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The Impact of State Lotteries and Casinos on State Bankruptcy Filings

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Author Info

  • Kent Grote

    () (Department of Economics and Business, Lake Forest College)

  • Victor Matheson

    () (Department of Economics, College of the Holy Cross)

Abstract

Over the past half century, there has been an increasing prevalence of legalized gambling in the US. At the same time there is a general recognition, empirically supported in the economics literature, that spending on lottery and gaming products tends to be regressive in nature. In addition, gambling addiction is a widely acknowledged social problem. This raises the question of whether the increased presence of casinos and state lotteries results in relatively more bankruptcy filings in the states that offer them. This paper adds to the existing literature by comparing the relative impact of the presence of lotteries to that of casinos on both personal and business bankruptcies. States that adopted lotteries and casinos prior to 1995 experienced significantly higher personal bankruptcy rates while the effect of lottery and casino adoption on personal bankruptcies has disappeared since that time.

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File URL: http://college.holycross.edu/RePEc/hcx/Grote-Matheson_LotteryBankruptcy.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 1302.

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Length: 25 pages
Date of creation: Feb 2013
Date of revision:
Handle: RePEc:hcx:wpaper:1302

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Web page: http://www.holycross.edu/departments/economics/website/
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Keywords: lotto; lottery; public finance; gambling;

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