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Topic: Economic Costs of Gambling - page 4. (Read 4124 times)

sr. member
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August 14, 2021, 03:43:45 PM
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.

We can not yes just blame gamblers. But I would say, addiction depends on its existence. I mean, as long as either gambling sites, tobaccos, alcohols and etc are available, none can be stopped from utilizing / using it. So, in other words, their existence is a kind of temptation to use though. I remember, early in 90s, lotteries were sold and many were addicted to it. But now they are all stopped in many places and this diverted its users to other activities. So, everyone is responsible for addiction and not only who gambles.
sr. member
Activity: 2436
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August 14, 2021, 02:42:05 PM
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.
legendary
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Leading Crypto Sports Betting & Casino Platform
August 14, 2021, 09:49:21 AM
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.
hero member
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Merit: 513
August 14, 2021, 09:43:17 AM
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.
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?
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
July 21, 2021, 12:24:43 PM
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.
legendary
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July 20, 2021, 08:28:59 PM
~snip~

But when you go to a restaurant and drink $ 100 wine (which costs $ 20 in a regular store), you also have no chance of getting a refund or even saving your money  Wink But a lot of people behave like this and it suits them, they consider such spending to be acceptable. I think the majority of casino visitors think the same - it's simple spending on entertainment, not dumb money.
I agree with that, most casino goers are just having fun, they can even spend money on drinks that are expensive just to enjoy their time in a casino, so there's nothing to complain about, we just need to change our mindset and consider gambling as entertainment so it will not hunt us and we are safe from getting addicted.
^ That is why we gamble on what we can afford because it is purely entertainment not your source of income. You guys, the example above was right, just like watching a movie in a theater, you will not entertain very well if you won't buy popcorn and of course, drinks which additional cost. Those people who are in addicted to gambling are just they are greedy because they gamble just to aim for money, and even though they can't afford it they will always looking ways just to continue their habit.

I would be very careful to confuse addiction with greed. It is well known that addiction can be a clinical condition. Now you could say greed, too, but the two are in no way to be confused with each other. You know, when there is this father of three who has a wife but just can't stop to gamble and loses his house and the whole family? In most of the cases I bet it has absolutely nothing to do with greed. Addictions are really really bad and usually need treatment more often, depending on the damage is already causes for that person. There are people who are addicted to stealing. Take this quote I just googled:

"Kleptomania is a recurrent failure to resist the urge to steal. In most cases of kleptomania, the person steals things that they don't need."

They aren't stealing because they are greedy. There is just an error in their head which they can't get under control or fixed. I see it the same way with gambling addiction. I admit though that maybe even greed could represent a kind of addiction in itself.
hero member
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July 20, 2021, 05:57:41 PM
~snip~

But when you go to a restaurant and drink $ 100 wine (which costs $ 20 in a regular store), you also have no chance of getting a refund or even saving your money  Wink But a lot of people behave like this and it suits them, they consider such spending to be acceptable. I think the majority of casino visitors think the same - it's simple spending on entertainment, not dumb money.
I agree with that, most casino goers are just having fun, they can even spend money on drinks that are expensive just to enjoy their time in a casino, so there's nothing to complain about, we just need to change our mindset and consider gambling as entertainment so it will not hunt us and we are safe from getting addicted.
^ That is why we gamble on what we can afford because it is purely entertainment not your source of income. You guys, the example above was right, just like watching a movie in a theater, you will not entertain very well if you won't buy popcorn and of course, drinks which additional cost. Those people who are in addicted to gambling are just they are greedy because they gamble just to aim for money, and even though they can't afford it they will always looking ways just to continue their habit.
hero member
Activity: 2856
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July 20, 2021, 05:42:51 PM
Gambling is a business where the dumb money replaces itself with smart money. It is as simple as this. The odds are against the players' favor. Otherwise, the casinos wouldn't exist. If you know that information, you can't ruin yourself financially even if you wanted to.

Most people that lose their life savings don't know that or don't care hence the name "dumb money".

But when you go to a restaurant and drink $ 100 wine (which costs $ 20 in a regular store), you also have no chance of getting a refund or even saving your money  Wink But a lot of people behave like this and it suits them, they consider such spending to be acceptable. I think the majority of casino visitors think the same - it's simple spending on entertainment, not dumb money.

