Oklahoma officials, for example, predicted that their lottery, launched in 2005, would raise $150 million in yearly revenue; five years later, the take was only $70 million. Also in 2005, Maine approved ?racinos,? racetracks with electronic gambling machines, predicting that they would shower the state with $32 million a year; they have yet to hit that number. More recently, Arkansas claimed that its new lottery would generate $100 million annually for state-sponsored college scholarships; the take last year was $89 million. The shortfalls are greater in the states that adopted gambling earlier, since those states have lost their lucrative monopolies. Take the New Jersey government, whose haul from Atlantic City casinos peaked at $477 million in 2006, the year before the first casino opened in neighboring Pennsylvania, and shrank to $327 million in 2010. Other places face similar threats if their neighbors get into the game. A study commissioned by the Louisiana Gaming Control Board, for instance, warned that gambling?s benefits to the state outweighed its costs largely because Texans crossed the border to gamble. If Texas were to legalize casinos, the study concluded, Louisiana?s industry would suffer. The legalization of new forms of gambling has helped destroy older ones. Pari-mutuel betting at state-sanctioned racetracks, once the most common form of gambling, now raises just $150 million in annual state revenue. In New Jersey, casinos have killed it off. When Jersey first legalized casino gambling, racetracks were home to 80 percent of legal betting in the state; today, they account