Economic Costs of Gambling | Bitcointalksearch.org

jrrsparkles

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Quote from: Rengga Jati on August 19, 2021, 06:02:45 PM

Quote from: tabas on August 19, 2021, 04:38:50 PM

Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

When they are ready to take the risk then they also should face the consequences if the results went negative.

There is no choice.
No risk, no reward and this is gambling. The consequences are permanently there and there is no way to alter it. Losing it will make him think that he has to do it again.

Actually, when deciding to enter the crypto world, especially the gambling world, we must be ready for the risks. Every decision will always involve risks.
That is why we must know and understand exactly how to manage the risks in order to minimize the risks of losing.
If we have known about the risks, but we don't learn yet, only follow somebody else, not even trying to learn from its experience in gambling, the risks will be higher.
You are right that no risks, no rewards. If we don't take the risks, we may not get what we want. But if we want to take the risks, we must know how to minimize the risk, at least, how to avoid the condition in that risks.

Managing our funds in the right way will reduce the risk a lot but it only comes with the experience so people should be ready to face losses and learn from it or else there is no other way. Importantly gambling is not an investment idea so that even if we take huge risk then we may end up with a loss as well so anyone wants to make money with such risk should choose some other thing instead of gambling.

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For one, money that should be alloted elsewhere, mortgage payment, bills to pay, alimony, savings, and others, are being used as gambling money by those who already exhibit gambling problems. So even if gambling affects the smallest unit of the society which is the family, of course the many families affected by gambling, this is becoming an issue with the society in general. Issues with the gambler can lead to small economic issues like lack of money to pay for taxes, being late for work, laid offs, and worst depression and death by syndicate due to huge gambling death, which leads to one fewer person in the workforce. So multiply that then we might have a potential issue that will affect the economy.

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Quote

I think that the economic costs of gambling at country or state level are not really a problem.

We're talking about the circulation of money here really, the wins and losses are balanced against each other in the large majority. The house has some cost but its pretty minor as a cost, the real negative to consider is the time taken playing the game but consider every other waste of time people could have. To consider gambling the only negative and its all about the money is missing the point I think, if people handle their money so badly they will go broke and it might not even involve any type of gambling. A person can even go broke doing as something as normal and routine as buying a house because houses can be a gamble also, we cannot rule out human judgement and freedom to make mistakes; I never quite get people argue freedom is the negative.

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Quote from: Rengga Jati on August 19, 2021, 06:02:45 PM

Quote from: tabas on August 19, 2021, 04:38:50 PM

Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

When they are ready to take the risk then they also should face the consequences if the results went negative.

There is no choice.
No risk, no reward and this is gambling. The consequences are permanently there and there is no way to alter it. Losing it will make him think that he has to do it again.

Actually, when deciding to enter the crypto world, especially the gambling world, we must be ready for the risks. Every decision will always involve risks.
That is why we must know and understand exactly how to manage the risks in order to minimize the risks of losing.
If we have known about the risks, but we don't learn yet, only follow somebody else, not even trying to learn from its experience in gambling, the risks will be higher.
You are right that no risks, no rewards. If we don't take the risks, we may not get what we want. But if we want to take the risks, we must know how to minimize the risk, at least, how to avoid the condition in that risks.

That can be done by everybody but the problem is that whenever someone who's new to it, he don't analyze what he's taking and how much risk is being taken.
The risk is there but it seems to be not that much at all when they're going for it. Until they lose a lot, that's when they're starting to realize that the risk they're taking are that much.

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Quote from: jrrsparkles on August 18, 2021, 08:21:12 AM

Quote from: Obito on August 18, 2021, 04:16:48 AM

Quote from: Chato1977 on June 15, 2021, 07:56:11 AM

Quote from: Obito on June 15, 2021, 01:49:37 AM

~snip

Gambling is part of society even before our ancestors comes to live , meaning that this must be depend on how we treated and how we managed our activities.
saving funds for gambling as an extra amount is what we must do and not to spend more than that.

You might want to rephrase what you've just said, if it's before our ancestors then that means that gambling has existed even before humans that have a conscious and rational mind existed. I get your point though, gambling existed for a really long time. Also, I call BS on that saving funds for gambling, not everyone has to gamble or save money to gamble.

Gambling is just a choice, if someone wants to gamble and they can really afford for it then just go and gamble and get all the fun. Meanwhile its not for everyone and there is no need to allocate certain funds from our earnings only for the gambling purposes, we can allocate for entertainment and spend it on gambling and other things as well it depends on the budget.

