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Florida Gaining Gambling Revenue From Tourism Industry

The state of Florida has taken a similar approach to gambling expansion as other states around the US. The economic recession created a reason for additional gambling, and states such as Florida, Pennsylvania, and New York were quick to expand.

A recent study performed by the Nelson A. Rockefeller Institute of Government at the State University of New York indicates that Florida was third in overall gambling related revenue in 2010. The majority of the revenue, according to the study, came because of tourism and the large population base in Florida.

In terms of revenue generated per resident, Florida dropped all the way to twenty-first in the country. The figure came out to $94 per resident, for the year. In terms of personal income, Florida ranked nineteenth, with residents gambling just over 0.2% of their income.

Tourism plays a big part in the economy in the Sunshine State, and the visitors to Florida contributed large amounts of their cash to gambling outlets in the state. The lottery and casinos were the main attractions for the gamblers who made their way to Florida in 2010.

That figure of out-of-town gambling revenue is expected to rise in 2011, with new laws in effect regarding gambling. Casinos in the state can now hold no-limit poker tournaments, and several have already taken advantage of the new law. The Seminole Hard Rock Casino in Hollywood has held several events where the best professional poker players have shown up.

The prize funds at several of these tournaments has been upwards of a million dollars, and poker pros are also taking advantage of the no-limit cash games that have started to be run at poker rooms across the state. Every time a new state goes to no-limit poker, pros flock to the tables, hoping to find locals to take advantage of.

As for the country in general, Pennsylvania saw the biggest gambling revenue growth in 2010. Pennsylvania lawmakers legalized table games early in 2010, and it led to a boom in business in the summer months when the table games went live. New casinos also opened in Pennsylvania during the year, contributing to the revenue spurt.

New York was number two in overall gambling related revenue, behind Pennsylvania. New York has a couple of new casino projects in the works, mainly a facility at the famed Aqueduct Racetrack that has been in the works for over a decade. Genting, a Malaysian gaming company, has won the rights to operate the Aqueduct casino.

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