New York Plans To Tackle Deficit Through Legalized Gambling!

The Governor of the state of New York is in the mood to wipe off most of the state’s deficit, which amounts to around $350 million in the current fiscal year. He recently unveiled his plans for the deficit wipeout, which includes legalizing gambling. The other steps include utilizing public–private partnerships for infrastructure renovation and revamping the tax system.

According to the Governor, the deficit is likely to reach $3.5 billion by the next fiscal (2012). Making gambling a legal activity is a component of a comprehensive jobs creation plan.

The Plan

The Governor seeks bi-partisan support. He intends to call several Democrat and Special Republican meetings to discuss the legalization issue and other steps to tackle the deficit. He is looking forward to a stimulus package that includes sanctioning resort-style casinos in a bid to raise tax revenues. The intention is to make government work and avoid political gridlock that usually happens in such situations.

According to Morgan Stanley estimates, the online gambling industry of the United States is valued at $14 billion per annum. If the taxpayers share was 25 percent of it, that would sum up to an extra $3.5 billion in revenue, says Richard Bronson, a former executive at Wynne Resorts. He now heads US Digital Gaming, which is the provider of turnkey online gambling.

For the hard-core gamblers, this might be good news. But, legalization of full-scale commercial casinos may take time. It would need amendments in the Constitution of the state. This won’t come easy. It requires authorization from two consecutive Legislatures, plus a voter referendum. But, the wait has its weight in gold! States like New Jersey and Iowa are also planning to legalize certain phases of online gambling.

At last, light of hope seems to flicker for the gambling world. Gamblers can keep their fingers crossed and wait for a legalized, full-fledged gambling industry in the making.

Highest jackpot enters Guinness World Records

When some states of the US are planning to legalize gambling, Europe has already entered the Guinness World Records for gambling!

The Guinness World Records has officially recognized the prize amount of EUR 11.7 million on Mega Fortune – progressive jackpot slot of Net Entertainment won by a Betsson punter. This is the biggest jackpot payout in an online slot ever!

A young Norwegian had hit this jackpot in September this year. The Guinness World Records has confirmed the hit recently. On the confirmation, Betsson online casino and Net Entertainment became co-owners of the record payout.

Mega Fortune, the popular online slot was in news last year too when it paid out more than EUR 26 million to the gamblers across the world. The slot is known for its lucrative payouts.

This is a moment of pride for Betsson and Mega. Being a Guinness World Record holder is a great accolade, indeed. Gamblers across the world hope that the New York state takes a cue from this and legalizes gambling as soon as possible.