I think that the economic costs of gambling at country or state level are not really a problem. You could argue that there is a social cost for those that take it too far and up to the point of not being able to pay for their basic expenses or put in danger their life. However those cases are not as many as to put in jeopardy or even damage noticeably the economy of the state, whereas that is much covered by the additional taxes and economy generated from it.

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Quote from: Rengga Jati on August 19, 2021, 06:02:45 PM

Quote from: tabas on August 19, 2021, 04:38:50 PM

Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

When they are ready to take the risk then they also should face the consequences if the results went negative.

There is no choice.
No risk, no reward and this is gambling. The consequences are permanently there and there is no way to alter it. Losing it will make him think that he has to do it again.

Actually, when deciding to enter the crypto world, especially the gambling world, we must be ready for the risks. Every decision will always involve risks.
That is why we must know and understand exactly how to manage the risks in order to minimize the risks of losing.
If we have known about the risks, but we don't learn yet, only follow somebody else, not even trying to learn from its experience in gambling, the risks will be higher.
You are right that no risks, no rewards. If we don't take the risks, we may not get what we want. But if we want to take the risks, we must know how to minimize the risk, at least, how to avoid the condition in that risks.

Maximizing risk in the sense that you wont really needing to go too far on such decisions which might cause for you to go on things which would be more risky and might result into being wrecked with gambling.

You should be aware with that risk and wont tending to deal or make yourself get addicted because once you do get shackled with addiction then this is where hard problem do rise up.

Addiction could result into various possible bad decisions which would really be the reason for you to get the situation makes even more worst.

Rengga Jati

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Quote from: tabas on August 19, 2021, 04:38:50 PM

Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

When they are ready to take the risk then they also should face the consequences if the results went negative.

There is no choice.
No risk, no reward and this is gambling. The consequences are permanently there and there is no way to alter it. Losing it will make him think that he has to do it again.

Actually, when deciding to enter the crypto world, especially the gambling world, we must be ready for the risks. Every decision will always involve risks.
That is why we must know and understand exactly how to manage the risks in order to minimize the risks of losing.
If we have known about the risks, but we don't learn yet, only follow somebody else, not even trying to learn from its experience in gambling, the risks will be higher.
You are right that no risks, no rewards. If we don't take the risks, we may not get what we want. But if we want to take the risks, we must know how to minimize the risk, at least, how to avoid the condition in that risks.

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Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

When they are ready to take the risk then they also should face the consequences if the results went negative.

There is no choice.
No risk, no reward and this is gambling. The consequences are permanently there and there is no way to alter it. Losing it will make him think that he has to do it again.

worldofcoins

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Quote from: jrrsparkles on August 19, 2021, 09:56:39 AM

Almost everyone knows that risk associated with gambling and still they are choosing it means its their preference or choice as said.

When they are ready to take the risk then they also should face the consequences if the results went negative.

It's true if someone decides to gamble and loses then it's on them that they made the decision of gambling and no one other than them can be blamed for it.
But when youngsters gamble without knowing the effects in long term then that really sucks, the majority will not know it till it has become a habitual gambling habit.

jrrsparkles

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Quote from: Fredomago on August 18, 2021, 04:07:42 PM

Quote from: jrrsparkles on August 18, 2021, 08:21:12 AM

Gambling is just a choice, if someone wants to gamble and they can really afford for it then just go and gamble and get all the fun. Meanwhile its not for everyone and there is no need to allocate certain funds from our earnings only for the gambling purposes, we can allocate for entertainment and spend it on gambling and other things as well it depends on the budget.

You can do that, think it as part of your entertainment and set your budget to fill that desire. Same with your position. If you have money, then go, but if you are not willing to risk and you don't want to lose any amount, better not to.

This place is more on losing your money, and the chance of getting addicted is high, without a control you can lose huge amount.

Entertainment and nothing else, that still okay but exceeding to that, it will harm you for sure.

Almost everyone knows that risk associated with gambling and still they are choosing it means its their preference or choice as said.

When they are ready to take the risk then they also should face the consequences if the results went negative.

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Quote from: worldofcoins on August 18, 2021, 04:42:32 PM

Quote from: Smartprofit on August 17, 2021, 01:46:27 PM

Adrenaline is a survival hormone.

When a person is attacked by a predator, the level of adrenaline in the blood rises sharply. This allows you to engage in battle with a predator. Another scenario is possible. A person can simply run away from a predatory beast.

Also, the adrenaline rush allows you to approach a beautiful girl and get to know her. And then start a family and have children. However, it works differently for gambling.

