Give N.Y. an ‘F’ in gambling

New York state, like the rest of the nation, needs money to run the government. The state is very good at collecting taxes, fees, fines and miscellaneous dollars, but when it comes to money from gambling, it’s a dismal failure.

While states around us are reaping a bonanza, New York has only the state lottery to fatten its treasury. There is no doubt that our lottery raises hundreds of millions of dollars, but compared with our neighbors in Connecticut, New Jersey and Pennsylvania, it could be run a lot better. In short, our neighbors are eating our lunch.

Lotteries have been around for thousands of years. They are said to have been started back in the days of Caesar. Our state lottery commenced in 1967, after it was approved in a statewide referendum. To date, the New York Lottery has generated more than $34 billion in aid to education revenue, even though the public doubts that it goes there.

Despite the fact that the New York Lottery has the highest sales of any in the country, it has frequently been criticized for offering the lowest payout percentages compared with the surrounding states. New York Lotto has the lowest prize return of any game, and the winners of instant games don’t have the option of choosing a lump sum instead of periodic payments.

At one time in our state’s history, horse racing was a big winner for state taxpayers. Racing was not only glamorous, but all of the top horses raced on our tracks for years, their owners and trainers attracted by large prizes and great facilities. Many years ago, however, the state lost interest in horse racing and allowed places like Belmont Park and Aqueduct Racetrack to grow old and antiquated.

By the middle of this year, Aqueduct will have its first casino gambling facility, but the bettors will stay indoors, sitting at slot machines, while the horses will run outside, with little interest on the part of the state or the poorly run New York Racing Association.