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Betting using instant wagering machines, which resemble and operate similar to slot machines, has exploded across Kentucky and thousands more machines will come online in the near future. Yet the state taxes them at very low rates compared to slot machines in other states and even compared to live racing within Kentucky at comparable levels of betting. Especially in the face of more state budget cuts next session unless new revenue is generated, taxing these machines appropriately is an action the 2020 General Assembly should take.
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Lost revenue is substantial
More On Budget & Tax: Kentucky’s Inadequate and Outdated Unemployment Insurance Taxes Need to Be Modernized
In May, we wrote about the missed opportunities and lost revenues because of Kentucky’s failure to uniformly tax betting that is already happening in our state. At that time, we estimated the potential new revenues from taxing all betting at a uniform 3.5% of average daily handle (the average amount bet daily), and depositing all the resulting new revenues in the General Fund, at over $40 million.
Since then, instant racing machine use has continued to grow rapidly. Based on new information, we now estimate the potential new revenues at over $60 million annually, excluding the expansion of instant racing machines described below. If the tax rate is increased and the planned expansions occur, potential new revenues over the next two years could increase to as much as $80 –$100 million, providing significant support to much-needed investments in the commonwealth.
Casinos are here—in the form of “instant racing” slot machine parlors
Between 2018 and 2019, the amount bet through instant racing machines increased by 80%, or just over $900 million, primarily due to the addition of 900 new machines at Derby City Gaming in Louisville in September of 2018. Existing instant racing venues also experienced double–digit growth in the amount bet and gross commission per day, per machine.
Moving forward, there will be a more than tripling of the number of instant racing machines operating in the state. On top of the 2,800 machines now in use, the Kentucky Horse Racing Commission has approved the addition of over 7,000 new machines that will likely become operational over the next 24 months, including the following:
- Oak Grove, a new facility currently under construction in Christian County, which is jointly operated by Churchill Downs and Keeneland. It includes an instant gaming parlor, hotel, equine center and Standardbred track. Oak Grove began offering live betting on Standardbred races in October of 2019, and plans to open its instant gaming facility in June of 2020 with 1,200 instant racing machines.
- Kentucky Downs, located in Simpson County, which was recently purchased by new owners from Nevada. The facility is expanding with an anticipated completion date of September 2020 for the first phase, which will increase the number of instant racing machines at the location from 753 to 1,200.
- Ellis Park, located in Henderson County, which was recently purchased for the second time in less than a year by Ellis Entertainment, a subsidiary of Laguna Development Corporation, based in New Mexico. In June 2019, the track was approved to increase the number of instant racing machines from 179 to 1,200 as part of a renovation and expansion.
- Churchill Downs announced in October of 2019 a significant renovation project that includes a hotel and an instant racing parlor with 900 machines at its flagship track facility. The projected completion date is late 2021. (It should be noted that Churchill has received approval for a total of 3,000 machines that can be deployed at Derby City or at the new on-track facility. Derby City currently has 1,000 machines, so a total of 2,000 additional machines can be deployed by Churchill at any time).
- Churchill Downs purchased Turfway Park, located in Boone County in October 2019. Turfway is the only thoroughbred track in Kentucky that currently does not have instant racing machines. As part of the approval process, the Kentucky Horse Racing Commission approved up to 2,500 instant racing machines, which will be part of a major renovation that is expected to be completed in late 2021.
Kentucky’s tax rates on slots are extremely low
Kentucky’s tax rate on instant racing is very low compared to the rate imposed on live racing in the state at tracks with comparable average daily handles. Instant racing is currently taxed at just 1.5% of the average daily handle, compared to a rate of 3.5% imposed against betting at tracks with an average daily handle of over $1.2 million (2 of the 4 instant racing facilities currently operating have an average daily handle of over $1.2 million, with Keeneland/Red Mile likely to hit that level in 2020).
Kentucky’s tax on instant racing slot machines is also low compared to how other states tax slots. Most states impose gambling taxes based on “gross revenues,” which are generally defined as the amount that remains after paying winning bets. Our surrounding states impose taxes on gross revenues from slot machines at rates ranging from 26% in Missouri to 53.5% in West Virginia. In comparison, Kentucky’s effective tax rate on instant racing, calculated on the same base used by other states, is just 18%. But that number overstates what Kentucky collects because most of the tax receipts are required by statute to be distributed back to the industry. For example, in 2019, 60% of the taxes collected were distributed to purse support funds, backside improvement funds for race tracks and other industry-related endeavors. The effective tax rate based on revenues deposited in the General Fund is even lower at just 8%.
