Unfortunately, a lot of people failed to see themselves on the situation. Or maybe, they don't just want to admit it to themselves about their addiction. So yeah, the casino itself should not be blamed about the gambler's situation but himself. This is why gambling business is thriving because let's face the fact that the longer the gambler is playing, the better for their business. And they don't care where the gambler gets his money.
I think it is better to say that people who've been so attached in gambling see themselves that they were doing gambling more than they expect but they can't refuse to say no to their hobby and still get into gambling. I mean as a gambler it takes a lot of courage when you decide to quite gambling or even let say when you decide to limit yourself from gambling because it is not easy for them. I've got to know one of the economic cost of gambling here in our country, especially at this time of pandemic our government allotted a cash assistance for every affected families of pandemic but there are some people who used their money assistance from the government to gambling and it is totally unacceptable.
Topic: Economic Costs of Gambling - page 3. (Read 4124 times)
Unfortunately, a lot of people failed to see themselves on the situation. Or maybe, they don't just want to admit it to themselves about their addiction. So yeah, the casino itself should not be blamed about the gambler's situation but himself. This is why gambling business is thriving because let's face the fact that the longer the gambler is playing, the better for their business. And they don't care where the gambler gets his money.
I think it is better to say that people who've been so attached in gambling see themselves that they were doing gambling more than they expect but they can't refuse to say no to their hobby and still get into gambling. I mean as a gambler it takes a lot of courage when you decide to quit gambling or even let say when you decide to limit yourself from gambling because it is not easy for them. I've got to know one of the economic cost of gambling here in our country, especially at this time of pandemic our government allotted a cash assistance for every affected families of pandemic but there are some people who used their money assistance from the government to gambling and it is totally unacceptable.
Compared to total number of gambler, addicts are a very small fraction.
I do not think so, according to a report I have read before, out of twenty people, five people are likely to be addicted, you do not just know them because gambling addicts do not want to tell anyone that they are addicts. Out of 100% of the people that are gambling, do not be surprise to see 20% among them to be an addict. Though more of gamblers are not addicts, I mean 80% percent are not likely to be addicted, but that 20% is still a very high number if related to the risk gambling can pose.Compared to total number of gambler, addicts are a very small fraction.
I do not think so, according to a report I have read before, out of twenty people, five people are likely to be addicted, you do not just know them because gambling addicts do not want to tell anyone that they are addicts. Out of 100% of the people that are gambling, do not be surprise to see 20% among them to be an addict. Though more of gamblers are not addicts, I mean 80% percent are not likely to be addicted, but that 20% is still a very high number if related to the risk gambling can pose.20% of those actual gamblers, that's seriously high and if they continue and not doing anything to solve this addictions.
Imagine how huge the problem each families will need to face, losing a lots of money that supposedly for other important purposes,
but due to addiction gambler who have this problem will risk it without any thoughts.
They are no longer in their right minds that's why they can do this kind of stuff which is unhealthy.
An interesting article, thank you, it's a pity that there is no information on the profitability of this business or, roughly speaking, about the total turnover of money. In fact, the figure of 44 billion looks suspicious to me, while individual firms began to exceed a trillion dollars in capitalization, the whole industry here generates only a few tens of billions of profits? 
Most of that $44 billion is coming from Vegas alone probably. Compared to Vegas, online casinos became much bigger I think and most of those online casinos don't operate on the US soil. Their headquarters are on some offshore island. Of course they do that to pay less taxes. (or not at all)
Most of them don't even accept the US players so they won't get bitch slapped by the US law.
I found an interesting article on the capitalization of online casinos (I think only legal ones are taken into account) https://companiesmarketcap.com/gambling/largest-gambling-companies-by-market-cap/
The total capitalization is a quarter of a trillion dollars, not so much when compared with the capitalization of Google or Amazon. Interestingly enough, the overwhelming majority of companies are from the United States.
Compared to total number of gambler, addicts are a very small fraction.