If a player plays daily, then he has a daily adrenaline rush into the circulatory system. This destroys the human body.

Therefore, daily gambling is harmful.

What i have noticed from my past gambling is that the more money you state in gambling that you can't afford to lose then the adrenaline rush from it will be far more than normal gambling rounds and regularly getting that adrenaline rush is quite hard because you'll have to continue to bet the amount that you cannot afford to lose regularly and it will be quite a hassle in your life.

The life of someone who seeks such an adrenaline rush is doesn't always stays the same and soon many things start to become boring for them.

You can get an adrenaline rush whether you're in danger or happy, that's where your instinct tells your body what to do. The effect of adrenaline rush is not harmful at all, it will only become harmful if we are doing it in a wrong way, like constantly feeding your greed by your adrenaline rush, something like that.
Frustration is the one you'll feel if you always lose your funds in gambling, not adrenaline rush.

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Quote from: BTCLiz on June 05, 2021, 08:07:00 AM

Hi,

in this thread I would like to address a very important topic: Economic Costs of gambling.

From economic theory we know the concept of externalities:

Quote

In economics, an externality is a cost or benefit that is imposed on a third party who did not agree to incur that cost or benefit. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.

Source: https://en.wikipedia.org/wiki/Externality

1. Gambling in fact has many negative externalities. If someone gets addicted, the likelihood is much higher to be depressed. Depression is factor, which leads to high costs for the society.

2. Gambling addiction leads to economic costs because of crime actions. Other market actors have to increase their security standards, which means higher costs.

3. Many gambling addicts go as a consequence to jail. Jail means EXTREMELY high costs to society.

What are your thoughts on this topic?

You are only concentrating yourself on the aspects of gambling that are negative, the gambling industry provides employment to a lot of people around the world, it provides entertainment and peace of mind to those that just want to relax a little bit after a difficult day on their job, and during the pandemic it provided people with a way to spend their time during the lockdown while keeping themselves safe with online gambling, so while gambling can have some negative effects the positive effects that it brings are significant as well.

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Quote from: Smartprofit on August 17, 2021, 01:46:27 PM

Adrenaline is a survival hormone.

When a person is attacked by a predator, the level of adrenaline in the blood rises sharply. This allows you to engage in battle with a predator. Another scenario is possible. A person can simply run away from a predatory beast.

Also, the adrenaline rush allows you to approach a beautiful girl and get to know her. And then start a family and have children. However, it works differently for gambling.

If a player plays daily, then he has a daily adrenaline rush into the circulatory system. This destroys the human body.

Therefore, daily gambling is harmful.

What i have noticed from my past gambling is that the more money you state in gambling that you can't afford to lose then the adrenaline rush from it will be far more than normal gambling rounds and regularly getting that adrenaline rush is quite hard because you'll have to continue to bet the amount that you cannot afford to lose regularly and it will be quite a hassle in your life.

The life of someone who seeks such an adrenaline rush is doesn't always stays the same and soon many things start to become boring for them.

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Quote from: jrrsparkles on August 18, 2021, 08:21:12 AM

Gambling is just a choice, if someone wants to gamble and they can really afford for it then just go and gamble and get all the fun. Meanwhile its not for everyone and there is no need to allocate certain funds from our earnings only for the gambling purposes, we can allocate for entertainment and spend it on gambling and other things as well it depends on the budget.

You can do that, think it as part of your entertainment and set your budget to fill that desire. Same with your position. If you have money, then go, but if you are not willing to risk and you don't want to lose any amount, better not to.

This place is more on losing your money, and the chance of getting addicted is high, without a control you can lose huge amount.

Entertainment and nothing else, that still okay but exceeding to that, it will harm you for sure.

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Quote from: KTChampions on August 18, 2021, 09:56:48 AM

Indeed, this is a common pattern for alcohol and gambling addiction (and probably for any other addictions too) - if a person is emotionally unstable, then even starting with something harmless (one game for little money or one sip of beer), he may end up in a very bad situation. Therefore, the best solution in such conditions is to completely avoid what is dangerous for you.