Given the significant growth that has already occurred, the planned expansions that are currently underway, and current tax rates that are well below industry averages, and which primarily benefit the horse industry, there is significant room to generate additional revenues while still providing strong support for the industry. Taxing these rapidly proliferating casino-style slot machines and investing the revenues in the commonwealth is an opportunity the 2020 Kentucky General Assembly should not miss.
Note: The legality of instant racing machines remains at issue. A lawsuit challenging whether bets made through instant racing machines constitute pari-mutuel wagering, the only form of betting that is legal in Kentucky, other than the lottery, is currently before the Kentucky Supreme Court on appeal from a 2018 ruling of the Franklin Circuit Court which found instant racing bets to be pari-mutuel. The court is expected to hear oral arguments and to rule on the case in early 2020.
Many people have interest in having their own slot machines,but often have their dreams flat to sleep because they think that owing a slotmachine is a costly affair. Yes it is a costly affair if you buy a new slotmachine as the new machines cost over $3000 and to acquire their license youneed to spend more dollars. The bestsolution to have a slot machine in a budget and make your dream come true is toget an old slot machine on sale which costs even below $1000. Also old machineson sale are for fun and entertainment purpose and their maintenance cost isalso cheap.
Now the question that often gaming and slot enthusiasts askis where to get such refurbished slot machines on sale in a budget. So if youare one of such fans then keep on reading below to find the answer.
Get refurbished slot machine on sale from Casinos
Yes real land casinos near you are the places to find theold slot machines on sale. With the coming of new technology and modern video slot machines often these casinosa routinely get rid of old slot machines and add new ones to boost play.
An example earlier the slot machines were coin operated andthese coin-based games required more attendants to empty and fill hoppers, socasinos solved this problem by introducing TITO machines. So as the newmachines are launched the old ones are get ridden by these casinos. Such oldslot machines either end up at casino basements, where old slots are kept asantiques or at workshops, where they’ve been dismantled and either sold asscrap or salvaged for parts.
Even many of these old slot machines are sold to smallercasinos in other parts of the world or sold to small convenience stores andrestaurants in Nevada, where gambling is legal across the state.
Therefore many gamers who have interest in such slotmachines get these old slots from such casinos in cheap rates and bring it totheir either private business shops or to their living room to boost theircollection of such games.
Get old slot machines on sale at the slot market
Often slot machines also can be found physically at the slotmarkets that sell old and refurbished slot machines to people who want them atlesser price. These resellers can be found easily by asking any casino employeebecause often it’s the casino that dispose their slots to these markets. Youcan find a wide range of old slot machines on the resale market. Some peoplesee these as collectors’ items while others just want a conversation piece intheir home.
Get resale slot machines at online stores
Your best opportunity is to find a motivated seller who’slooking to unload slot machines for quick money. You can sometimes find thesepeople on eBay, which commonly has slots available for sale. It’s hard knowingwhich sellers are in this situation. But you can always search for a specificslot machine and compare prices. But often Ebay and Amazon list such slot machinesand the sellers who want to sell such slot machines. The slot machines on saleat these online store only have one concern and that is shipping the item toyour place as this depends on your jurisdiction to own an old slot and the costof shipment which can be another factor of concern. Sometimes eBay sellers areeven more expensive than what a business is offering a game for. After all,certain people overvalue antiques and refuse to budge on the price.
But the choice at online stores is strong enough to get theright slot machines. Because the online market offers lots of variety in suchslot machines on sale. You can thuscompare thousands of slot machines and pick the right one for you.
Get refurbished slot machines at local sellers
Many local sellers have their presence both online andoffline and offer US residents such old slot machines on sale. Just run asimple Google search for terms like “buy slot machines” or “buy antique slotmachines.” You will find many such local sellers are that are located within USboundaries and can easily supply you such machines and even offer full year warrantyon machines and their parts. Online businesses tend to sell slots at a higherprice than what you’d pay on eBay. But they also collect and buy some of thebest old slots too.
Finally remember that if you’re buying antique games, thenyou’ll need to familiarize yourself with the market and find what’s valuable.Just remember that the most-popular slots games of yesterday don’t always makethe best investments, because they were overproduced.
