August 29, 2014

OLG Gets More Revenue from Slots at Racetracks Than From Lottery Tickets, Bingo or Casinos

 

The latest Fact Sheet from the Ontario Horse Racing Industry Association shows that the Slots at Racetracks Program provides definite Value for Money:

The OLG Slots at Racetrack Program is a commercial contract between the Government of Ontario, through Ontario Lottery and Gaming, and seventeen racetracks throughout the Province of Ontario.

For more than ten years, the OLG Slots at Racetrack Program has been a successful partnership that generates more than a billion dollars a year for the Province.

By working with the horse racing industry, the government has successfully avoided significant capital costs, and is able to maximize its share of revenue through a fixed agreement. The OLG Slots at Racetrack program brings in more revenue for OLG than
lottery tickets, bingo or casinos.

Impact of the Slots at Racetracks Program by the Numbers:
• Slots at racetracks generate $1.1 billion dollars in revenue for the OLG, making it the biggest contributor to the OLG’s bottom line.
• OLG provided the Ontario Government $1.9 billion in the 2009-2010 fiscal year, 60% of that came from the Slots at Racetracks Program.
• That money gets invested into hospitals, the volunteer sector and municipal projects–meaning Ontarians get better services without having to pay more in taxes.

A Strong Horse Racing Industry Makes a Strong Ontario:
• 31,441 full time job equivalents exist in Ontario directly because of the Horse Racing
Industry.
• It is estimated a total of 60,000 Ontarians are employed either full time, part-time or seasonally as a result of the Horse Racing Industry in Ontario.

Horse Racing is Big Business in Small Communities:
• The Ontario Horse Racing Industry spends approximately $2 billion dollars per year on goods and services relating to their trade.
• 80% of that money is spent primarily in rural, agricultural communities.
• Hosting a racetrack is a real boon for municipal governments who receive approximately 5% of slot revenue for local programs, sports teams, roads,bridges and emergency services.

OLG Supports the Slots at Racetrack Program:
“Payments to racetracks and horse people are a major economic stimulus for the agricultural industry in Ontario, with spin-off benefits for workers who stable and provide care for horses and the farmers who supply feed.”