I do not think so, according to a report I have read before, out of twenty people, five people are likely to be addicted, you do not just know them because gambling addicts do not want to tell anyone that they are addicts. Out of 100% of the people that are gambling, do not be surprise to see 20% among them to be an addict. Though more of gamblers are not addicts, I mean 80% percent are not likely to be addicted, but that 20% is still a very high number if related to the risk gambling can pose.
Gambling is indeed a business type with high externalities per economics, but the reason gambling dens and pubs get away with this is because of money. They bribe authorities, sometimes the government allows them to operate within their borders so long as they pay tithings, these taxes are supposed to counteract the externalities the gambling den will incur during its operation, yet of course only a small percentage of the tax ever goes to where it's supposed to courtesy of good ol' corruption. These for me are the biggest reasons why even though allowing a gambling den to operate is detrimental to the society, it is still allowed to operate anyway.
There are also casinos where you do not have to pay taxes. I don't know about whether the casino has to pay taxes, but then it wouldn't be too good for the economy. Online earnings often disappear on offshore accounts. Then the government gets it all wrong.
Most casinos are obliged to pay their portions to the government in the form of taxes, those who do not either operate behind the government's radar or had simply paid enough mouths to shut up during meetings. Either way we must agree that these types of business-models shouldn't be allowed because not only is it damaging enough to have a gambling house operate at its leisure within your country, but the fact that they don't pay as much locals would. 
Why is it that the negatives were only stated? Gambling is a big contributor a country's economy, think about Las Vegas, Macau and other countries that have been opened and known to be the gambling capitals. It is one of the main reasons why they've opened it because it generates money that's helping the economy of their country and local which had brought jobs and taxes. As a gambler, those things are very common and we know that negative effects will occur if we're not careful and if we cannot control ourselves as we gamble.
People often attach negative sentiments when the word gambling is mentioned, because gambling can become addictive, it is what is most feared and is what is considered bad.
As much as gambling is feared, there are also some positive economical benefits to it just as you mentioned, and some states do not consider it to be illegal because apart from the tax revenue benefit to the state and the creation of jobs for individuals, it also boost local retail sales as some of these casinos have lounges and restaurants as well as rooms that tourist or visitors can patronise.
So if visitors decide to sideline external outlets like the restaurant, hotels and lounges that are in the city to visit a casino, they still spend the equivalent amount in patronising in house facilities like these restaurants, lounges and rooms that these casino's have thus, local retail sales is sustained.
As they say, the gambling industry is a billion-dollar industry and it's just amazing to see that despite the pandemic, the gambling industry is still very profitable. According to this reputable site, U.S. gambling revenue this year has broken the previous record.
https://www.forbes.com/sites/willyakowicz/2021/08/10/us-gambling-revenue-to--break-44-billion-record-in-2021/?sh=7ef3c6bc677b
https://www.forbes.com/sites/willyakowicz/2021/08/10/us-gambling-revenue-to--break-44-billion-record-in-2021/?sh=7ef3c6bc677b
Quote
U.S. Gambling Revenue To Break $44 Billion Record In 2021
An interesting article, thank you, it's a pity that there is no information on the profitability of this business or, roughly speaking, about the total turnover of money. In fact, the figure of 44 billion looks suspicious to me, while individual firms began to exceed a trillion dollars in capitalization, the whole industry here generates only a few tens of billions of profits?
Most of that $44 billion is coming from Vegas alone probably. Compared to Vegas, online casinos became much bigger I think and most of those online casinos don't operate on the US soil. Their headquarters are on some offshore island. Of course they do that to pay less taxes. (or not at all)
Most of them don't even accept the US players so they won't get bitch slapped by the US law.
There are also casinos where you do not have to pay taxes. I don't know about whether the casino has to pay taxes, but then it wouldn't be too good for the economy. Online earnings often disappear on offshore accounts. Then the government gets it all wrong.
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.
Definitely gambling got lots of externalities to our society from both gamblers and casinos end. Unfortunately most of the government are not having any kind of regulation to consider/take care of common people from those economic costs of gambling. It is kind of unique thing because the responsibility purely lying on gamblers but in some sense gambling houses also highly responsible and must take actions at least from their end.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.