Also knowing the market gives you a better chance to findslot machines at the best price you want. After all, you’ll be looking forspecific slots in these cases and can comparison shop easier.
If you’re simply buying a slot based on nostalgia from oldcasino trips or to show off to friends, then you won’t have to be as selective.You can find a wide range of slot machines for sale at prices ranging from $300to $1,200.
Shipping of refurbished slot machines
Always pay attention on shipping terms and conditions if youbuy old refurbished slot machine online.
Actually the average slot machine weighs around 200-250pounds. You’ll also find that some games weigh even more than this. Those whosell slots use freight shipping, which can involve moving goods through air,land, or sea. Slot machines are obviously too large to send through regularparcels, which is why freight shipping is needed. Shipping on slot machines canbe as low as $200. But don’t be surprised to find slots that cost $500 or $600to send.
The shipping costs can sometimes outweigh how much amachineis worth. In these cases, you must decide if it’s even worth buying thegame. Many sellers offer a pick-up option too. This is great for when you livewithin driving distance and want to cut out a few hundred dollars from theprice. You can instead rent a U-Haul and dolly, then drive to the nearestlocation that’s selling a slot machine. Depending upon the distance and gasprices, you could potentially pick up a nearby slot for around $100 or $200. Thisis preferable when you’re considering a slot machine that would cost between$400 and $600 to ship.
Legalities to buy refurbished slot machine on sale
Always before purchasing a slot machine you need to checkthe laws in your state. US doesn’t have a federal law against owning antiquegambling equipment. But state governments have differing options on the matter.The reasons vary on why state governments care about people collecting slotmachines. It’s because they don’t wantpeople turning their slot machine into an illegal casino.
Certain states like Hawaii and Alabama are so staunchlyagainst gambling that they don’t even want you have such slots machines. But byand large, most American states don’t have a problem with you buying slotmachines for personal entertainment or an antique collection.
Over 40 states allow you to purchase such slots machines,meaning you only must worry about a few states that won’t let you start a slotmachine collection. Some of these include Alabama, Hawaii, Nebraska, and SouthCarolina because these states are among the most conservative when it comes togambling.
Other states are completely the opposite and allow you toown old slots without restrictions. Arizona, Arkansas, Kentucky, Maine, Nevada,Ohio, Texas, and Utah are among these states.
States like Kentucky, Texas, and Utah laws also don’t botheryou if buy slot machines here. Kentucky is all about protecting their lucrativehorse racing industry, which is why they don’t offer much gambling beyondracing. But they’re lenient about people purchasing slot machines. Texasdoesn’t allow gambling beyond approved charities, horse racing, and theirlottery. Utah is the most-surprising state that allows slots collections,because they ban all forms of gambling.
Used Slot Machines For Sale
It’s better to find out your state gambling laws before youventure out to find an old refurbished real slot machines for sale. Over adozen states allow people to have slot machines under certain restrictions. Themost common rule is that a slot must be at least 25 years old before you canbuy it as they believe that slot machine that’s 25+ years old is more likely tobe a collector’s item, rather than a game that could later be used for illegalgambling purposes.
Most states don’t allow private ownership of TITO slotmachines, which also keeps people from buying newer slots. Slot machines thathave been produced within the last 20-30 years operate through the TITO system.
Some states also require that slot machine purchasers be ofa certain age. This doesn’t play much of a factor in Florida and Illinois,where people can own slots if they’re 20 years old.
Other states like Georgia and Idaho require that people be50 years of age, which limits many residents from collecting slots.
Another law requires that a slot machine has beenmanufactured before a specific year before collectors can purchase it. Like somestates require that people can only buy slots that were made in the 1950s orearlier.
Colorado is more lenient in this respect because they allowpeople to buy slots that were made up until 1983. This is the point when mostmanufacturers quit making mechanical reels and switched to video slots. The lawon slots being made before a certain year is another rule designed to ensurethat only collectors buy these machines.
Used Slot Machine Parts
So better look over your state’s gambling laws and payspecial attention to excerpts on antique slot machines. This will give you aclear picture on what’s legal and illegal.
Kentucky Buy Used Slot Machines
When finally you come to know the legal issues to own such aslot machine do your homework in finding the real slot machines for sale andfind the seller who is genuine and offer you the best rates.