摘要：For many years regions have benefited from the existence of pari-mutuel horse racing tracks. Significant government revenue has been generated, racing and horse related industry has been developed, and tourism has been greatly increased for these regions as a direct result of the existence of a pari-mutuel race track. Supporters of racing point out that the race tracks provide jobs and revenue for the area, and that the development which accompanies the tracks does not lead to some of the negative externalities associated with industrial development. Recognizing these benefits, many states are contemplating or have recently passed laws to allow pari-mutuel betting. These states hope that pari-mutuel race tracks will bring economic development to and provide government revenue for the region. This paper develops a theoretical model and uses empirical analysis to identify the factors which determine the success or failure of pari-mutuel horse racing tracks.
