Economic Costs of Gambling - page 11.

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Gambling in fact has many negative externalities

I'll easily counter this, risk is a normality. Government, nor any person can remove the reality of the unknowns of life, the difficulties of multiple possibilities. We cant even remove the negatives of bad weather and the constant roulette wheel the world spins on every revolution daily. Some events can be deadly, some minor and almost all of them have a financial impact to us big or small every day, just plain rain will increase traffic jams and slow progress to business and people generally, harsh rain is easily take a hundred thousand in cost from lost productivity. Ask any farmer if he believes in luck, his crops can fail from no personal fault.
To eliminate gambling removes none of these negatives just a game and people can be addicted to anything unfortunately and of course we help people any time possible.

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Quote from: ethereumhunter on June 14, 2021, 07:39:38 AM

Quote from: Twentyonepaylots on June 13, 2021, 03:14:59 PM

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

If people like to gamble, they will search for money, even if they need to borrow from other people to fills their wanting to play gambling. We do not know how they can do that, but for them, that will not too hard as they can search for other people and get that money. But the lottery is one of the gambling games. Sometimes, people do not realize that lottery is a gambling game instead will buy the ticket to win some prizes.

Then that is not wrong, if a gambler started that way, there's a big possibility that he will be in trouble in the long run. Gambling doesn't seem entertaining if you are forcing yourselves to gamble, yes, you are forcing yourself because you are borrowing money to gamble which obviously you can afford to gamble at all.

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Quote from: pawanjain on June 10, 2021, 09:04:41 AM

Quote from: rodskee on June 10, 2021, 01:39:55 AM

Quote

The gambling casinos/websites earn a good amount of profits and hence have to pay more tax
The money received from tax is then again used for the welfare of the country.
But yeah, we can still debate with the fact that many casinos dont pay their taxes and many countries don't use the tax properly for the welfare of the country

The best question is , How much does the taxes helping the economy than the amount losses from the players?

That can never be found out because every country has their own rules and regulations and most of the countries have corrupt people everywhere.
Corruption can go to any extent which is why it's hard to know how much money is actually flowing into the welfare of the economy.
Unless these governments use blockchain system to publicize the taxations there will be no way to know the truth.

It is true that this is impossible to measure since there is simply too much information that is completely unknown to us, but at the same time this is not the only way to measure things, do we really want to live in a county that goes out of their way to regulate behavior that in its nature is not criminal? Basically do we want the government to tell us what to do and what not to do in our free time and to allow them to decide in what do we spend our money? And I certainly do not want that.

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Quote from: Twentyonepaylots on June 13, 2021, 03:14:59 PM

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

If people like to gamble, they will search for money, even if they need to borrow from other people to fills their wanting to play gambling. We do not know how they can do that, but for them, that will not too hard as they can search for other people and get that money. But the lottery is one of the gambling games. Sometimes, people do not realize that lottery is a gambling game instead will buy the ticket to win some prizes.

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Quote from: cabalism13 on June 13, 2021, 03:47:54 PM

Quote from: Twentyonepaylots on June 13, 2021, 03:14:59 PM

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Sounds a bit off topic but, have you ever seen or heard lotto.finance? It's kinda interesting on how it works you might want to check it also though they don' t consider it as Gambling lol, even its already an obvious thing.

Checked the website and it is definitely a gamble. It is a new way of gambling that involves Defi, you don't need to predict a specific number to play but instead your wallet address is your entry. Players need to hold a particular amount of their token to be eligible in the lottery. Lotto is only held twice a week and their balance is automatically deducted as their entry if it is having a draw. There is only 1 lucky winner out of 4000 current holders so winning from their platform is almost the same as winning in a real lottery. The only difference of their platforms is you just leave their token on your wallet and pray that it will hit the jackpot.

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Quote from: Twentyonepaylots on June 13, 2021, 03:14:59 PM

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Lotteries are still in a way gambling. It's just locked between that rule that it requires time for people to actually see the result of their bet. Whereas compared to regular bets, just wait for a few seconds, the results are out immediately. It's probably why it's much more lenient and less gambling inducive activity since it lets people take their time to actually know the result of their bet, thereby letting them have a buffer, not letting the results influence them or anything.

On the note of economy though, it's not like addiction is the only thing that results to funding the economy, regular gambling could do it as well. The amount of people who gamble lightly vs one heavy gambler, which would you choose?

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Quote from: CryptocurencyKing on June 12, 2021, 05:54:41 PM

The gambling industry is one of the most exploited in most nations today. I say this as someone from a developing nation that has watched the way the gambling industry grew quite rapidly with every street having one or two and more and more brands keep popping up by the months. Gambling isn't exactly a bad thing when regulated. Regulated gambling is the reason why a lot of persons are living today. Not because it actually gives them the funds to go by every passing day, no, not at all. In fact, it takes from them but the point is, it eliminates bais. It removes from gamblers any reason for doubt on how fair or credible the gambling process have been and that is a + for regulated gambling. Again, it is being taxed by the government and as one of the most patronised, its also doing great in aiding the nation's economy.