Gambling houses must work in a way that gambling should not become addiction to gamblers but that will end up in negative consequence for their revenue which is the reason why they are not bothering about externalities of gambling.
Gambling is very dangerous and harmful to the society because its keeps one in a particular place and while away your time without you knowing with statistics not more than 30% of gamblers normally wins a game.. it’s very addictive to some persons more than drugs, because some persons uses the last money they have to place a bet and be ready for the results without reasoning on what to do next.. I’m of the opinion that 18 years shouldn’t be an ideal age for gambling, the age before you can gamble should be the range of adulthood
While it is true that addiction can happen the majority of the gamblers can enjoy it without suffering any bad effects on their lives and if anything I will be more worried about people being addicted to their smartphones than gambling addiction as it is way more common, also in most countries people are considered to be adults at 18 years old so it is impossible to stop them from gambling if that is what they want to do, unless you propose that age is pushed even farther back which I do not think it is going to be very popular among the young population.The thing with smart phone addiction or other form of addiction is that most of the time people are not going to spend all their money it. It might be harmful for us and there can be long term consequences, but the picture of a gambling addict who sells his house to use all his money to keep playing Roulette is very dramatic. Compared to total number of gambler, addicts are a very small fraction. Millions of people are visiting Las Vegas each year and only a few are addicted to gambling. We need better protection for the addicts but shouldn't cut down on the fun for the average gambler, who just wants to have a good time.
As they say, the gambling industry is a billion-dollar industry and it's just amazing to see that despite the pandemic, the gambling industry is still very profitable. According to this reputable site, U.S. gambling revenue this year has broken the previous record.
https://www.forbes.com/sites/willyakowicz/2021/08/10/us-gambling-revenue-to--break-44-billion-record-in-2021/?sh=7ef3c6bc677b
https://www.forbes.com/sites/willyakowicz/2021/08/10/us-gambling-revenue-to--break-44-billion-record-in-2021/?sh=7ef3c6bc677b
Quote
U.S. Gambling Revenue To Break $44 Billion Record In 2021
An interesting article, thank you, it's a pity that there is no information on the profitability of this business or, roughly speaking, about the total turnover of money. In fact, the figure of 44 billion looks suspicious to me, while individual firms began to exceed a trillion dollars in capitalization, the whole industry here generates only a few tens of billions of profits?
~snip~
Gambling addiction is a gambler's fault, not on the gambling site.
^ Definitely right and I totally agree with this, that is not the fault of the gambling casino, it is on us as gamblers who should have control ourselves not to become addicted to gambling. I don't understand why others and blame gambling sites that cause the economic cost of gambling, which is a completely irrelevant question. There are so many forms of addiction that we must take an action not only in gambling. So it the problem will rely on us how we can handle the gambling addiction, not on the gambling itself. Gambling addiction is a gambler's fault, not on the gambling site.
People have a tendency to blame everything and everyone else except themselves! I don't believe in addictions, I believe in people who are making their choices! We can all chose to abuse something, but abusing leads to contra effects, there's no action without reaction! When people get themselves into some deep problem, they start thinking about what went wrong, but it's already too late!
It's something we all go through... and we all learn in the easier or harder way! And of course, there is a group of people that never learns... sadly but it's the truth!
Unfortunately, a lot of people failed to see themselves on the situation. Or maybe, they don't just want to admit it to themselves about their addiction. So yeah, the casino itself should not be blamed about the gambler's situation but himself. This is why gambling business is thriving because let's face the fact that the longer the gambler is playing, the better for their business. And they don't care where the gambler gets his money.
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?
It puts a high cost to the respective family of gamblers but government prefer the money coming in the gambling casinos and online casinos, the gambling industry is a multi-billion dollar industry and its taxes and contribution to creating more jobs is something that the government weighs more important than victims of excessive gambling, they can only put up rehabilitation and a strong warning to the gamblers and their families about the harm of gambling.
~snip~
Gambling addiction is a gambler's fault, not on the gambling site.
