Indiana's Horse racing industry avoids major cutbacks in state budget
The state of Indiana recently approved a budget that amounts to the figure of $28 billion. Before this news was out in public, there was much speculation and concern in the state's horse racing industry. This was based on the assumption that the industry
could experience reductions in its share. These reductions seemed like a possibility because the horse racing industry earns its revenue from betting on horses as well as slot machines. The budget that has been allocated is for a two-year period in the state
of Indiana.
However, with the budget out know, the horse racing industry has been relatively left untouched. It was predicted that the new budget would bring reductions that would cut down funding to the horse racing industry by an amount of more than 50 percent. The
horse racing industry uttered a sigh of relief as the cuts that were made only amounted to a figure of $3 million.
The horse racing industry across the United States has been suffering from major economic consequences as a result of the recession. Many race tracks have been closed down over the past couple of years while numerous others are left struggling. The closure
of these racetracks has affected the livelihood of several thousand people and has had a major impact on the economy of every state that promotes horse racing.
In order to deal with these adverse economic conditions, many race tracks had put pressure on their respective states to allow gambling outlets such as slot machines and off track betting. These measures were approved in some of the states while in others;
efforts are still being carried out to get a move on the more controversial proposals such as internet poker.
Where states have allowed such gambling measure to operate, the race tracks have experienced an increase in the spectatorship of their live horse racing events.
Many organisations within the horse racing industry in the state of Indiana had opposed major reductions, as they argued that the revenue from gambling operations was necessary for the survival of the struggling horse racing industry.
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