For many of you, casinos and education might not go hand in hand. But, you’ll be surprised to know how they can complement each other. Now you are probably wondering what benefits can gambling bring to education? The answer is — money. Some states spent a certain percentage of gambling revenue taxes on schools.
The gambling industry sees many benefits from well-educated professionals. But, that can go both ways. Education can also get an advantage from gambling establishments. States nationwide that have legalized and regulated gambling collect various taxes from casinos. Money acquired through them is usually used to finance state development. For example, Ohio and Maryland use such funds to support departments of education.
Legalizing and opening casinos in any state can be a potential hazard, and citizens are usually opposed to it. Gambling addiction can be a serious problem. But, the gambling industry is a lucrative business, and millions of dollars are spent on games of chance every year. The governments are well aware that they can benefit from this sort of entertainment, which is why they legalize it.
Casinos are obliged by the law to pay numerous fees for their business, and all that money accumulates in state funds. Politicians redistribute those funds to various departments who use it in numerous ways that should improve life in a particular city or area. For instance, Ohio and Maryland use casino taxes for school funding.
How Does Ohio Do It?
Ohio authorized gambling in 2012, and they have established a very useful practice. Casinos in their district are obliged to pay taxes daily, and they go to the Casino Tax Revenue Fund. The state uses a percentage of that money for financing schools. Therefore, all school districts in the Buckeye State receive the money made from gambling. The Department of Education in Ohio decides the portion of the money that schools get, based on the number of students that they have.
Maryland did a similar thing as Ohio. Back in 2008, they legalized casinos and slot machines, and in 2012 they allowed table games. Naturally, people were against that. But, after politicians promised that they would use money from casinos to fund education, voters approved legalization.
Casino operators are obliged to pay fees and taxes to the state. The portion of the casino money goes to the Education Trust Fund. According to the law, these funds should support the education of children in public schools. Also, that money serves for infrastructural works in schools and projects that improve educational programs. Education funding also refers to capital projects in community colleges and other public institutions that provide higher education.
Take a Page From Their Book
Casino gambling brings huge amounts of money to the general funds of the state. State officials distribute the funds to areas that can improve the lives of all citizens. Education is of crucial importance for the future. Some states nationwide have a lot of difficulties with budgets. As it is usually the case, there is never enough money for schools.
However, Ohio and Maryland are a good example, and others should borrow a page from their book. Using money from gambling is a perfect way to fund education in your district. After all, investing in knowledge always pays off.