^ Definitely right and I totally agree with this, that is not the fault of the gambling casino, it is on us as gamblers who should have control ourselves not to become addicted to gambling. I don't understand why others and blame gambling sites that cause the economic cost of gambling, which is a completely irrelevant question. There are so many forms of addiction that we must take an action not only in gambling. So it the problem will rely on us how we can handle the gambling addiction, not on the gambling itself. Gambling addiction is a gambler's fault, not on the gambling site.
People have a tendency to blame everything and everyone else except themselves! I don't believe in addictions, I believe in people who are making their choices! We can all chose to abuse something, but abusing leads to contra effects, there's no action without reaction! When people get themselves into some deep problem, they start thinking about what went wrong, but it's already too late!
It's something we all go through... and we all learn in the easier or harder way! And of course, there is a group of people that never learns... sadly but it's the truth!
Largest mistake you can make is within money management while playing the game. Expecting too much too soon or making overly large bets that cannot be sustained will lead to a loss and frustration more often.
But to have a simple plan executed with dedication can pay off, be able to return every day to play and master that game and you will have the durability to experience both winning and losing sections of the game, learning better to judge when is most likely every day you play. Never try to rush a win, it can be longer then expected in arriving.
But to have a simple plan executed with dedication can pay off, be able to return every day to play and master that game and you will have the durability to experience both winning and losing sections of the game, learning better to judge when is most likely every day you play. Never try to rush a win, it can be longer then expected in arriving.
~snip~
Gambling addiction is a gambler's fault, not on the gambling site.
^ Definitely right and I totally agree with this, that is not the fault of the gambling casino, it is on us as gamblers who should have control ourselves not to become addicted to gambling. I don't understand why others and blame gambling sites that cause the economic cost of gambling, which is a completely irrelevant question. There are so many forms of addiction that we must take an action not only in gambling. So it the problem will rely on us how we can handle the gambling addiction, not on the gambling itself. Gambling addiction is a gambler's fault, not on the gambling site.
They made a mistake but they can't accept the mistake, instead blame the gambling site.
Just like when a person is getting drunk because of Alcohol, it's not right to blame the alcohol, it's the person's mistake on why he drinks too much that resulted in him getting drunk, I hope they'll understand how simple it is.
~snip~
Gambling addiction is a gambler's fault, not on the gambling site.
^ Definitely right and I totally agree with this, that is not the fault of the gambling casino, it is on us as gamblers who should have control ourselves not to become addicted to gambling. I don't understand why others and blame gambling sites that cause the economic cost of gambling, which is a completely irrelevant question. There are so many forms of addiction that we must take an action not only in gambling. So it the problem will rely on us how we can handle the gambling addiction, not on the gambling itself. Gambling addiction is a gambler's fault, not on the gambling site.
While it is true that addiction can happen the majority of the gamblers can enjoy it without suffering any bad effects on their lives and if anything I will be more worried about people being addicted to their smartphones than gambling addiction as it is way more common, also in most countries people are considered to be adults at 18 years old so it is impossible to stop them from gambling if that is what they want to do, unless you propose that age is pushed even farther back which I do not think it is going to be very popular among the young population.
Could you please underline this claim with facts? This thread should be based on facts rather then based on beliefs. So do you know about a study stating that the majority of gamblers can enjoy it without suffering?I do not have such statistics (although I would look at it with interest if someone provided the relevant research), but I can assume that if a significant number of gamblers suffered from their addiction, then gambling would be prohibited everywhere. By the way, would it be nice if you first clearly defined what you mean by suffering? The range of this concept is quite wide.
I agree with that, however, that number might only be a small percentage only if compared to the total number of people who are gambling, the reason why gambling platforms still exist and in fact, their industry is improving and continue to be one of the most lucrative business on earth. Gambling addiction is a gambler's fault, not on the gambling site.
As they say, the gambling industry is a billion-dollar industry and it's just amazing to see that despite the pandemic, the gambling industry is still very profitable. According to this reputable site, U.S. gambling revenue this year has broken the previous record.
https://www.forbes.com/sites/willyakowicz/2021/08/10/us-gambling-revenue-to--break-44-billion-record-in-2021/?sh=7ef3c6bc677b
Quote
U.S. Gambling Revenue To Break $44 Billion Record In 2021
Jump to: