Keno As Proxy

The results are in on Ohio's Keno gambit and the numbers are pretty weak. According to the State Lottery Commission the expansion of games of chance as a revenue source fell short, really short.

The venture that was used to beef up revenue to the State by an estimated $73 million performed well below expectation. The annual take for keno in Ohio, $30 million, not so hot.

Officials blame the shortfall on hard economic times. I blame it on the over-rated nature of gambling schemes to solve State revenue woes. The money raised by keno is earmarked for education funding but thankfully money is fungible. The State won't have to cut funding to education due to the shortfall.

The pressing issue now becomes the massive gamble the State budget has placed on video terminal slots and whether they will perform as advertised. The working number for the foray into gambling is expected to back fill revenue to the tune of $930 million. That's nearly a billion dollars in programs that were spared from the chopping block during the FY2010 budget process.

If the VLTs perform as poorly as keno the Gov' could be forced to cut another $500 million from the freshly approved State budget. Any subsequent cuts made will most certainly hit bone.