According to the state’s economists the amount of money that the Senate has been claiming that can be brought in from slot machines has been grossly overestimated. The Senate is claiming that more than $1 billion could come in from allowing the Seminole Tribe to offer full casino gambling, but the state’s economists say the number is only close to $400 million. A complete study has been researched in detail and economists found that many small factors have not been included in the estimated number.
Allowing the slot machine operators to pay monthly rather than weekly would cause the state to get $19.9 million less in the first full year that they. In order for this to change they would need to get more people playing and would have to create much more slot machine activity than is currently projected, or they would need to add more slots machines within the state. Reducing their annual slot machine license fee would cause the state to lose $6 million. Additionally the lottery sales would be hurt by increasing number of slot machines.
Economists predict a loss of $8.5 million from the Florida Lotto saying that people would go to the slot machines instead of playing the lotto. But they also found ways of bringing in more money by giving state horse and dog tracks as well as the jai alai frontons slot machines they could increase the money flow by $59.8 million in the first full year, and $97.3 million the next year. The license fee would bring in $16 million and the tax on the slot machines would bring in around $139 million the first year and in the third full year that the slot machines were running they could conceivably bring in $130 million.