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The Florida Senate predicted that revenues from slot machines and gambling would bring the state over $1 billion.  This does not seem to be the case.  The number seems to be more like $400 million.  This new estimate from state economist include the profit that would be made if the Seminoles take the state up on a deal that would allow them to monopolize slot machines everywhere in the state, except in Broward and Miami-Dade county.

Unfortunately, the state’s attempts to open up gambling to pari-mutuels will likely lead to a fall in gambling revenue.  But, Florida does have a few options that could boost gambling revenue.

If Florida allows the venues operating slot machines to pay taxes on a monthly basis, as opposed to a weekly basis, gambling revenues are likely to drop $12.2 million in the first year and $19.9 million by the end of the first full year, economists predict. In order for the effects of such a change to be neutralized, taxable income from slot machines would have to jump 43 percent. 

“This could be due to an increase in the number of machines or an increase in the amount of income per machine, or a combination of both,” explained the report from state economists.

On a positive note, Class II slot machines at horse and dog tracks and jai alai frontons could generate $18.6 million in revenue by the end of this year.  The first full year with Class II slot machines could bring in $59 million.  From there the numbers would hopefully climb to $97.3 million in the second year and $130 million in the third.

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