I agree with that, most casino goers are just having fun, they can even spend money on drinks that are expensive just to enjoy their time in a casino, so there's nothing to complain about, we just need to change our mindset and consider gambling as entertainment so it will not hunt us and we are safe from getting addicted.
legendary
Activity: 2058
Merit: 1166
July 20, 2021, 12:34:17 PM
Another topic talking about gambling addictions? This is netting a lot of subjects. I can talk about this because I've already fallen into this addiction, I luckily didn't get lost in it and managed to stop at an early stage.

I'm in favor of laws that implement high rates for everything that is harmful to health... smoking, alcohol, prostitution, gambling. Prohibition is the worst way because it leads addicted people to seek illegal means, which is much worse.

With the fees collected, governments can better plan investments to remedy these problems and invest in prevention measures too. I've also seen countries where gambling houses have certain "benefits" when they can show that they have control measures in the games (a requirement in the declaration of income and monitoring of players who mostly consume their services).

I think we are discussing a slippery slope problem crosses with individual preferences. When you say prohibition leads addicted people to seek illegal means, high tax rates could achieve exactly the same. For some players at much lower rates, for others at higher rates. We wee that already in everyday life with other income streams. High tax rates can lead to tax avoidance/evasion while others even try to get around a 5% tax rate in Cyprus. It really depends on the person, but when addiction is involved or criminal energy anyway, it doesn't matter whether it is prohibition or high rates, nothing will probably stop them.

If you are a heavy weed smoker and you pay 20$ per gram in a pharmacy but you have a friend who sells it for 10$, there is quite a big probability you'll take it from your friend (not you exactly, but in general Tongue).
legendary
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July 20, 2021, 08:17:50 AM
Another topic talking about gambling addictions? This is netting a lot of subjects. I can talk about this because I've already fallen into this addiction, I luckily didn't get lost in it and managed to stop at an early stage.

I'm in favor of laws that implement high rates for everything that is harmful to health... smoking, alcohol, prostitution, gambling. Prohibition is the worst way because it leads addicted people to seek illegal means, which is much worse.

With the fees collected, governments can better plan investments to remedy these problems and invest in prevention measures too. I've also seen countries where gambling houses have certain "benefits" when they can show that they have control measures in the games (a requirement in the declaration of income and monitoring of players who mostly consume their services).
legendary
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Merit: 1943
Leading Crypto Sports Betting & Casino Platform
July 20, 2021, 04:09:29 AM
Gambling is a business where the dumb money replaces itself with smart money. It is as simple as this. The odds are against the players' favor. Otherwise, the casinos wouldn't exist. If you know that information, you can't ruin yourself financially even if you wanted to.

Most people that lose their life savings don't know that or don't care hence the name "dumb money".

But when you go to a restaurant and drink $ 100 wine (which costs $ 20 in a regular store), you also have no chance of getting a refund or even saving your money  Wink But a lot of people behave like this and it suits them, they consider such spending to be acceptable. I think the majority of casino visitors think the same - it's simple spending on entertainment, not dumb money.
legendary
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Leading Crypto Sports Betting & Casino Platform
July 19, 2021, 07:40:10 AM
Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...
Not only in online casinos but also in real life casinos. Both of them can trigger and can give addiction to those gamblers that are not responsible for their actions.
They have an impact economy and gives profit to the casino but the recoil also hits them for addiction as they gamble.
yeah right, I agree not only online casinos but also with offshore casinos. Addictions is everywhere most to those who are engage
too much and don't have any control with their actions.

Without limitations casino owners will keep sucking your money and they will keep enjoying entertaining new gamblers that might
triggered addictions inside them.

Most of the time, casino owners keeps the high rates of winning coming from those gamblers who played from their platforms.

sr. member
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1XBit.com
July 19, 2021, 02:52:43 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 is a very bad thing to do, but sometimes those who gamble are only limited to channeling hobbies even though in the end they lose money, a gambler in my opinion must have good financial management so that he can manage spending money in gambling, financial management A good one will certainly make gamblers able to minimize bankruptcies that might occur due to gambling. it is not uncommon for gamblers to go to prison for criminal reasons and this is caused by addicted gamblers who need money to play games so they inevitably have to commit crimes to earn money.
legendary
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July 19, 2021, 01:28:02 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?

Gambling is a business where the dumb money replaces itself with smart money. It is as simple as this. The odds are against the players' favor. Otherwise, the casinos wouldn't exist. If you know that information, you can't ruin yourself financially even if you wanted to.

