnates, Thomas E. Lambert
Kentucky And The Thoroughbred Industries: Prospects And Challenges As Gambling Stagnates, Thomas E. Lambert
Faculty Scholarship
Over the last 15 to 20 years or so horse racing has seen declines in wagering and fan attendance throughout the US. Because of this, the number of races, horses per race, the number of thoroughbred farms, and new thoroughbreds bred and born each year for about the last 10 to 12 years have also declined. The decline in wagering has occurred despite simulcasting of races, online betting, and gambling machines which employ films of past races (historical horse racing machines). Those racetracks doing well are usually part of larger casino and entertainment complexes (racinos). Kentucky, which has one of …
"Gambling, Raffles, Door Prizes, And Competitions" From The Pop Culture Business Handbook For Cons And Festivals, Jon Garon
Faculty Scholarship
This article is part of a series of book excerpts from The Pop Culture Business Handbook for Cons and Festivals, which provides the business, strategy, and legal reference guide for fan conventions, film festivals, musical festivals, and cultural events.Games of chance are highly regulated activities, whereas bona fide competitions are generally left unregulated. Both are big businesses. Competitions, drafts, and other events help support the popularity of trading card games. Many nonprofit organizations take advantage of their charitable status to raise funds through various indirect strategies, including raffles, bingo, games of chance, and competitions. For the games of chance, it …