For the government the tax income from gambling is higher than the economic cost of gambling it causes through addictions. So as long as the government needs money (which is always the case) some form of gambling will be around. Regulated gambling is better for the customer because we know we won't get scammed. We shouldn't forget that gambling gives hope to many people to become rich one day. Without things like a casino or the lottery many of us had no chance of ever becoming rich. What are 30 bucks each month if you have the chance to become a millionaire?

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Quote from: Twentyonepaylots on June 13, 2021, 03:14:59 PM

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Sounds a bit off topic but, have you ever seen or heard lotto.finance? It's kinda interesting on how it works you might want to check it also though they don' t consider it as Gambling lol, even its already an obvious thing.

Twentyonepaylots

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Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

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Quote from: Mauser on June 13, 2021, 02:10:35 AM

Quote from: CryptocurencyKing on June 12, 2021, 05:54:41 PM

The gambling industry is one of the most exploited in most nations today. I say this as someone from a developing nation that has watched the way the gambling industry grew quite rapidly with every street having one or two and more and more brands keep popping up by the months. Gambling isn't exactly a bad thing when regulated. Regulated gambling is the reason why a lot of persons are living today. Not because it actually gives them the funds to go by every passing day, no, not at all. In fact, it takes from them but the point is, it eliminates bais. It removes from gamblers any reason for doubt on how fair or credible the gambling process have been and that is a + for regulated gambling. Again, it is being taxed by the government and as one of the most patronised, its also doing great in aiding the nation's economy.

For the government the tax income from gambling is higher than the economic cost of gambling it causes through addictions. So as long as the government needs money (which is always the case) some form of gambling will be around. Regulated gambling is better for the customer because we know we won't get scammed. We shouldn't forget that gambling gives hope to many people to become rich one day. Without things like a casino or the lottery many of us had no chance of ever becoming rich. What are 30 bucks each month if you have the chance to become a millionaire?

I don't think you'll find many casinos making millionaires, even lotteries with their astronomical odds keep trying to make it harder for people to win by changing the game each year (in my country at least). If you do want to gamble and not waste much time, lottery is the way to go. Getting back to the point at hand - Gambling should be legal in every country with an open society, because just like the failed "war on drugs" it will be done either way. The government should raise money from legal play and use that for education/rehabilitation of the perils. People who commit illegal acts like stealing to fund their addiction should not be treated leniently because of the external harm they do. There are far too many cases where thieving gamblers are treated with pity but they have done much more harm than simply affecting themselves.

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Quote from: carlisle1 on June 12, 2021, 10:08:33 AM

Quote from: Cherylstar86 on June 12, 2021, 09:04:34 AM

My thoughts on those points that leads a person towards commiting crime isn't that purely accountable towards economic conflict. It's by individual liability and couldn't be associated with government's interest, so as a citizen of a specific county we should be vigilant on those factors that leads gambling to several negative outcomes.

That's the problem once a person got addicted the mental capabilities is no longer balance,

and like how things turned into crimes or something that unexpected that a person will do.

It's an individual responsibilities that's needed to watch out, the government may look on it and
try to find suitable solution but it's more on the person itself.

Self disciplined are really important because the government has no obligations to you since you're a gambler and you are told to gamble at your own risk. The gambling site have their own responsible gambling system but I don't think it's enough to help you and If you got addict our economy will still run so don't blame the gamblers for the economic cost. To prevent yourself from drowning into gambling addiction, you have to help yourself on setting plans and strategies and understand the long term effect of gambling to yourself.

CryptocurencyKing

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The gambling industry is one of the most exploited in most nations today. I say this as someone from a developing nation that has watched the way the gambling industry grew quite rapidly with every street having one or two and more and more brands keep popping up by the months. Gambling isn't exactly a bad thing when regulated. Regulated gambling is the reason why a lot of persons are living today. Not because it actually gives them the funds to go by every passing day, no, not at all. In fact, it takes from them but the point is, it eliminates bais. It removes from gamblers any reason for doubt on how fair or credible the gambling process have been and that is a + for regulated gambling. Again, it is being taxed by the government and as one of the most patronised, its also doing great in aiding the nation's economy.

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Quote from: DoublerHunter on June 12, 2021, 04:59:12 PM

Quote from: just_Alice on June 12, 2021, 03:56:52 PM

Quote from: KTChampions on June 10, 2021, 02:44:40 PM

Bruhhh... In addition to the fact that this topic is strange, it still absolutely does not correspond to some standards of discussion - only a few parameters from the set have been selected. And all of them are negative, which makes me think about the objectivity of the author of the topic.
With this style of discussion, one counter-argument destroys the entire concept being promoted - it is enough to give an example of one successful gambler and the theses put forward become irrelevant.

Yes, the OP presented his/her point of view kind of only from one side, assuming that gambling can only be harmful to the economy. But, on the other hand, I think that's why it's good to create such threads and have discussions. I brought forward some arguments against the position expressed by the OP, and so did many other members. Hopefully, the OP (and other people that might share OP's views) will now see the flip side of the coin and will change the opinion on this matter.