Most people that lose their life savings don't know that or don't care hence the name "dumb money".
hero member
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Merit: 594
July 18, 2021, 11:16:03 PM
gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

Almost the same is actually very different. traders have a concept like a big risk investment. different from gambling is that the results occur at the same time. I don't think trading is gambling. because there is a fundamental basis through charts and analysis.


t could be gambling if you don't know what you're doing and rely solely on luck, but that kind of strategy won't last long because if you get hit by bad luck, your account will be burned. The trader primarily employs fundamental and technical analysis. I've never seen a gambler try to trade using only their gambling knowledge.Before you begin trading, you should be well-versed in the subject. But, in terms of gambling, I mostly agree that it is for entertainment, and that some people make a living from it.
sr. member
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July 18, 2021, 02:18:22 PM
Gambling is not good for addicts, people should not be addicted to gambling, the fact remain the more someone gamble the more the person will lose. Gambling should be for fun and not for profit or money making, if someone see gambling as a way to profit or make money, he will lose, that is just the fact, such people are the ones that are even getting addicted.

I agree with you on most of the parts of what you said regarding gambling and its problems, Gambling should always be for fun and Social bets but that's not how everyone looks at it, Many people want to turn their initial investment into gambling 2x or 10x or so on but end up losing most of the time, The longer they keep on betting the chances of them losing increases, but many don't know this and continue on this path till it's too late to turn back and they are under the debt.

Gambling also have more benefit, it provides jobs for many people, this is the benefit many governments sees and not even bother about it because job creation does a lot to the economy. The best is to all the time tell people not to use the money they can not afford to lose to gamble because they can lose it while gambling, also people should not be addicted, but gambling contributed to economy development.

I don't think it's good for the economy, people losing their money in it most of the time and ending up doing bizarre things to recover their losses rather than getting over it (Which is quite hard tbh), Once the gambling companies stop getting profits it will not benefit them and they'll stop providing their service which will result in their employees losing their jobs and finding some other work after all those experience they had in the company, maybe that managing experience will help them somewhere else.
hero member
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July 18, 2021, 03:14:31 AM
gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

Almost the same is actually very different. traders have a concept like a big risk investment. different from gambling is that the results occur at the same time. I don't think trading is gambling. because there is a fundamental basis through charts and analysis.


One more difference between trading and gambling is that in gambling if you lose, the casino wins. It is all the gamblers play against house. Where as I trading everybody plays against each other. So the casino only has games where they have an edge. Whereas with trading it is up to us to find the edge.
Trading among each other doesn't create the same tax returns that gambling in a casino does. Its much more attractive for the country to have gambling tax revenues.
hero member
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Leading Crypto Sports Betting & Casino Platform
July 18, 2021, 10:43:24 AM
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
That will depend on how each people gamble. If they can control themselves and always limit their money to gamble, gambling will be very dangerous because they know to stop the game and quit gambling. The addiction will come to people who lose control over themselves and they only see that gambling is one activity that can make them feel exciting. 18 years will be the limit for people who want to play gambling and if they are under 18 years, they will not allow gambling. But in online gambling, teenagers can play gambling without anyone know.
hero member
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July 18, 2021, 07:44:11 AM
One more difference between trading and gambling is that in gambling if you lose, the casino wins. It is all the gamblers play against house. Where as I trading everybody plays against each other. So the casino only has games where they have an edge. Whereas with trading it is up to us to find the edge.
Trading among each other doesn't create the same tax returns that gambling in a casino does. Its much more attractive for the country to have gambling tax revenues.
Not quite so ...

Trading also has its own croupier (crypto exchange), which takes a percentage of the transactions of all players.  The probability of making a profit usually does not exceed 50%.  This is especially true for short-term trading. 
It's because he's comparing pretty much in comparison a pvp area (trading) to a pve area (gambling). Even if we don't consider exchanges, the realm of casinos winning vs players winning is quite different since casinos are mostly a pve instance, especially in cases where casinos actually eat up the money of the player. PVP gambling is pretty different imo, it acts as something like trading where everybody plays against each other.

I do agree with trading making more money for the player while gambling makes more money for the country through tax though. I do think however countries would inevitably find a way to tax cryptotrading, one way or another.
member
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July 18, 2021, 06:46:46 AM
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
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