I agree with what you say, because it will be very difficult for us to let go of addiction if we have been trapped in it, and maybe it is not just alcohol or gambling addiction that is difficult for us to cure, even if we have a cigarette addiction it will certainly be difficult for us stop, so it's better if we avoid any bad actions that will indeed cause us to experience losses both in terms of finances and our personal health.
As the medical saying goes, prevention is better than cure

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Quote from: Poker Player on August 18, 2021, 12:03:49 AM

That is the problem. Many times problem gamblers know that what they are doing is wrong, that they should stop, that they are losing more than they can. But it's not a question of rationality, it's an emotional question. For someone who has had serious problems with gambling the only solution is to quit completely, in the same way that for an alcoholic the solution is not to drink another drop. Never. A single beer usually leads to the above pattern of self-destruction and for a problem gambler who has recovered, a single gamble usually triggers disaster.

Indeed, this is a common pattern for alcohol and gambling addiction (and probably for any other addictions too) - if a person is emotionally unstable, then even starting with something harmless (one game for little money or one sip of beer), he may end up in a very bad situation. Therefore, the best solution in such conditions is to completely avoid what is dangerous for you.

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Quote from: Obito on August 18, 2021, 04:16:48 AM

Quote from: Chato1977 on June 15, 2021, 07:56:11 AM

Quote from: Obito on June 15, 2021, 01:49:37 AM

~snip

Gambling is part of society even before our ancestors comes to live , meaning that this must be depend on how we treated and how we managed our activities.
saving funds for gambling as an extra amount is what we must do and not to spend more than that.

You might want to rephrase what you've just said, if it's before our ancestors then that means that gambling has existed even before humans that have a conscious and rational mind existed. I get your point though, gambling existed for a really long time. Also, I call BS on that saving funds for gambling, not everyone has to gamble or save money to gamble.

Gambling is just a choice, if someone wants to gamble and they can really afford for it then just go and gamble and get all the fun. Meanwhile its not for everyone and there is no need to allocate certain funds from our earnings only for the gambling purposes, we can allocate for entertainment and spend it on gambling and other things as well it depends on the budget.

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Quote from: madnessteat on August 18, 2021, 04:07:25 AM

I fully support your point of view. If a person is not able to restrain himself while gambling, spending more and more money from his budget, it is better to give up gambling completely and never return to it, because such behavior sooner or later will lead to serious problems.

If he can do that, then that will be better for him. Otherwise, he will still play gambling games without stopping for a while or even quitting as soon as possible. That behaviour can lead us to have a bigger passion for playing gambling and winning more money, but the fact will not be the same as what we want. But spending more budget from what he can afford will not be recommended for him as he will not know if he can win or will lose more than he can expect. The cost of playing gambling will become bigger if he can not realize the potential of losing money.

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Quote from: Chato1977 on June 15, 2021, 07:56:11 AM

Quote from: Obito on June 15, 2021, 01:49:37 AM

~snip

Gambling is part of society even before our ancestors comes to live , meaning that this must be depend on how we treated and how we managed our activities.
saving funds for gambling as an extra amount is what we must do and not to spend more than that.

You might want to rephrase what you've just said, if it's before our ancestors then that means that gambling has existed even before humans that have a conscious and rational mind existed. I get your point though, gambling existed for a really long time. Also, I call BS on that saving funds for gambling, not everyone has to gamble or save money to gamble.

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Quote from: Poker Player on August 18, 2021, 12:03:49 AM

Quote from: xSkylarx on August 17, 2021, 08:34:08 PM

Quote from: fortunecrypto on August 17, 2021, 05:25:06 PM

As long as the adrenaline is focus in gambling I don't think there will be a cure, the excitement of playing in a gambling venue online or offline create an adrenaline rush and this is something that makes the gambler alive, the professional can cure by giving the gambler an alternative to focusing the energy, it could be anything like playing basketball or painting there are many things to redirect the energy.

Agreed, it's the same with carnival rides that give you an adrenaline rush and make you want to try again, as well as games that make you feel the rush and make you want to try again and again in the hopes of winning. The feeling of winning in gambling is unlike any other that I can describe, and it is extremely addictive, unlike playing games or any physical games. It makes you feel extremely happy and amazed in ways that no words can express, but it will make the gambler addicted to it.

That is the problem. Many times problem gamblers know that what they are doing is wrong, that they should stop, that they are losing more than they can. But it's not a question of rationality, it's an emotional question. For someone who has had serious problems with gambling the only solution is to quit completely, in the same way that for an alcoholic the solution is not to drink another drop. Never. A single beer usually leads to the above pattern of self-destruction and for a problem gambler who has recovered, a single gamble usually triggers disaster.

I fully support your point of view. If a person is not able to restrain himself while gambling, spending more and more money from his budget, it is better to give up gambling completely and never return to it, because such behavior sooner or later will lead to serious problems.

Topic: Economic Costs of Gambling (Read 4150 times)