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Non-Tech : eLottery.com (ELOT) / (NASDAQ NM:XTON)

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To: julius kluger who wrote (677)	8/21/1999 4:00:00 PM
From: Herc	Read Replies (1) of 1266

Surprising & Amazing Editorial from today's "Barron's". Also, folks are getting downright testy on the SNMM thread! <<Sucker Play Gambling strains the ethics of states The National Gambling Impact Study Commission says that many people who gamble can't afford to lose so much money. Something like 15 million people get so hooked on gambling that they lose control of their finances, with unfortunate consequences for themselves and their families. Among the worst cases of gambling addiction are the governors and legislators of the 47 states that profit from allowing and taxing some form of legal gambling. ''While gambling provides only a small share of total revenues in most states, in tight times those dollars offer just enough extra to escape or put off service cuts or higher taxes,'' says Richard C. Leone, who was a member of the commission. ''Thus, even political leaders who claim to disapprove of gambling become politically dependent on it.'' It was ever thus: The only thing more powerful than the politician's urge to save his fellow man from degradation is the urge to lift something from his wallet. Just look at the type of gambling that 37 states have adopted. They operate their own lotteries. While telling the customers that the state will keep this form of gambling free of criminal influence, they cheat them unmercifully. State lotteries pay back as winnings only about 50% of the customers' wagers. The standard payout in casinos is above 90%. The states have no business running lotteries, and those that do are a grand illustration of the danger of giving any government monopoly powers. State lotteries could have any payout ratio they choose, but as the only legal lotteries, they choose merely to meet the competition of illegal outfits. If the states were to give bookmakers equal freedom from prosecution, there's a good chance private lotteries would offer better prizes. Suckers will bet, and closing state lotteries will not stop them. But states should comfort the afflicted, not give their citizens new ways to afflict themselves. At least states could open the marketplace and give their suckers an even break. -------------------------------------------------------------------------------- Thomas G. Dolan receives E-mail at tg.donlan@news.barrons.com>>

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