^ Each of us has our own perspective view about gambling, that is the same with the economy of each country, not all of them have criticism on the gambling industry and in fact, this is a good help and contribute a lot when the economy down and the profit that was generated by the gambling was also used to recover the economy. Hopefully, they are, not only the negative outcome of the gambling that they will always see. Because those negative circumstances ahead will be avoided if we really wanted to educate ourselves for possible addictions.

Maybe, the OP did not take into account that the gambling industry is one of the few industries that thrive during this pandemic, and some are even collaborating with their government to uplift the economy of their place. Yes, there are bad side of it especially when you are talking about the gambling addicts, however, there are also good side of it. Either way, it depends on the person what kind of perspective he wants to throw in this business, but at the end of the day, a lot of people are relying on this business.

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Quote from: just_Alice on June 12, 2021, 03:56:52 PM

Quote from: KTChampions on June 10, 2021, 02:44:40 PM

Bruhhh... In addition to the fact that this topic is strange, it still absolutely does not correspond to some standards of discussion - only a few parameters from the set have been selected. And all of them are negative, which makes me think about the objectivity of the author of the topic.
With this style of discussion, one counter-argument destroys the entire concept being promoted - it is enough to give an example of one successful gambler and the theses put forward become irrelevant.

Yes, the OP presented his/her point of view kind of only from one side, assuming that gambling can only be harmful to the economy. But, on the other hand, I think that's why it's good to create such threads and have discussions. I brought forward some arguments against the position expressed by the OP, and so did many other members. Hopefully, the OP (and other people that might share OP's views) will now see the flip side of the coin and will change the opinion on this matter.

^ Each of us has our own perspective view about gambling, that is the same with the economy of each country, not all of them have criticism on the gambling industry and in fact, this is a good help and contribute a lot when the economy down and the profit that was generated by the gambling was also used to recover the economy. Hopefully, they are, not only the negative outcome of the gambling that they will always see. Because those negative circumstances ahead will be avoided if we really wanted to educate ourselves for possible addictions.

just_Alice

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Quote from: KTChampions on June 10, 2021, 02:44:40 PM

Bruhhh... In addition to the fact that this topic is strange, it still absolutely does not correspond to some standards of discussion - only a few parameters from the set have been selected. And all of them are negative, which makes me think about the objectivity of the author of the topic.
With this style of discussion, one counter-argument destroys the entire concept being promoted - it is enough to give an example of one successful gambler and the theses put forward become irrelevant.

Yes, the OP presented his/her point of view kind of only from one side, assuming that gambling can only be harmful to the economy. But, on the other hand, I think that's why it's good to create such threads and have discussions. I brought forward some arguments against the position expressed by the OP, and so did many other members. Hopefully, the OP (and other people that might share OP's views) will now see the flip side of the coin and will change the opinion on this matter.

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Quote from: Tumanggor on June 12, 2021, 10:22:06 AM

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

~
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?

this is a life cycle for me and the government has to be ready for this
Countries that receive gambling taxes should not think about the costs that will be incurred on gambling addicts or gambling prisoners

If the economy doesn't want to be disturbed by gambling, then what's the use of the government?
After all, the government should protect their citizens

The country can facilitate the addiction to gambling in the rehabilitation center to solve the addicted problem. Maybe that can help addicted gambler to reduce their fee to cure the addiction. If they can do that like what they did with the addicted to the drug, maybe addicted people in gambling will want to go to that medical center and help them cure the addiction. And yes, addiction to gambling can leads to economic costs increase personally because the addicted gambler will use more money to gamble without thinking about how to cure their addiction.

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

~
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?

this is a life cycle for me and the government has to be ready for this
Countries that receive gambling taxes should not think about the costs that will be incurred on gambling addicts or gambling prisoners

If the economy doesn't want to be disturbed by gambling, then what's the use of the government?
After all, the government should protect their citizens

carlisle1

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Quote from: Cherylstar86 on June 12, 2021, 09:04:34 AM

My thoughts on those points that leads a person towards commiting crime isn't that purely accountable towards economic conflict. It's by individual liability and couldn't be associated with government's interest, so as a citizen of a specific county we should be vigilant on those factors that leads gambling to several negative outcomes.

That's the problem once a person got addicted the mental capabilities is no longer balance,

and like how things turned into crimes or something that unexpected that a person will do.

It's an individual responsibilities that's needed to watch out, the government may look on it and
try to find suitable solution but it's more on the person itself.

Cling18

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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?

Gambling addicts are the one that should be blamed and not the gambling alone because they lack discipline and self-control. There are actually lots of disciplined gamblers who know how to deal with the risks of gambling and they know when to stop. Gambling addicts are greedy people who always aim to win more than what they deserve so as a result, they lose everything that they have. Yes, it affects the economy yet it's their own prerogative.

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It should be some people got addicted to gambling and some didn't get addicted to gambling not just people gamble and they get addicted and depressed when lose so much money just like the thread I read not long ago that this person lose £40000 within 1 month and half of the total amount is lose in 1 night. Gambling may result in crime so some of your point is true. Leave it to those who are expert in checking economic situation of a certain country.

Topic: Economic Costs of Gambling - page 11. (Read 4139 times)