The Politicker’s chief actuary spent some time with the Times’ excellent, if understated, expose of slot machines as budget gimmicks. (They’re officially called Video Lottery Terminals, but we don’t see why anyone uses that term.)
And we’re glad to report that we’ve solved the state education funding crisis. So the CFE ruling requires a $4.6 billion initial funding increase to New York City schools?
All it will take is 75,163 slot machines, with a total of $57.5 billion passing through their jaws each day.
Follow the math here: Each machine earns a paltry $170 each day (8% of the total fed through it), according to the Times. Say they’re operating 360 days per year. That’s $61,200 per machine each year.
Divide the $4.6 billion by that total…and you get the picture of how oversold these gadgets are.
And that’s assuming that they’re free to operate and unlike, say OTB, don’t have massive, unionized overhead. Which would be a false assumption. Also that they don’t compete with each other, and the lottery. Also false.
But the Governor is planning to raise a mere $1.3 billion from slot machines, which means we only have to gamble about $16 billion.
So get gambling. For the children.