|SB430, consider the facts!
IT'S A FACT...THE $500 LOSS LIMIT WORKS!
Casino MYTH: Gamblers can get around the loss limit. The loss limit doesn't prevent addiction to gambling as the proponents insist it does. We should get rid of it.
FACT: While it is true that some gamblers get around the loss limit, they have to work hard to scrounge around for the opportunity to lose another $50 or $100 in their two hour period. What they can't do is place a $5,000 bet every ten minutes, which protects the family home from being gambled away in an afternoon.
The $500 loss limit is not in place to prevent gambling addiction, it is there to slow the losses of Missourians allowing their family an opportunity to discover and seek help before bankruptcy, crime and even worse consequences destroy them. Experts in the field of gambling addiction treatment credit Missouri, because of the loss limit, as having a unique and wise approach to controlling the all too common destructiveness of gambling. It has been proven that the loss limit has insulated Missouri from the problems of gambling addiction. (See statistical evidence on back on how Missouri compares to other states).
Casino MYTH: No other State has a loss limit law. Its time for us to get rid of ours.
FACT: Missouri has taken a wise position with respect to criminal elements by instituting the loss limit. For example, drug dealers who need to "launder money" can do so only $500 at a time in Missouri. This is so impractical for them that they just stay away. The Financial Crimes Enforcement Network, U.S. Department of Treasury, states that restricting the amount one can bet in a casino "makes it exceedingly difficult for laundering currency". Missouri's Attorney General opposes removal of the loss limit for this very reason. Why would anyone want to encourage criminal elements to do their dirty work in Missouri? (See evidence on the back of how the loss limit prevents Missouri from being victimized by criminal elements).
Casino MYTH: We don't have enough business. We need to get rid of the loss limit to compete.
FACT: Missouri Casinos have reported consistent and steady revenue growth. According to the annual reports of the Missouri Gaming Commission, Missouri Casinos have increased their revenues each year since gambling was legalized in the state. Missouri Casinos outperform Casinos in neighboring states and have committed to capital investment and expansion. All of this revenue growth for Casinos in Missouri has happened with a loss limit. (See the economic evidence on the back to understand how the costs to Missouri far outweigh any potential tax revenue increases).
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