States legalized sports gambling chasing tax revenue. A new @ManhattanInst report by @CharlesFLehman shows that the revenue isn't there.
Sports gambling is ~0.2% of state tax revenue on average. It clears 1% in exactly ONE state. Across states, it raises less revenue than alcohol, less than tobacco, and about the same as cannabis (which is legal in 16 fewer states).
Much of the revenue it does raise is cannibalized. A study of 17 states found online betting cut lottery sales 5β6% after legalization. Dollars move from one taxed pot to another, or out of state entirely.
And the social costs show up on state balance sheets: bankruptcies, child-maltreatment cases, addiction treatment, Medicaid comorbidities.
The revenue is so small, costs barely have to register to erase it. Take Ohio, a state the generated $209M in gambling tax revenue last year. Estimated added costs from child welfare, Medicaid, and lottery losses range from $173Mβ$221M. The state may be a net loser.
The lesson for legislators is to stop letting an empirically unsupported revenue argument stand in the way of sensible regulation. Set policy on public-health and addiction-prevention grounds, not revenue maximization.
https://t.co/VlnuMU5RFU
Convent of the Most Blessed Sacrament in Baguio. The convent is served by the Sister-Servants of the Holy Spirit of Perpetual Adoration, more commonly called the Holy Spirit Adoration Sisters or the Pink Sisters.
The wide ziggurats of Blade Runner's future are the most dated part of the setting. Peter Lamborn Wilson in his last interview recognised London's Shard and NYC's Steinway Tower as the architecture of our future: